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Kotak Mahindra Bank Forex Card: Benefits, Eligibility, Documents & More

Adrika Singh

Updated on: March 6, 2024

Forex card is becoming very popular among international students as it offers a convenient way of managing expenses while studying abroad. It can be used just like a credit or debit card to make transactions in the local currency abroad. There are a plethora of benefits to having a Forex Card. In this blog, we are going to understand Kotak Mahindra Bank’s Forex Card, its features, eligibility, application process, and much more.

Table of contents

Features of kotak mahindra bank forex card, eligibility criteria, documents required, how to apply for kotak mahindra bank forex card, fee & charges of kotak mahindra bank forex card.

Kotak Mahindra Bank’s Forex Card comes with a lot of features that are useful for international students. Let’s look at its varied features one by one.

• Higher level of security – The card is embedded with a chip that offers a high level of security.
• Available in 13 currencies- The card is available in 13 foreign currencies including US Dollars, Euro, Pound Sterling, Australian Dollars, Singapore Dollars, Swiss Francs, Hong Kong Dollars, Canadian Dollars, Japanese Yen, Swedish Krona, South African Rand, United Arab Emirates Dirham, and Saudi Riyal.
• Worldwide acceptability- The card is accepted worldwide at all VISA-accepting merchant outlets and ATMs.
• Validity Period- The Kotak Forex Card is valid for 5 years. You can refer to the expiry date that is mentioned on the card.

The eligibility criteria for availing of the Kotak Mahindra Bank Forex Card are very simple and are as follows: 

• The Forex Card is available to Indian nationals travelling abroad and foreign nationals residing in India. It can not be issued to NRI/NRE/NRO/non-KYC-compliant customers.
• It can be issued to both the customers who maintain an account with the Kotak Mahindra Bank, as well as those who don’t.
• To avail of the Forex Card, existing customers of the bank have to mandatorily mention the PAN Card number on the application form with a passport copy and non-Kotak customers have to provide the KYC and copy of the PAN Card and passport copy.
• In the case of an additional requirement of forex than the prescribed limit for studying abroad, the applicant needs to seek RBI approval for the same and provide it to the bank.

To understand the differences between the HDFC Bank Forex Card and Axis Bank Forex Card you must check out this blog: HDFC Bank Forex Card Vs. Axis Bank Forex Card: A Detailed Comparison

Below is the list of documents required to get the Kotak Mahindra Forex Card:

• Forex Card Application Form
• Passport Copy
• Passport Size Photographs

It is very easy to apply for a Kotak Mahindra Bank Forex Card if you already have an account with the bank. Below are the steps to apply for the Forex Card for existing customers:

• You need to log in to Net Banking, then click on ‘More’.
• After this, you need to select the ‘Forex Card’ option.
• Now, you need to select the currency and enter the amount and other details.
• Post providing all the information, you can choose whether you want to collect the card from the nearest branch or get it delivered to your doorstep.
• The final step is to click on ‘Confirm & Pay’.
• After your card is issued, it will be activated with the loaded currencies within 24 working hours.

In case you don’t have an account with the Kotak Mahindra Bank then this card is available over the counter at all Kotak Mahindra Bank branches. You simply need to walk into the branch, fill in the Forex Card application form, submit the required documentation, fund your card, and walk out with the welcome kit pack. But make sure you carry all the documents with you beforehand so that you can get the card hassle-free and quickly.

Before you apply for Kotak Mahindra Bank Forex Card you must understand all the fees related to this card. The table below has the list of charges that you need to know:

If you are confused between buying a SBI Bank Forex Card and ICICI Bank Forex Card then this blog will help you in making the right choice: SBI Forex Card Vs. ICICI Forex Card: Understanding The Differences

There are currently 13 currencies available on the Kotak Mahindra Forex Card.

Yes, Kotak Forex Card works across the world except for the countries mentioned below: Iran, North Korea, Cuba, Syria, Crimea region, Afghanistan, Venezuela, India, Nepal, Bhutan, Myanmar (Burma).

The Kotak Forex Card is valid for 5 years. You can refer to the expiry date that is mentioned on the card.

This blog covered the details of Kotak Mahindra Bank Forex Card. To know more about Forex Cards, the best bank accounts for students , forex and banking experience for global students or international money transfers , reach out to our experts at 1800572126 to help ease your study abroad experience. 

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Kotak launches world travel card

Kotak Mahindra Bank (KMB) recently announced the launch of Kotak Multi Currency World Travel Card in Mumbai. The prepaid card is designed to offer global convenience with higher security and help customers smartly manage their money abroad and allows customers to do away with the hassles of carrying foreign currency and traveler’s cheques. The card has multi-currency -wallet functionality with the option to load/reload multiple currencies on a single card from the 8 predefined currencies offered by the bank. Customers can lock exchange rates before travel thereby to escape exchange rate fluctuation and also move money between wallets. Shalini Mehta, Executive Vice President, Kotak Mahindra Bank said, “Kotak Multi Currency World Travel Card is designed to provide a secure and convenient travel solution for customers. It offers customers stress-free travel without the worry of exchange rate fluctuation, with a choice of 8 currencies to choose from.  The Chip-embedded card ensures more secured transactions, and customer can opt for an additional card at the same time as a backup in case the first one is lost, stolen or damaged. ”   Uttam Nayak, Group Country Manager, India and South Asia, Visa, said, “We are  delighted at the launch of the Kotak multicurrency world travel  prepaid  card which has a  5 year validity and offers unbound convenience to the travelers . This EMV card offers the highest level of security and works at over 200 countries accepting Visa cards at millions of merchants, ATMs that dispense local currencies. Customers can now carry different currencies in “one single card” which allows  locking  exchange rates at the time of purchase, eliminates currency conversion charges and enables ability to  move money between wallets  along with  a well-disposed online tracking system to keep a complete tab on their spends. “   The card comes with 5-year validity and works across the world at all Visa accepting merchants, ATMs that dispense local currencies. It comes with a complementary lost card liability insurance and complementary air accident insurance cover. Further, customers can keep track of spends across wallets online.    KMB is offering additional benefits on the prepaid card to Corporates. The card can be personalised for senior executives and offered at different price points. It will help reduce administrative work as card churn on account of different travel requirements will be greatly reduced.

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You Can Now Use your Kotak Credit Card for International Lounge Access Without the Priority Pass

If you have a credit card by Kotak Mahindra Bank, you must surely know about the complimentary domestic and international lounge access benefit. Some credit cards offer just domestic lounge access while other premium credit cards offer international airport lounge access as well.

Premium credit cards like the Kotak Zen Signature offered complimentary Priority Pass membership to the cardholders which could be used to access lounges at international airports . However, starting from 20 th June 2023, customers can use their credit cards for international lounge access. There is no need to carry an additional Priority Pass card anymore.

Keep reading to know more.

International Lounge Access with Kotak Credit Cards – No Priority Pass Needed

Kotak Mahindra credit cards offered complimentary Priority Pass membership to cardholders which was used to access international airport lounges . However, from 19 th June 2023, all active Priority Pass cards will be discontinued and deactivated. Customers who have the Pass can now access international lounges directly through their credit cards from 20 th June 2023.

2 nd June 2023 onwards, there won’t be any renewal or issuance of Priority Pass cards. Customers onboarded on 2 nd June and after that will be able to access international lounges through their credit cards starting from 20 th June 2023.

How to Access International Lounges without the Priority Pass

First of all, you should visit this link and check out the participating lounges in the Priority Pass Global Lounge program that you can access with your Kotak credit card.  Also, you must enable international transactions on your card to access international lounges.

If the lounge operator does not identify your credit card, you must inform him that your credit card is part of the Priority Pass Lounge program. As it will be an international transaction, you will have to enter your credit card PIN to access the lounge.

The charges associated with international lounge access are as follows –

• Visit Validation charge – $3.25 (reversed inside 7 working days)
• Visit Charges after utilizing your free visits – $32
• Guest Visit charges – $32

You must have an eligible credit card for international lounge access and children under 5 years of age can accompany the primary cardholder without additional charges.

Eligible Credit Cards for International Lounge Access

The following credit cards are eligible for international lounge access –

• Kotak Zen Signature Credit Card
• Kotak Privy League Signature Credit Card (Only on Paid variants)
• Kotak White Signature Credit Card
• Kotak White Reserve Credit Card

Bottom Line

The Kotak Mahindra Bank has a nice range of credit cards and the complimentary lounge access offered by them is a great privilege. Premium credit cards like the Kotak White Signature used to offer a complimentary Priority Pass membership to cardholders which could be used for international lounge access.

However, from 2 nd June 2023, existing Priority Pass cards will be deactivated and new ones won’t be issued. Individuals can directly use their eligible Kotak credit card to access international lounges from 20 th June onwards, without the need of Priority Pass.

This is a welcome change for Kotak credit cardholders as they won’t have to carry an additional card with them during travel, and can conveniently use their credit card to access international lounges. Do let us know your thoughts on this in the comments section.

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Best Kotak Credit Cards in India 2023

Team Finology

Created on 19 May 2023

Wraps up in 4 Min

Read by 6k people

Updated on 15 Dec 2023

Credit cards have become an essential financial tool, offering convenience and flexibility in daily transactions. When selecting the right credit card, the choices can be overwhelming. However, Kotak Bank has emerged as a reliable institution known for its commitment to providing tailored financial solutions.

Whether an individual is a frequent traveller, a dedicated shopper, or someone aiming to build a strong credit history, Kotak Bank offers a diverse range of credit cards designed to meet one's specific needs.

To facilitate choosing the appropriate credit card, this article presents a curated list of some of the most popular credit cards offered by Kotak Mahindra Bank.

1. Kotak Indigo Ka-Ching 6E Rewards

Kotak Bank and IndiGo Airlines have collaborated to introduce the Kotak IndiGo Ka-ching 6E Rewards Credit Card . The Kotak IndiGo Ka-ching 6E Rewards Credit Card is a travel credit card enabling customers to accumulate reward points on their reservations. Moreover, cardholders have the opportunity to receive welcome vouchers from partner brands for dining, accommodations, and other services. Here are some of the key features of the card.

• Complimentary Air ticket worth ₹1,500.
• Complimentary 6E prime add-on valued at ₹899.
• Accor Hotels' stay voucher offers up to a 30% discount (maximum ₹5,000) on hotel stays and dining vouchers worth ₹1,000.
• Exclusive gift voucher from Budweiser.
• Earn 3% 6E Rewards on Indigo spends.
• Earn 2% 6E Rewards on grocery, entertainment (movies), and departmental store purchases.
• Earn 1% 6E Rewards on all other transactions.
• Earn up to 15% of 6E Rewards on partner brands such as 6E Treats, AVA, Avis, Be U, Accor Hotels, Net Meds, BoAt, etc.
• No 6E Rewards on prepaid payments.
• Redeem points through your 6E Rewards account.
• 1 6E Reward = Re. 1 for Indigo flight bookings.
• Rewards expire after 2 years from accrual.
• Nominal reward redemption fee is applicable.
• Discounted convenience fee of ₹150 on Indigo flights with a credit card.

2. Kotak League Platinum Credit Card

The Kotak League Platinum Credit Card is designed to provide value-back through reward points on your everyday expenses. It offers additional reward points upon reaching an annual spending threshold, making it an attractive choice for those who make significant purchases. Below is a comprehensive overview of the features of Kotak League Platinum Credit Card.

• Receive a ₹500 movie voucher on joining.
• Spend ₹1,25,000 every 6 months and get 4 free PVR tickets or 10000 reward points
• Max. 8 free PVR tickets can be availed, transferable for any show within 3 months.
• Redeem 10,000 reward points for movie tickets, airline bookings, mobile recharges, and exclusive merchant stores in the next billing cycle.
• Enjoy a 1% waiver on fuel transactions (₹500 - ₹3,000, and the maximum waiver is ₹3,500. No reward points on fuel transactions.
• Get up to ₹500 annual transaction waiver on the IRCTC website or Indian Railways Booking Counters.
• Spend ₹50,000+ annually for ₹500 fee waiver.
• Up to ₹1,25,000 protection in case of card theft or loss within 7 days.
• Earn up to 8x reward points on yearly spending up to ₹2 lakh on special categories (Airlines, Electric Sales, Durable Goods, Departmental Stores, etc.). Also, earn 4x reward points on other categories.

3. Kotak Royale Signature Credit Card

The Kotak Royale Signature Credit Card is designed to enhance travel and shopping experiences by offering rewarding benefits. Cardholders can earn valuable reward points on their expenditures.  Cardholders can redeem these rewards for various options, including air tickets, mobile recharge, merchandise, and more. 

Here are all the essential features of the Kotak Royale Signature Credit Card:

• Earn 10,000 Reward Points on spending ₹4 lakh in a year.
• Earn 30,000 Reward Points on spending ₹8 lakh or more annually.
• Bonus Reward Points are credited at the end of the term.
• Enjoy 2 complimentary domestic airport lounge access annually through the Visa Lounge Access Program.
• Get insurance covering up to ₹2,50,000 for unauthorized transactions on lost/stolen cards.
• Avail of railway surcharge waiver on transactions at irctc.co.in or Indian Railway Booking counters, capped at ₹500 per year.
• Convenient bill payment option by sending an SMS "KASSIST" to 5676788; receive a callback within 2 hours.
• Joining and Renewal Fee Waiver: Spend ₹1 Lakh or above in the previous year to get the annual fee waived.
• Enjoy 1% waiver on fuel surcharge for transactions between ₹500 and ₹3,000 at all fuel pumps, capped at ₹3,500 per year.
• Earn 2 Reward Points per ₹150 spent.
• Earn 4 Reward Points per ₹150 on select categories like hotels, restaurants, airlines, tour operators, package tour operators, and international spends.
• No Reward Points on fuel and railway transactions.

Final Thoughts

Choosing the right Kotak Bank Credit Card in India can help you grow and take control of your finances. By selecting a card that suits your lifestyle and goals, you can learn to spend wisely, manage your finances responsibly, and earn valuable rewards.

Every transaction you make with your card can help you build a better financial future, establish a credit history, and try new things.

By choosing from Kotak Bank's range of Credit Cards, you can set yourself up for growth, empowerment, and financial success. The right card could open up a world of financial abundance and fulfilment for you in India.

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• Aug 28, 2023

The Top Forex/Prepaid Cards in India for Hassle-Free Transactions

In the ever-expanding global landscape, the need for efficient and secure financial tools has become paramount. For Indian travelers and online shoppers, forex/prepaid cards have emerged as a convenient alternative to traditional payment methods. These cards offer the flexibility of carrying multiple currencies without the worry of fluctuating exchange rates. In this article, we will explore the best forex/prepaid cards in India, highlighting their key features and benefits.

Key Points:

1. hdfc bank forexplus card:.

HDFC Bank's ForexPlus Card is one of the most popular options among Indian travelers. It provides the convenience of loading multiple currencies on a single card, making it ideal for international trips. With features like chip and PIN security, emergency assistance services, and online account management, this card ensures a secure and hassle-free experience. Users can also enjoy special discounts on dining, shopping, and travel bookings.

2. ICICI Bank Travel Card:

ICICI Bank offers a versatile Travel Card that caters to both leisure and business travelers. It allows loading up to 15 currencies and offers benefits such as locked-in exchange rates, instant card reloading, and global acceptance. The card also comes with complimentary insurance coverage, including lost baggage and travel-related emergencies, providing added peace of mind.

3. Axis Bank Multi-Currency Forex Card:

Axis Bank's Multi-Currency Forex Card is renowned for its competitive exchange rates and widespread acceptance. It supports up to 16 different currencies and can be easily managed through a dedicated mobile app. This card stands out with its 'TripAssist' feature, which covers services like emergency hotel assistance and concierge services.

4. State Bank Foreign Travel Card:

The State Bank Foreign Travel Card is a government-backed option that offers security and convenience to travelers. Users can load up to 15 currencies and benefit from attractive exchange rates. The card also provides an additional layer of security through an embedded EMV chip. It can be easily reloaded online, making it a convenient choice for those on the move.

5. Kotak Mahindra Multi-Currency World Travel Card:

Kotak Mahindra's offering stands out with its advanced security features, including a built-in chip for enhanced protection against fraud. The card allows loading of up to 17 currencies and offers features like online transaction tracking and card blocking in case of loss or theft. Additionally, users can avail special offers on dining and shopping.

Bottom Line:

In a digital age where cross-border travel and online transactions are commonplace, having a reliable forex/prepaid card can greatly simplify financial matters. The top forex/prepaid cards in India, such as HDFC Bank's ForexPlus Card, ICICI Bank's Travel Card, Axis Bank's Multi-Currency Forex Card, State Bank's Foreign Travel Card, and Kotak Mahindra's Multi-Currency World Travel Card, offer a plethora of features and benefits. These cards not only provide the convenience of carrying multiple currencies but also prioritize security through advanced chip technology and additional insurance coverage. With these options at hand, Indian travelers and online shoppers can confidently explore the world or make international purchases without the worry of fluctuating exchange rates or security concerns.

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RBL Bank Platinum TravelEasy SuperCard

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RBL Bank Platinum TravelEasy SuperCard vs Kotak 811 #DreamDifferent Credit Card

Kotak 811 #DreamDifferent Credit Card

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Editor's Rating

Key Features

* Get 10% Cashback on Fuel Purchases and Ola/ Uber transactions  * When crossing spends of Rs. 1,00,000 in a year, avail gift voucher worth Rs. 1,000 * Instantly receive cash and pay back in installments with Dial for Cash program. One can also avail a pre-approved loan without blocking the credit limit of its Card. Get advantage of multiple tenure options * Avail Split n Pay program and convert purchases of Rs. 3,000 or above into EMIs. Have convenience of paying EMIs at low interest rates at a nominal processing fee * Use the facility of Transfer n Pay program to transfer outstanding from other bank’s Credit Cards to RBL Bank Platinum TravelEasy SuperCard at lower interest rates and convert it into EMIs * The Xpress Cash is a unique feature which enables you to get instant loan within your credit limit. Pay it back in easy installments and enjoy a host of benefits like document free process and paperless money transfer * With Cash Advance program, one can satisfy its short-term cash requirements. Avail credit-free period of up to 50 days as an added benefit * Contactless Transactions: Tap the card and instantly in a convenient way make payments at retail outlets * Purchase Limit: Using the tap & pay feature, make payments of up to Rs. 5000 at a time * Global Acceptance * Access the cash at any ATM in India or Overseas which displays MasterCard/Visa/Cirrus/Maestro sign

* No joining fee and annual fee * Get 2 reward points against every Rs. 100 of online spends * Get 1 reward point against every Rs. 100 of other spends * Avail 500 bonus reward points on Activation + Rs. 5000 spends in the first 45 days of the card set up * Interest free cash withdrawal: Withdraw cash up to 90% of the total credit limit. Processing fee of Rs. 300 per Rs. 10,000 withdrawal, and interest will not be charged up to 48 days on cash advance * Balance Transfer: The processing fee of Rs. 349 per Rs. 10,000. Continued interest free period on fresh retail purchases. Simply call the bank to transfer other credit card balances * Add-on Card: Add-on Cards will have all the benefits that is available on the main on Card * Fuel & Railway  Surcharge waiver:  Get 1% across all petrol pumps for transactions between Rs. 500 and Rs. 3000, and 1.8%  for transactions on irctc.co.in and 2.5% Indian railway booking counters 
 * Do note in addition to the reward points that will be earned on transactions, cardholder will even be eligible for bonus offers as mentioned below on achieving the spends criteria of Rs. 75,000 in an anniversary year as per eligibility. Cardholder can select any one of the below options: Redemption Option 1: Cashback of Rs. 750 * Caim cashback within 3 months after anniversary year gets over. *  If claimed, the cashback will reflect in the next billing cycle. 
Redemption Option 2: 4 free PVR tickets * Claim PVR tickets within 3 months after the anniversary year gets over. * The PVR tickets can be used for any day and any show and they are transferrable.

Editor's Review

Pros * Offer on Ola/Uber Transactions * Annual Rewards worth Rs. 7,500+ * Attractive Milestone Vouchers Cons * No golf benefits * No airmiles * No airport lounge access

Pros * Do note in addition to the reward points that will be earned on transactions, cardholder will even be eligible for bonus offers as mentioned below on achieving the spends criteria of Rs. 75,000 in an anniversary year as per eligibility. Cardholder can select any one of the below options: Redemption Option 1: Cashback of Rs. 750 * Caim cashback within 3 months after anniversary year gets over. *  If claimed, the cashback will reflect in the next billing cycle. 
Redemption Option 2: 4 free PVR tickets * Claim PVR tickets within 3 months after the anniversary year gets over. * The PVR tickets can be used for any day and any show and they are transferrable. Cons: * No complimentary golf/coaching sessions * No Complimentary Airport Lounge Access

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Kotak Mahindra Bank: RBI bars bank from onboarding new customers online, fresh credit cards

S hares of Kotak Mahindra Bank Ltd will be in focus on Thursday morning after the Reserve Bank of India (RBI), exercising its powers under Section 35A of the Banking Regulation Act, 1949, asked the private lender to cease and desist, with immediate effect, from onboarding of new customers through its online and mobile banking channels and issuing fresh credit cards. 

Kotak Mahindra Bank may, however, continue to provide services to its existing customers, including its credit card customers, the RBI said. The central bank said restrictions would be reviewed upon completion of a comprehensive external audit to be commissioned by the bank with the prior approval of RBI, and remediation of all deficiencies that may be pointed out in the external audit as well as the observations contained in the RBI Inspections, to the satisfaction of the apex bank.

"Further, these restrictions are without prejudice to any other regulatory, supervisory or enforcement action that may be initiated against the bank by the Reserve Bank," the central bank said.

These actions, the RBI said, are necessitated based on significant concerns arising out of Reserve Bank’s IT Examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner. 

"Serious deficiencies and non-compliances were observed in the areas of IT inventory management, patch and change management, user access management, vendor risk management, data security and data leak prevention strategy, business continuity and disaster recovery rigour and drill, etc. For two consecutive years, the bank was assessed to be deficient in its IT Risk and Information Security Governance, contrary to requirements under Regulatory guidelines," RBI said.

During the subsequent assessments, the bank was found to be significantly non-compliant with the Corrective Action Plans issued by the Reserve Bank for the years 2022 and 2023, as the compliances submitted by the bank were found to be either inadequate, incorrect or not sustained, the apex bank said.

"The Reserve Bank, therefore, has decided to place certain business restrictions on the bank as mentioned above, in the interest of customers and to prevent any possible prolonged outage which may seriously impact not only the bank’s ability to render efficient customer service but also the financial ecosystem of digital banking and payment systems," RBI said

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Rbi asks kotak mahindra bank to stop issuing fresh credit cards, onboarding fresh customers via mobile banking.

The Reserve Bank of India (RBI) directed Kotak Mahindra Bank to halt new credit card issuance and customer onboarding via online and mobile banking due to identified operational deficiencies. This move, aimed at safeguarding customer interests, is part of RBI's regulatory measures concerning compliance and risk management issues at the bank.

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