Kotak Mahindra Bank (KMB) on Friday launched Kotak NRI Credit Card, specially designed for the bank's NRI customers at Kozhikode. The card can be applied for against a term deposit of Rs 1 lakh or above, where credit limit can be as high as up to 80 per cent of the term deposit.

It comes with features such as four times reward points on international purchases, fuel surcharge waiver, choice on redemption of reward points and no charge EMI for three months.

The card also provides customers the freedom to purchase and pay in rupees, thus saving the forex mark-up fee which otherwise would be levied on using their international credit card in India. While traveling in India, customers can pay for shopping in Indian rupees through the card. It also comes with an add-on card which can be used by a family member of the customer.

The bank strengthened its presence in Kerala with the inauguration of its first branch in Kozhikode. The branch is located at City Gallery, Kannur Road and is the fourth branch in the state, the other three being in Kottayam, Kochi and Thiruvananthapuram.

C Jayaram, executive director, KMB, said that in the recent past, Kerala had seen a significant growth in commerce, IT and ITeS sectors.