Important Update

Important development regarding Deutsche Bank's Private Banking and Wealth Management Business in India

Deutsche Bank AG, through its Deutsche Bank, India branch has entered into an agreement with Kotak Mahindra Bank Limited for the transfer of its Private Banking and Wealth Management business in India on receiving regulatory approvals.

The transaction encompasses a well-established business serving approximately 150,000 clients and supported by around 1,000 employees. Following completion of the transaction, clients transitioning under the agreement will benefit from access to Kotak Mahindra Bank's broader suite of banking, investment, insurance and wealth management solutions.

We recognise the importance of continuity and are committed to ensuring a smooth transition. Subject to the required approvals and your consent where required, your existing relationship managers and business managers are expected to transition to Kotak Mahindra Bank Limited , helping provide continuity of service and support. Deutsche Bank will guide you through all necessary steps at the appropriate time and provide detailed information regarding the consent process required for the transfer of your account(s).

The transaction remains subject to regulatory approvals, including approval from the Competition Commission of India. Completion of the transfer, including the associated assets, liabilities and relevant data, is currently anticipated in the third quarter of 2027. Until the transaction is completed, and unless otherwise notified, you will continue to be served by Deutsche Bank, under your existing arrangements.

We thank you for the trust you have placed in Deutsche Bank over the years. India remains a core market for the Deutsche Bank Group, and following completion of the transaction, Deutsche Bank will continue to maintain a significant presence in the country through its Corporate Bank and Investment Bank franchises, employing more than 25,000 people and remaining the largest European bank in India.

We will continue to keep you informed as the process progresses. In the meantime, should you have any questions, please contact your Deutsche Bank relationship manager or business manager.

Frequently Asked Questions

Introduction

Following our recent announcement regarding the agreement with Kotak Mahindra Bank Limited to transfer Deutsche Bank AG’s (“Deutsche Bank”) private bank and wealth management business in India, we want to reassure you that supporting you through this transition is our highest priority. We are committed to delivering a smooth and seamless transition, supported by clear communication at every stage to keep you informed throughout the transition.

Throughout this process, our priority is to maintain continuity, minimise disruption, and ensure that you continue to receive high standards of service, to the extent possible.As we move forward, please note the following:

The completion of this transaction is subject to obtaining all necessary regulatory approvals, including approvals from the Competition Commission of India
The transfer will become effective on a notified date (“Effective Date”), which is currently expected in Q3 2027 (calendar year) and will be communicated to you closer to completion

This is a structured transition process, which will include obtaining your consent, where required, for the transfer of your products, services, and related data

As part of this process, we do not currently envisage any changes in the commercial terms and conditions applicable to the products or services you hold with Deutsche Bank, including savings accounts, current accounts, deposits, loans, insurance or investments as on the Effective Date

This FAQ is designed to answer your questions and provide clarity on what this change means for you.

1. Background and Transaction Context

1.1 Why is Deutsche Bank entering into this transaction?

As part of its regular business planning, Deutsche Bank periodically reviews its portfolio to ensure it remains well positioned to serve clients effectively, deliver sustainable performance, and create long term value and in this context has chosen to transfer the private bank and wealth management business in India to Kotak Mahindra Bank Limited and exit the relevant lines of business in India, subject to obtaining all necessary regulatory approvals, including approvals from the Competition Commission of India. Importantly, this transaction does not affect Deutsche Bank’s other businesses in India, which will continue to operate as usual.

1.2 Who is acquiring the Private Bank and Wealth Management business?

The private bank and wealth management business of Deutsche Bank in India will be transferred to Kotak Mahindra Bank Limited, subject to obtaining all necessary regulatory approvals, including approvals from the Competition Commission of India. We believe that the Kotak Mahindra Bank Limited will provide as a strong and reliable local partner for our private bank and wealth management clients.

Kotak Mahindra Bank Limited was selected following a robust competitive process, as the bank best positioned to serve as the long-term home for this business and its clients.
Following the transfer, clients are expected to benefit from Kotak Mahindra Bank Limited’s broader product suite, enhanced capabilities, and local scale.

1.3 What is the expected roadmap and timeline?

The completion of the proposed transaction is subject to obtaining all necessary regulatory approvals, including approvals from the Competition Commission of India
We currently expect that completion of the proposed transaction will take place in Q3 2027 (calendar year)
Clients will be informed well in advance of the Effective Date

2. Consent and What It Means for You

2.1 What am I consenting to?

If you hold one or more products that require consent for transfer (as more particularly set out in FAQ 2.2 below), the consent provided by you will operate as your consent for the transfer of your entire relationship with Deutsche Bank to Kotak Mahindra Bank Limited which includes:

All products and services which you presently enjoy and those which you may avail from Deutsche Bank prior to the Effective Date.
Transfer of your data available with us (including, without limitation your personal data, KYC data and Aadhaar details) for further use and processing by Kotak Mahindra Bank Limited.

Products that do not require consent for transfer will transfer automatically on the Effective Date together with associated data, and you will be kept informed accordingly.

2.2 Which products require my consent for transfer?

Your consent is required for the transfer of the following types of products:

Current Accounts and Savings Accounts (Resident and Non-resident);
Term Deposits (Resident and Non-resident);

Mutual Funds, Portfolio Management Services (PMS), Alternate Investment Funds (AIFs), Structured Products, Bonds, which have been distributed to you by Deutsche Bank;

Demat Accounts in respect of which Deutsche Bank acts as a depository participant;

Lockers;

Undisbursed loans and partially disbursed loans, including overdraft facilities and other types of revolving working capital facilities;

Loans against Fixed Deposits and Overdrafts against Fixed Deposits;

Trade products and foreign exchange services;

Services linked to deposit accounts such as debit cards, cash management and remittance

Please note that for demat accounts, mutual funds and portfolio management services distributed by Deutsche Bank, consent will be procured in the form prescribed by the relevant depository, the Association of Mutual Funds in India and Association of Portfolio Managers in India respectively.

2.3 Which products will transfer automatically without consent?

The following products will transfer automatically on the Effective Date, as they do not require specific consent:

Fully disbursed loans;
Counter guarantees and indemnities issued in respect of non-fund-based facilities.

2.4 Do I need to give consent separately for transfer of each product which requires consent?

No.

Consent is obtained at the relationship level (as detailed in FAQ 2.1 above), not product-by-product.

If you hold multiple products under the same customer ID, a single consent covers all of such products, including any products you may avail from us prior to the Effective Date.

2.5 Who will be responsible for providing consent in the case of joint accounts, minor accounts, or business banking relationships?

Joint accounts: Consent will be required from all account holders
Business Banking accounts: Consent will be required from the relevant signatories who are authorised to provide such consent
Minor accounts: For accounts held in the name of a minor, consent will be required to be provided by the guardian(s) registered on the account

2.6 Do I need to do new KYC after my consent, and before moving over to Kotak Mahindra Bank Limited?

No, your existing KYC records will continue to remain valid. A fresh KYC will only be required if an update is due as part of the periodic KYC updation requirements prescribed under the extant regulatory guidelines or the policies of Kotak Mahindra Bank Limited

3. How to provide or manage your consent

3.1 When can I provide my consent?

You will be able to provide your consent once we formally initiate the process. We will notify you in advance and guide you on the steps required to be taken by you, for you to provide us your consent.

3.2 How can I provide my consent?

You may provide consent through any of the following secure channels:

Email: Secure link will be sent to your registered email ID and consent may be provided by following the instructions outlined in the email;
Online or Mobile Banking: By clicking ‘Yes’ on the consent pop-up which will appear upon log in into your net and mobile banking platform;

SMS: You can provide your consent through SMS using either of the following options:
- You will receive a secure link via SMS on your registered mobile number. You can open the link and follow the instructions to provide your consent;
- Alternatively, it will also be possible to provide consent through an SMS from your registered mobile number;
Relationship Manager: Your RM can assist you digitally or in person. You can provide your consent through a secure link sent by your RM or by signing a physical form;

Branch: Walk into any Deutsche Bank branch and provide consent using the prescribed consent form at the branch;
For certain Business Banking products, we may contact you separately with specific instructions.

Further details and step-by-step instructions will be shared with you in the due course.

3.3 How will Deutsche Bank acknowledge your consent?

Once you have provided your decision in respect of transfer of your relationship, an acknowledgement will be sent to your registered email ID and registered mobile number (via SMS)

3.4 What happens if I do not consent or decline consent?

If you fail to provide consent or choose to decline to transfer your customer relationship:

All products requiring consent to transfer (as set out under FAQ 2.2 above) will not be transferred to Kotak Mahindra Bank Limited;
All private bank and wealth management products and services which you hold at the relevant point in time will be discontinued after due notice;
Accounts such as Current and Savings Account and term deposits will be closed, and credit balances will be returned to you;

After closure of your account, any standing instructions and mandates will need to be separately transferred by you to another bank of your choice with whom you maintain an account;

For mutual funds and portfolio management services which have been distributed by Deutsche Bank, if you have declined to provide your consent, you will need to reach out to Asset Management Company directly for change in distributors code to your preferred distributor;

Demat Account: If you have declined to provide your consent, you will be required to terminate your Demat account held with Deutsche Bank. With your closure instructions, you will be required to give details of your new depository participant for shifting your securities held in the Demat account with Deutsche Bank to the Depository Participant selected by you;

For lockers, you will have to visit the branch at which the locker is situated and vacate the contents of the locker and surrender the locker keys;

In respect of partially disbursed loans and revolving loans, Deutsche Bank will continue to provide the service until the next renewal date at which time Deutsche Bank may be constrained to provide any renewal of the relevant facility.

Please note that products that do not require consent will still transfer on the Effective Date.

3.5 Can I change my decision later?

Yes.

If you initially declined, you may provide consent by using digital channels which will be outlined to you or by contacting your Relationship Manager or by visiting your nearest Deutsche Bank branch
If you initially consented, you may withdraw consent by using the digital channels which will be outlined to you or contacting your Relationship Manager or by visiting your nearest Deutsche Bank branch

Please note that withdrawing consent will have the same implications as declining consent, as provided in FAQ 3.4

3.6 What happens if I do not respond at all?

If you do not respond:

Your status will be marked as Pending;
Reminders will be sent through email, SMS, and other channels;
If no response is received within the consent window, you will be treated as a non-consenting customer, and the implications described in FAQ 3.4 will apply (except for products such as demat accounts and mutual funds and portfolio management services which have been distributed by Deutsche Bank, where the consent and transfer mechanism will be based on the mechanism prescribed by the relevant depository, the Association of Mutual Funds in India and Association of Portfolio Managers in India respectively).

3.7 How can I check my consent status?

You will be able to check your consent status once we formally initiate the process. We will notify you in advance and guide you on the steps required.

4. Impact on Services and Accounts

4.1 Is there any immediate impact on my accounts or services?

There is no immediate change to your accounts, services, pricing, relationship management, or access channels

4.2 Will my Relationship Manager remain the same?

We are committed to ensuring continuity of operations throughout the transfer. In case of any changes, you will be informed well in advance to ensure a seamless transition and avoid any disruption in service.

4.3 Can I continue to buy new products and services?
Yes. Deutsche Bank remains committed to servicing all your banking needs until the completion of the proposed transaction and minimise disruption and promote customer convenience to the maximum extent possible. Please note that the continued availability of new products and services may be contingent on you providing your consent for transfer of your relationship from Deutsche Bank to the Kotak Mahindra Bank Limited.

4.4 Will I get the same product benefits/ services which I am currently enjoying post transfer to Kotak Mahindra Bank Limited or will I have to choose from Kotak Mahindra Bank Limited’s offerings?

We are taking efforts to ensure that all commercial terms applicable to the products and services (including the rate(s) applicable for term deposits) which you enjoy immediately prior to the Effective Date remain the same immediately after the Effective Date and that you will not have to choose or migrate to any other product or service of Kotak Mahindra Bank Limited on the Effective Date.

However please note that after the Effective Date: (a) in respect of saving bank account deposits maintained by you, the interest rate applicable on such savings accounts will be linked to the saving bank account rate(s) offered by Kotak Mahindra Bank Limited to its own customers, (b) in respect of loans, the benchmark rate/ reference rate applicable to the loans will be linked to the benchmark rate/ reference rate offered by Kotak Mahindra Bank Limited to its own customers. However, with a view to ensure that the effective interest rate applicable to you remains the same, the spread or margin applicable to the loan will be adjusted to ensure that your effective interest rate remains the same, (c) in respect to term deposits maintained by you, the contracted interest rate on existing term deposits will continue till maturity of such term deposit (unless prematurely terminated by you) and (d) where a particular benefit is dependent on a third party vendor or service provider, we and Kotak Mahindra Bank Limited will work towards the continuation of the specific benefit and procuring relevant contractual consents.

4.5 What happens to my service requests during transition?

Deutsche Bank will continue to manage all open service requests and complaints until the Effective Date and you should reach out to Deutsche Bank for any such requests or grievances that you may have

4.6 When will you close your branches in India? Will the branch locations change?

Deutsche Bank branches in India will cease operations on and from the Effective Date. From such date, we presently envisage that the relevant business and servicing currently undertaken through Deutsche Bank branches will be managed by Kotak Mahindra Bank Limited, and such locations will be available to meet your banking needs. Should there be any change we will keep you fully informed well in advance to ensure a seamless transition and avoid any disruption in service including where there is a change in the location of the branch and in such case, we will provide you with details of the proximate branch of Kotak Mahindra Bank Limited where you can continue to enjoy banking services.

4.7 Will my debit card points and benefits transfer?

Yes. Your existing debit card points and associated benefits will be transferred as part of the transition to Kotak Mahindra Bank Limited and will continue on the same terms and conditions, to ensure continuity and a seamless experience. However, as set out earlier, where a particular benefit is dependent on a third party vendor or service provider, we and Kotak Mahindra Bank Limited will work towards the continuation of the specific benefit and procuring relevant contractual consents

4.8 Will my insurance policy transfer?

Your insurance policy has been issued by your insurance provider and there will be no change in the existing terms and duration as a result of the transaction. However, Deutsche Bank will no longer be able to continue as your insurance agent from the Effective Date and will continue to provide you with transitional services for 6 (six) months post the Effective Date. We will provide you with further details in advance of the Effective Date.

5. Common Customers of Deutsche Bank and Kotak Mahindra Bank Limited

5.1 Do I still need to consent if I already bank with Kotak Mahindra Bank Limited?

Yes. Consent is required to transfer your relationship with Deutsche Bank (as detailed in FAQ 2.1 above) to Kotak Mahindra Bank Limited, even if you already have an existing relationship with Kotak Mahindra Bank Limited.

6. Data Protection and Confidentiality

6.1 If I provide my consent for transfer, what data will be transferred?

The data being transferred will include all information and documents collected by and available with Deutsche Bank including without limitation personal details, contact information, demographic details, KYC documents, Aadhaar details and other information required for regulatory compliance and continued servicing.

6.2 Will Kotak Mahindra Bank Limited have access to all historical information related to my Deutsche Bank Private Bank and Wealth Management Relationship?
Yes, following receipt of your consent and to ensure seamless migration, Deutsche Bank will transfer to Kotak Mahindra Bank Limited and Kotak Mahindra Bank Limited will have access to the historical relationship information relating to all the active products held by you as of the Effective Date.

6.3 Will Deutsche Bank retain any historical records related to Private Bank and Wealth Management Relationship?
Yes. Deutsche Bank will continue to retain historical records pertaining to your relationship, in accordance with applicable laws, regulations, Deutsche Bank’s policies and all applicable record-retention requirements.

6.4 What happens to my bank locker?

If you provide consent, it is intended that the locker facility will continue to remain available on the same terms. Should there be any changes to your locker arrangements, the same will be communicated to you well in advance to ensure a seamless transition and avoid any inconvenience.

7. Charges and Fees

7.1 Will I be charged for transferring my relationship?

No. There will be no charges for the transfer of your relationship from Deutsche Bank to Kotak Mahindra Bank Limited.

7.2 Do my terms and conditions, fees and charges, stay the same?

However please note that after the Effective Date: (a) in respect of saving bank account deposits maintained by you, the interest rate applicable on such savings accounts will be linked to the saving bank account rate(s) offered by Kotak Mahindra Bank Limited to its own customers, (b) in respect of loans, the benchmark rate/ reference rate applicable to the loans will be linked to the benchmark rate/ reference rate offered by Kotak Mahindra Bank Limited to its own customers. However, with a view to ensure that the effective interest rate applicable to you remains the same, the spread or margin applicable to the loan will be adjusted to ensure that your effective interest rate remains the same, (c) in respect to term deposits maintained by you, the contracted interest rate on existing term deposits will continue till maturity of such term deposit (unless prematurely terminated by you) and (d) where a particular benefit is dependent on a third party vendor or service provider, we and Kotak Mahindra Bank Limited will work towards the continuation of the specific benefit and procuring relevant contractual consents.

8. Support and Queries

8.1 Who can I contact if I have questions?

You may:

Contact your Relationship Manager;
Email the dedicated support address: customer.care@deutsche.bank.in

Visit any branch for assistance;

Contact our helpline number: 1860 266 6601