Kotak Mahindra Bank NRI Services is trusted by NRI investors who are increasingly favoring term deposits, says Kamlesh Rao, EVP of the Bank. Kamlesh has risen from a management trainee in 1995 to becoming instrumental in Fixed deposits mobilization (as an NBFC) and Retail capital market products like IPO finance. Kamlesh started the consumer durable finance business and in 2001 started the unsecured loans business for Kotak which has grown to a large size now. Kamlesh is now focusing on the next growth phase of Privy League – Kotak Mahindra Bank. In a wide-ranging interview, Kamlesh said that NRIs are no different than High Networth Individuals (HNIs) in India. The risk appetite is down in the current volatile financial environment where NRIs and HNIs are looking at fixed income instruments and even term deposits that fetch as high as 9% interest.