Overview of NRO Savings Account
A Rupee Savings account to manage your income earned in India like rent, dividend…...Â
Features of NRO Savings Account
Average Quarterly Balance
Low Average Quarterly Balance of Rs 10,000 ( A& B Category Branches)/ Rs 5000 ( C& Rural Category)
Domestic Use Debit Card
Domestic use Debit Card for access in India.
Free Cheque Book
Free Payable at par cheque book for use in India.
Digital Banking
Access to Best-in-class Digital Banking – Net Banking, Mobile Banking and Video Branch
Electronic Options
Host of Online and Telegraphic options to transfer funds to India
Up to 7% Interest Rate
Earn attractive interest rate on your savings
Purpose
An account to efficiently manage your local rupee earnings in India
Repatraition
Interest earned is fully repatriable after payment of tax. However, RBI allows repatriation up to one million USD or equivalent per financial year for bonafide purposes (For e.g. education, medical expenses, employment etc.)
Interest Earned is subject to tax of 30% (plus applicable surcharge and cess). On availing Double Taxation Avoidance Agreement (DTAA) facility, the TDS rate applicable would be in range of 10-15% as per the country of residence based on the prevailing DTAA Agreement from time to time.
The funds are maintained in Indian Rupees
The account can be opened jointly with a NRI/PIO or a Resident Indian on Former or Survivor basis.
Appoint a mandate holder to operate your account in India.
Eligibility Criteria for NRO Savings Account
Eligibility Criteria of NRO Savings Account
- NRIs and PIOs.
- Seafarers of Indian nationality / origin employed by overseas shipping companies
- Students pursuing studies in foreign countries.
Documentation Required for NRO Savings Account
- Recent passport photograph
- Photocopy of the pages of the passport containing passport details and personal details
- Copy of Permanent Account Number (PAN) / Form 60 (in absence of PAN)
- Copy of valid proof of NRI status -Â Resident permit / Work permit/ Employment Visa/ others
- Document confirming either overseas or Indian address. For PIOs, Overseas address proof is mandatory
- In case of Seafarers, copy of CDC and Employment contract is mandatory
