NRO Savings Account

• Any individual residing outside India is permitted to hold an NRO Savings account
• Allows the NRI's / PIO's to park the income like rent, dividend, pension, etc. , earned in India
• The NRO account enables them to conveniently deposit and manage such accumulated rupee funds, thereby giving the freedom and convenience of hassle-free banking
• Submitting a few couple of documents at best is all that is required to get started. With features that include low minimum balance requirement, tax advisory

Interest earned on NRO Savings Account is subject to Tax deduction at source

• By transfer of existing domestic accounts
• By foreign inward remittance by way of SWIFT/WIRE, Foreign
• Demand Draft, Foreign Currency Cheque, Travellers Cheque, Foreign Currency, etc.
• By transfer from existing NRE or FCNR accounts
• Legitimate dues in India of the account holder

• All local payments
• Subscription or purchase price of investments
• Acquisition of immovable property

The principal amount is not freely repatriable, however interest earned on NRO deposits can be repatriated. In case of repatriation of principal, subject to compliance with RBI regulations and payment of all taxes an amount upto USD 1 million can be repatriated.

A Non-Resident Indian can maintain a joint account with a resident Indian. The interest earned on this account is taxable at the rate of 30% + surcharge is applicable
*Conditions Apply