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NRO Account

An NRO account is a savings or current account for NRIs that is held in India to manage the income earned in India. After money is deposited, the foreign currency is automatically converted to Indian rupees. You can also transfer money from your NRE Account. However, unlike NRE account, the interest earned from NRO account is subjected to Tax Deducted at Source.

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Bank Account Type Interest Rate Avg. Monthly Balance Fund Repatriation
Kotak
4.0% Rs. 10,000 (Quarterly) Request Letter

Account Variant


  • NRO Rupee Savings
  • NRO Platina Savings
  • NRO Current
  • NRO FD
  • MyIndia Account for Canadian NRI in alliance with Scotiabank

Documents Required


  • Valid Visa
  • Passport
  • Overseas and Indian Address proof
  • Identity proof
  • FATCA
  • Latest photograph

Overseas Branches


    US, UK, UAE, Singapore and more

Phone Banking Numbers


  • USA: 1855-365-6767
  • Australia: 0011-800-4499-0000
  • UK: 00-800-4499-0000
  • Canada: 1855-768-4020
  • Hong Kong- 00180044990000
  • Singapore- 8001013054

Remittance Service


    Click2Remit

More Information


  • Network constitutes 1375 branches, 2352 ATMs
  • International Debit Card is provided
  • Mandate and Nominee Facility is extended
  • Overseas P.O Box Facility is available
  • Get higher yield post tax by availing DTAA benefits
  • Preferential foreign exchange rate for transactions above $ 10,000/- (USD) or equivalent
  • Personalized investment advisory
Axis
4.0% Rs. 10,000 Request Letter

Account Variant


  • NRO Savings
  • NRI Prime Savings
  • NRI Fixed Deposit Plus

Benefits


  • Tax deduction at source is applicable for interest earned on NRO savings account
  • You can transfer funds through multiple ways:
    • Existing Domestic Account
    • NRE or FCNR Accounts
    • Demand Draft, Travellers Cheque, Foreign currency cheque etc

Documents Required


  • Passport
  • Valid Visa
  • Overseas and Indian Address proof
  • ID proof
  • FATCA
  • Recent Passport size photograph

Phone Banking Numbers


  • USA 1855 205 5577
  • Saudi Arabia 800 850 0000
  • UK 0808 178 5040
  • UAE 8000 3570 3218
  • Singapore 800 1206 355
  • Qatar 00 800 100 348
  • Canada 1855 436 0726
  • Bahrain 800 11 300
  • Australia 1800 153 861
  • (Non - Toll Free) +91 40 67174100

Remittance Service


    RemitMoney

Overseas Branches


    Hong Kong, Singapore, Dubai, Colombo, Shanghai

More Information


  • 4050 branches, 11801 ATMs 
  • International Debit Card available
  • Mandate and Nominee Facility extended
  • Overseas P.O Box Facility offered
SBI
3.5% Rs. 3,000 Request Letter

Account Variant


  • NRO Account
  • NRO Salary Account
  • NRO Tax Saving Scheme

Documents Required


  • Passport
  • Valid Visa
  • Address proof
  • ID proof
  • FATCA

Overseas Branches


    USA, UK, UAE, Australia and more

Phone Banking Numbers


  • Australia: 1800-012-473
  • Canada: 1866-3284-209
  • UAE: 800-091-190-05
  • UK: 808-101-7633
  • USA: 1866-328-4209

Remittance Service


    SBI EXPRESS WORLDWIDE

More Information


  • Network constitutes over 24,000 branches and 59,000+ ATMs
  • International Debit Card is made available to the customers
  • Mandate and Nominee Facility is extended
  • Overseas P.O Box Facility available
  • Rupee loan available against NRO deposit
HDFC
4.0% Rs. 10,000 Request Letter

Account Variant


  • NRO Savings
  • NRO Current
  • NRO Fixed Deposit
  • NRO Tax Saver Fixed Deposit

Benefits


  • Receive a personalized cheque book
  • Withdraw cash and shop in India with your EasyShop NRO Debit Card
  • Phone banking lets you manage your account easily
  • Appoint a beneficiary to operate the account with the nomination facility

Documents Required


  • Passport
  • Valid work permit
  • PAN card
  • FATCA
  • CRS Declaration
  • CKYC Annexure
  • Address Proof
  • An Initial Payment Cheque 

Phone Banking Numbers


  • USA: 855-207-8106
  • Canada: 855-846-3731
  • UK: 800-756-2993
  • Australia: 91-2267606161
  • Other countries : 91-2267606161

Remittance Service


    QuickRemit provided

Overseas Branches


    Dubai, Bahrain, Abu Dhabi, Kenya and Hong Kong.

More Information


  • Network: 4555 branches, 12,087 ATMs
  • Funds can be freely transferred between India and abroad
  • Interest earned on this A/c are not taxable in India
  • Earn higher interest rates on the NRO Savings Account
Yes
6.0% Rs. 10,000 Net Banking

Account Variant


  • NRO Savings
  • NRO Fixed Deposit

Benefits


  • The account holders have access to over 80,000 ATM across India
  • Earn high interest rate with with your YES Bank NRO Account
  • NRE and NRO accounts are linked together allowing you the flexibility to maintain and monitor balances in the accounts

Documents Required


  • Passport
  • Valid Visa
  • Overseas and Indian Address proof
  • ID proof
  • FATCA

Phone Banking Numbers


  • USA: 1877-659-8044
  • UK: 808-178-5133
  • UAE: 8000-3570-3089
  • Canada: 1877-659-8044

Remittance Service


    YesRemit

Overseas Branches


    Singapore, UK, Dubai and more

More Information


  • Network: Over 1000 branches, 1800 ATMs
  • International and Domestic Debit Card present
  • Mandate and Nominee Facility is offered
  • Overseas P.O Box Facility is extended
Citi
3.50% Rs. 40,000 Request Letter

Account Variant


  • NRO Regular Checking
  • NRO Prime Checking
  • NRO Gold Checking

Benefits


  • No annual fee for Debit Card
  • Receive cheque book at no charge
  • No charge on international wire remittance facilities
  • Debit card with global access is extended
  • Zero service charge on money transfer

Documents Required


  • Passport
  • Valid work permit
  • CKYC Annexure
  • Address Proof
  • PAN card
  • FATCA
  • CRS Declaration

Phone Banking Numbers


  • USA: 1-866-703-2462
  • Australia: 1800-252-856
  • Canada: 1-866-703-2462
  • UAE: 8000-172-122
  • UK: 0-808-101-7384

Remittance Service


    Citibank Global Transfer

Overseas Branches


    USA, UK, UAE, Australia, Canada and more

More Information


  • Network:2500 branches worldwide
  • International Debit Card: Yes
  • Mandate and Nominee Facility : Yes
  • Overseas P.O Box Facility: Yes
  • Tax Deduction
Kotak Account Type: NRO Rupee Savings
Interest Rate: 4.0%

Avg. Monthly Balance

Rs. 10,000 (Quarterly)

Fund Repatriation

Request Letter

Account Variant

  • NRO Rupee Savings
  • NRO Platina Savings
  • NRO Current
  • NRO FD
  • MyIndia Account for Canadian NRI in alliance with Scotiabank

Documents Required

  • Valid Visa
  • Passport
  • Overseas and Indian Address proof
  • Identity proof
  • FATCA
  • Latest photograph

Phone Banking Numbers

  • USA: 1855-365-6767
  • Australia: 0011-800-4499-0000
  • UK: 00-800-4499-0000
  • Canada: 1855-768-4020
  • Hong Kong- 00180044990000
  • Singapore- 8001013054

Overseas Branches

    US, UK, UAE, Singapore and more

Remittance Service

    Click2Remit

More Information

  • Network constitutes 1375 branches, 2352 ATMs
  • International Debit Card is provided
  • Mandate and Nominee Facility is extended
  • Overseas P.O Box Facility is available
  • Get higher yield post tax by availing DTAA benefits
  • Preferential foreign exchange rate for transactions above $ 10,000/- (USD) or equivalent
  • Personalized investment advisory
Axis Account Type: NRO Savings
Interest Rate: 4.0%

Avg. Monthly Balance

Rs. 10,000

Fund Repatriation

Request Letter

Account Variant

  • NRO Savings
  • NRI Prime Savings
  • NRI Fixed Deposit Plus

Benefits

  • Tax deduction at source is applicable for interest earned on NRO savings account
  • You can transfer funds through multiple ways:
    • Existing Domestic Account
    • NRE or FCNR Accounts
    • Demand Draft, Travellers Cheque, Foreign currency cheque etc

Documents Required

  • Passport
  • Valid Visa
  • Overseas and Indian Address proof
  • ID proof
  • FATCA
  • Recent Passport size photograph

Phone Banking Numbers

  • USA 1855 205 5577
  • Saudi Arabia 800 850 0000
  • UK 0808 178 5040
  • UAE 8000 3570 3218
  • Singapore 800 1206 355
  • Qatar 00 800 100 348
  • Canada 1855 436 0726
  • Bahrain 800 11 300
  • Australia 1800 153 861
  • (Non - Toll Free) +91 40 67174100

Overseas Branches

    Hong Kong, Singapore, Dubai, Colombo, Shanghai

Remittance Service

    RemitMoney

More Information

  • 4050 branches, 11801 ATMs 
  • International Debit Card available
  • Mandate and Nominee Facility extended
  • Overseas P.O Box Facility offered
SBI Account Type: NRO Savings
Interest Rate: 3.5%

Avg. Monthly Balance

Rs. 3,000

Fund Repatriation

Request Letter

Account Variant

  • NRO Account
  • NRO Salary Account
  • NRO Tax Saving Scheme

Documents Required

  • Passport
  • Valid Visa
  • Address proof
  • ID proof
  • FATCA

Phone Banking Numbers

  • Australia: 1800-012-473
  • Canada: 1866-3284-209
  • UAE: 800-091-190-05
  • UK: 808-101-7633
  • USA: 1866-328-4209

Overseas Branches

    USA, UK, UAE, Australia and more

Remittance Service

    SBI EXPRESS WORLDWIDE

More Information

  • Network constitutes over 24,000 branches and 59,000+ ATMs
  • International Debit Card is made available to the customers
  • Mandate and Nominee Facility is extended
  • Overseas P.O Box Facility available
  • Rupee loan available against NRO deposit
HDFC Account Type: NRO Savings
Interest Rate: 4.0%

Avg. Monthly Balance

Rs. 10,000

Fund Repatriation

Request Letter

Account Variant

  • NRO Savings
  • NRO Current
  • NRO Fixed Deposit
  • NRO Tax Saver Fixed Deposit

Benefits

  • Receive a personalized cheque book
  • Withdraw cash and shop in India with your EasyShop NRO Debit Card
  • Phone banking lets you manage your account easily
  • Appoint a beneficiary to operate the account with the nomination facility

Documents Required

  • Passport
  • Valid work permit
  • PAN card
  • FATCA
  • CRS Declaration
  • CKYC Annexure
  • Address Proof
  • An Initial Payment Cheque 

Phone Banking Numbers

  • USA: 855-207-8106
  • Canada: 855-846-3731
  • UK: 800-756-2993
  • Australia: 91-2267606161
  • Other countries : 91-2267606161

Overseas Branches

    Dubai, Bahrain, Abu Dhabi, Kenya and Hong Kong.

Remittance Service

    QuickRemit provided

More Information

  • Network: 4555 branches, 12,087 ATMs
  • Funds can be freely transferred between India and abroad
  • Interest earned on this A/c are not taxable in India
  • Earn higher interest rates on the NRO Savings Account
Yes Account Type: NRO Savings
Interest Rate: 6.0%

Avg. Monthly Balance

Rs. 10,000

Fund Repatriation

Net Banking

Account Variant

  • NRO Savings
  • NRO Fixed Deposit

Benefits

  • The account holders have access to over 80,000 ATM across India
  • Earn high interest rate with with your YES Bank NRO Account
  • NRE and NRO accounts are linked together allowing you the flexibility to maintain and monitor balances in the accounts

Documents Required

  • Passport
  • Valid Visa
  • Overseas and Indian Address proof
  • ID proof
  • FATCA

Phone Banking Numbers

  • USA: 1877-659-8044
  • UK: 808-178-5133
  • UAE: 8000-3570-3089
  • Canada: 1877-659-8044

Overseas Branches

    Singapore, UK, Dubai and more

Remittance Service

    YesRemit

More Information

  • Network: Over 1000 branches, 1800 ATMs
  • International and Domestic Debit Card present
  • Mandate and Nominee Facility is offered
  • Overseas P.O Box Facility is extended
Citi Account Type: Rupee Checking
Interest Rate: 3.50%

Avg. Monthly Balance

Rs. 40,000

Fund Repatriation

Request Letter

Account Variant

  • NRO Regular Checking
  • NRO Prime Checking
  • NRO Gold Checking

Benefits

  • No annual fee for Debit Card
  • Receive cheque book at no charge
  • No charge on international wire remittance facilities
  • Debit card with global access is extended
  • Zero service charge on money transfer

Documents Required

  • Passport
  • Valid work permit
  • CKYC Annexure
  • Address Proof
  • PAN card
  • FATCA
  • CRS Declaration

Phone Banking Numbers

  • USA: 1-866-703-2462
  • Australia: 1800-252-856
  • Canada: 1-866-703-2462
  • UAE: 8000-172-122
  • UK: 0-808-101-7384

Overseas Branches

    USA, UK, UAE, Australia, Canada and more

Remittance Service

    Citibank Global Transfer

More Information

  • Network:2500 branches worldwide
  • International Debit Card: Yes
  • Mandate and Nominee Facility : Yes
  • Overseas P.O Box Facility: Yes
  • Tax Deduction

*T&C apply




 

A Non-Resident Ordinary (NRO) Account is a savings or current account held in India for the NRIs to manage their income earned in India.

An NRI, or a Non-Resident Indian, is a person who is of Indian birth, descent or origin- who resides or lives outside the country. NRIs are also known as PIOs (Persons of Indian Origin).

According to tax laws in the country, a non-resident is anyone who hasn’t stayed in the country for a specific period of time. To be a resident of India, you must:

  • Stay in India for at least 182 days in a financial year, or
  • Stay in India for 365 days spread over 4 consecutive years, AND
  • Stay in India for at least 60 days in the previous year

What is an NRO account?

A Non-Resident Ordinary (NRO) Account is a savings or current account held in India for the NRIs to manage their income earned in India. Hence, it is a good way for account holders to deposit and manage their accumulated rupee funds.

Purpose of an NRO Account

The primary purpose of a Non-Resident Ordinary account, is to deposit Indian earnings like rent, salary, dividend or any other current income obtained from India. This is popular when the person resides abroad, by earns from assets owned in India.

Features of an NRO Account

The currency of transfer is Indian Rupee or INR.

The types of accounts which allow an NRO Account includes all of the following: (a) Savings Account, (b) Current account, (c) Fixed Deposits.

A Non-Resident Ordinary (NRO) Account allows joint holding. This means that the NRO Account can be jointly held by both Resident Indians (as second holders) and Non-Resident Indians.

Repatriable from India up to USD 1 million or equivalent per financial year, for bonafide purposes. Repatriation refers to the process of returning an asset to its owner or back to its place of origin.

TDS basically means that any person or company making any payment is required to deduct tax at source, if the payment exceeds certain threshold limits. Money deposited in an NRO Account is subject to TDS as per relevant guidelines in India.

Cash can be deposited into an NRO Account.

An NRO Accounts can be funded through different modes. These include:

  • Cash (in INR)
  • Transfer from Resident Account
  • Resident Account Cheque in addition to NRE Funding Methods

Advantages of an NRO Account

The advantages of an NRO Account include:

  • Allows joint holding between resident and NRI
  • Allows for Cash Deposits
  • A nominee can be added to your NRO Account
  • Once you return back to India, this account is converted into a resident account

Disadvantages of an NRO Account

The disadvantages of an NRO Account include:

  • The account has to be maintained in Indian Rupee (INR)
  • Potential loss to depositors due to fluctuations in exchange rates of foreign currency
  • Funds are not fully repatriable

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