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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
	NRO Rupee Savings	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
	NRO Savings	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
	NRO Savings	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
	NRO Savings	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
	NRO Savings	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
	Rupee Checking	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

	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
	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
	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
	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
	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
	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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NRO Account

Avg. Monthly Balance

Fund Repatriation

Account Variant

Documents Required

Phone Banking Numbers

Overseas Branches

Remittance Service

More Information

Avg. Monthly Balance

Fund Repatriation

Account Variant

Benefits

Documents Required

Phone Banking Numbers

Overseas Branches

Remittance Service

More Information

Avg. Monthly Balance

Fund Repatriation

Account Variant

Documents Required

Phone Banking Numbers

Overseas Branches

Remittance Service

More Information

Avg. Monthly Balance

Fund Repatriation

Account Variant

Benefits

Documents Required

Phone Banking Numbers

Overseas Branches

Remittance Service

More Information

Avg. Monthly Balance

Fund Repatriation

Account Variant

Benefits

Documents Required

Phone Banking Numbers

Overseas Branches

Remittance Service

More Information

Avg. Monthly Balance

Fund Repatriation

Account Variant

Benefits

Documents Required

Phone Banking Numbers

Overseas Branches

Remittance Service

More Information

What is an NRO account?

Purpose of an NRO Account

Features of an NRO Account

Advantages of an NRO Account

Disadvantages of an NRO Account