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FAQs for NRO Savings Account |
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In what currency is my NRO Savings Account maintained?
Your NRO Savings Account is maintained in Indian Rupees.
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What is the minimum amount with which I can open an NRO Savings Account?
The minimum amount required to open an NRO Savings Account is INR 10,000 or its equivalent in foreign currency. You would be required to maintain an Average Quarterly Balance of
INR 10,000/- only.
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What is the frequency of interest payment on my NRO Savings Account?
The frequency of interest payment on your NRO Savings Account is Quarterly.
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What do I get against my NRO Savings Account?
You will get a chequebook and an ATM Card against your NRO Savings Account. You can also request for a domestic NRO Debit card
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What are the permissible debits/credits to the NRO Savings Account?
There are no restrictions on the debits from NRO Savings Account. Credit of funds representing legitimate dues of the account holder from local sources for e.g. current income in India like rent etc. and proceeds of remittances received from abroad through normal banking channels can be freely credited.
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Can I repatriate funds from my NRO Savings Account?
You can repatriate upto USD 1 million, for bonafide purposes, per calendar year from balances in NRO accounts subject to payment of applicable taxes. The limit of USD 1 million per year includes sale proceeds of immovable properties held by NRIs/PIO (Person of Indian Origin) for a period of 10 years. In case a property is sold after being held for less than 10 years, remittance can be made if the sale proceeds have been held by the NRI/PIO for the balance period in eligible investments.
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What taxes am I liable to pay if I have an NRO Savings
Account?
The interest is subject to income tax deduction at source @ 30% plus applicable surcharge plus education cess.
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Can I have Joint Account holders for my NRO Savings Account?
Yes. You can hold an account jointly with resident or non-resident Indian(s). Alternately, you can authorize an Indian resident to operate your account by submitting a mandate letter.
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If I am visiting India, can I use Travellers Cheques or Foreign Currency to open an account or credit my existing NRO Savings Account?
Travellers Cheques can be used to credit/open the account. NRIs bringing Foreign Currency Notes & Travellers Cheques will have to submit a Currency Declaration Form (CDF) to the customs authorities on arrival in India, if the foreign currency notes exceed USD 5,000/- or combined value of Travellers Cheques and notes exceed USD 10,000/-. You must produce the CDF for endorsement by the bank when you submit the money for opening/credit to an account
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Can I transfer funds from my existing NRE Accounts to open NRO Savings Account?
Yes. You can transfer funds from your existing NRE Accounts to open NRO Savings Account.
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How can I send a remittance for credit of funds in my NRO Savings Account?
Please click here to know more about remittances to your NRO Savings Account in India.
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What are the payment services available for my NRO Savings Account?
With HDFC Bank's Payment Services, you can bid goodbye to queues and paper work. Our range of payment options makes it easy for you to pay for a variety of utilities and services.
Please click here to know more about Payment Services.
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How do I access my NRO Savings Account while I am abroad?
You can access your NRO Savings Account through NetBanking & PhoneBanking. Please click here to know more.
Netbanking
Phonebanking
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What are the fees and charges for the NRO Savings Account?
Please click here to know more about fees and charges.
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Can I have a nominee for my NRO Savings Account?
Yes. You can have a nominee for the NRO Savings Account.
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