NRO SAVINGS ACCOUNT

Why choose this product:

• Manage your Rupee funds conveniently in India from anywhere in the world
• Give your dependents access to your funds
• Earn higher interest rates
  on your account

Accesibility

• Withdraw cash and shop in India with your EasyShop NRO Debit Card
• Entrust a relative or friend with an additional ATM Card
• Local representative can operate the account with a Letter of Mandate is an authorization given to a person to operate the customers bank account on his behalf

Managing your account

• Open an NRO Account jointly with an Indian Resident
• Conduct transactions online, 24x7 securely with NetBanking
• Manage your account easily with PhoneBanking
• Bank from any metro in India with Intercity Banking
• Pay utility bills – electricity, phone, mobile phone – payment by a simple registration

Other benefits

• Get a personalised cheque book
• Appoint a beneficiary to operate the account with the nomination facility
• Get your account details in the monthly statements free

To transfer money to your NRO account, you can:

• Transfer funds from abroad in a freely convertible foreign currency These are foreign currencies that can be exchanged easily with other currencies and are recognised by the international market.
• Present foreign currency notes / traveller's cheques brought in by you on your visit to India
• Directly remit the amount to us from your overseas bank account
• Transfer funds from an existing NRE / FCNR Account held in other banks in India

You need to maintain an Average Quarterly Balance (AQB) is the average balance you need to maintain in your account (s) over a period of 3 months. of Rs. 10,000/-. In case your Average Quarterly Balance (AQB) is the average balance you need to maintain in your account (s) over a period of 3 months. dips below the required amount, a fee of Rs 750 per quarter will be charged.

To Know More about Fees & Charges, click here

Click here to view changes in service charges effective 1st January 2012

Interest earned on NRO Savings Account / NRO Fixed Deposit is subject to Tax deduction at source*.W.e.f Aug 09, applicable TDS rates are:

As per section 206AA introduced by Finance (No. 2) Act, 2009 w.e.f 01.04.2010, every person who receives income on which TDS is deductible shall furnish his PAN Number to the deductor, failing which TDS shall be deducted at the maximum marginal rate or 30.90% whichever is higher.

The interest on NRO Accounts / Deposits and PIS transactions would be covered by the said rule

* TDS, when due and applicable will be deducted in accordance with the provisions of the Income Tax Act, 1961 and the Rules thereunder as in force. Such TDS shall be recovered from saving/current/demand deposit a/c(s).

Double Taxation Avoidance Agreement (DTAA) is an agreement entered into by India with various countries (Click here for list of DTAA Countries). Under the current DTAA provisions, you can enjoy the benefit of concessional rates for Tax Deducted at Source (TDS), providing you a higher yield as compared to the regular NRO FD offered today.

If you are desirous of availing the rate of deduction of tax as per the DTAA, the same will be applicable only on your submitting the relevant documents along with your PAN Number with us by March 15, every year for the next Financial Year.

PAN updation is mandatory to avail of DTAA. One set of the below documents is required per Customer ID.

• DTAA Annexure - Declaration that the client was an NRI during the year in which tax is sorted to be deducted & that he does not have any permanent establishment in India.
• i) Original or certified true copies of the tax residency certificate from income tax authorities to be obtained from the client OR
  
  ii) In case of non-taxpaying countries, any valid proof issued by the government, certifying that the client is a resident of that country OR
  
  iii) If the client is unable to obtain the residency certificate in (i) above, and has been assessed as a resident earlier, then he may obtain a certificate from any CA firm registered in India). However, in such cases, the CA certificate should be supported by certified true copies of documentation from tax authorities, e.g., assessment order, notice from the tax authorities clearly indicating the residential status of the customer as a 'resident' under the local tax laws. The format of the CA Certificate is attached as Annexure -C
• Self attested copy of passport & visa. (not required in case the client is submitting Tax Residency Certificate).
• For UAE and KUWAIT ONLY- photocopy of the passport pages which give the details of entry and exit.(to ascertain 183 days stay in a calendar year for UAE and 183 days in a financial year for Kuwait)

If your PAN is not updated with the Bank, then the DTAA rate or 30.9% whichever is higher will be applicable.

Click here for DTAA Annexure & Annexure - C

Kindly refer to the below link for any further details on DTAA agreements between India and other countries:
http://law.incometaxindia.gov.in/DIT/intDtaa.aspx

• Photocopy of the pages of the passport containing passport details and personal details of all applicants
• Copy of valid visa / work permit
• One passport photograph of each applicant
• One document confirming either the overseas or Indian address. The address on the document has to match the address mentioned in the application form.

Incase, you cannot come to our branch for account opening and you reside in a non FATF country, all photocopies of the above documents to be attested by Indian Embassy or by a Notary.

Incase,you cannot come to our branch for account opening and you reside in a FATF country, then either all photocopies of the above documents to be attested by an Indian Embassy or Notary or by a Banker overseas If the documents are not certified then all documents need to be self signed and submitted along with one additional document.

You are eligible if you are a Non-Resident individual of Indian nationality or of Indian origin.