NRO SAVINGS 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 Monthly Balance(AMB) of Rs. 10,000. In case your Average Monthly Balance dips below the required amount, then you will be charged a fee for non maintenance of AMB as below:-

Charges for non maintenance of Average Monthly Balance (AMB) on NRO Savings Account

For Urban / Metro branches:   - If AMB in the account is between Rs 5,000 to Rs 10,000 - Rs 250/- per month would be levied.   - If AMB is less than Rs 5,000 - Rs 350/- per month would be levied.

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:

Interest on Deposit	Tax Rate	Surcharge	Education Cess	Total
NRO	30%	-	3%	30.90%

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 by India with various countries (Click here for list of DTAA Countries). Under the current DTAA provisions, you can enjoy concessional rate of Tax Deducted at Source (TDS), providing a higher yield as compared to the regular NRO FD offered today.

If you are desirous of availing the tax rate deduction as per the DTAA, the same will be applicable once you submit the relevant documents along with your PAN Number to us by March 15th, every year. PAN updation is mandatory to avail of DTAA.

Also, please note that as per recent amendment to the Indian Income Tax Act as announced in Union Budget 2012, NRIs who wish to avail DTAA benefit have to mandatorily provide 'Tax Residency Certificate (TRC)' to the deductor (Bank). This is applicable for all NR customers who wish to avail DTAA benefit with effect from 1st April 2012.

Hence, the below mentioned documentation is required per Customer ID to avail DTAA benefit:-

• DTAA Annexure in original
• Tax Residency Certificate (TRC) latest copy duly self-attested by the client
• PAN Card copy duly self-attested by the client

In case you have registered for DTAA benefit earlier or wish to register for the same, kindly provide latest copy of TRC to avail the DTAA rate for current financial year, failing which the bank will deduct TDS on interest earned on your NRO deposits at 30.90%.

Click here for DTAA Annexure

Click here for Tax Residency Certificate Format

Click here to download the format of a request letter that can be used by you to submit to your tax/government authority to obtain a TRC.
Disclaimer: This letter format is being provided to you by the Bank for your convenience so that you do not miss out any of the mandatory details required to be mentioned in the TRC. You should check in your country if there is any format prescribed for applying for a TRC and use the same instead of the above letter format.

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.