NRO savings account Benefits
According to the ICICI bank website, below are features of NRO savings account
- Higher yield post tax: By availing DTAA benefit facility.
- Low cost and Hassle-free money transfers: Available through various online and offline modes at competitive exchange rates
- Low balance required: Minimum monthly account balance as low as Rs 10,000 only
- Easy movement: Interest earned in current financial year is fully repatriable(after deducting tax). Funds in NRO account can be repatriated upto USD one million per financial year# for all bonafide purposes.
- Money2India: Safe and simple online money transfer tracking service with online transfer to over 100 banks in India.
- Joint holding: With an Indian resident or NRI.
- Easy redesignation: Of your resident account to NRO Account when you become a NRI. Your account number remains the same.
- Mandate benefits: Free cheque book and ATM card for mandate holder.
- Tax deducted at source: Interest earned on NRO deposits is subject to the applicable tax deduction at source. You can reduce this TDS by availing DTAA facility.
- Double Taxation Avoidance Agreement (DTAA)
- Earn higher post tax return through reduced TDS rates by applying for DTAA facility on your NRO Savings account.
- You can avail DTAA benefit on your NRO accounts by providing a self-declaration in the prescribed format, self attested PAN card copy, Form 10F and tax residency certificate for the current year.
SBI NRO saving interest rate
SBI offers interest rate of 2.70% on balances less than Rs 10 crore and 3% on balances Rs 10 crore and above.
HDFC NRO savings account interest rate
HDFC Bank offers interest rate of 3% on balances less than Rs 50 lakh and 3.50% on balances of above Rs 50 lakh.
ICICI Bank NRO savings account interest rate
ICICI Bank offers an interest rate at 3.5% per annum for end of day balances equal to or above Rs 50 lakhs and 3% per annum for end of day balances below Rs 50 lakhs.PNB NRO savings account interest rate
PNB offers 2.70% interest rate on balances below Rs 10 lakh, for balances between Rs 10 lakh to Rs 100 crore is 2.75%.
Documents
The following documents are required:
- For NRI (Non-Resident Indian)
- Mandatory documents: Copy of valid passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, address, signature and observation page, if any)
- A valid proof of NRI status, by way of valid Employment/Residence Visa copy or Work / Residence Permit
- Also, proof of Overseas and Indian Address
- Copy of Indian PAN card or Form 60
- Recent passport size color photograph
NRO savings account eligibility
According to the Yes Bank website, the following individuals are eligible to open an NRO Savings Account:
- NRI (Non-Resident Indian)
- An Indian citizen residing outside India for the purpose of:
- Employment, studies, business or vocation
- Individual posted in UN organization or official deputed abroad by Government of India or public sector undertakings
- Indian nationals who may be Mariners or working on oil rigs or foreign registered airlines
- An individual holding a Foreign passport:
- Has held an Indian passport at any point of time
- Parent or their grandparent was Citizen of India by virtue of the Constitution of India or India Citizen Act 1955.
