NRO stands for Non-Resident Ordinary account. It refers to the savings or Fixed Deposit account of a Non-resident Indian in a bank in India. This is a Rupee account. Interest earned in this account is taxable. The account can be jointly held with a resident Indian. The principal and interest in this account are non-repatriable.

Benefits of NRO 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 ₹ 10,000 only
  • Anytime, anywhere account access: With domestic ATM-cum-Debit card, convenient access at over 11,000 ATMs and over 3,000 branches all over India, and phone and 24×7 internet banking.
  • Beneficial interest rates: Interest rates at 4% per annum for end of day balances equal to or above INR 50 lacs and 3.50% per annum for end of day balances below INR 50 lacs.
  • 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.
  • NRI Advantage: Handpicked exclusive offers catering to your needs when in India as well as when abroad.
  • FREE PO Box service to send your documents.
  • Tax deducted at source: Interest earned on NRO deposits is subject to the applicable tax deduction at source.
  • 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.


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