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NRO Rupee Deposits |
NRO Savings Account |
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NRO Fixed Deposits |
| Useful Information
- NRO Rupee Deposits |
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| NRO Savings Account |
NRO-SB account can be
opened by remittance from abroad or by legitimate
dues in Rupees of the account holder in India. The
existing domestic account of the Resident gets
converted to NRO Account on their taking up
business, employment and/or immigration abroad.
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Features |
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Following funds are repatriable |
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- a) Current income.
b) Upto USD 1 million per financial year (April-
March), for any bonafide purpose out of the
balances in the account / sale proceeds of
assets in India acquired by way of inheritance /
legacy inclusive of assets acquired out of
settlement subject to certain conditions.
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Add-on Facilities |
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Internet
Banking facility for viewing account statements
and funds transfer.
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Free
Global Access Debit Card to account holder or
for his assigned holder
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Account
Operations allowed through Letter of Mandate or
POA holder in India.
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Safe
Deposit Locker facility available.
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Free
Monthly Statements over e-mail.
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NRO Fixed Deposits |
A deposit
plan that helps NRIs to invest from local profits
and yields. Accounts can be opened by remittance
from abroad or by legitimate dues in rupees of the
account holder in India. The existing domestic A/C
of the resident gets converted to NRO A/C on their
taking up business, employment and immigration
abroad.
Deposits are accepted for periods ranging from7 days
to 120 months.
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Key Features
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The
Account can be opened jointly with other NRIs as
well as residents.
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The
Principal funds are Non-repatriable while the
interest is repatriable after deduction of tax
at source.
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Attractive Rates of Interest.
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Option
for Reinvestment (cumulative interest) Plan and
Quarterly Interest Plan.
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Interest
is paid and/or credited (in case of cumulative
deposit) every quarter i.e. March, June,
September and December.
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Premature withdrawal for the purpose of renewal
at better interest rate permitted without
penalty clause on demand subject to conditions.
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Add-on
Facilities |
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Automatic renewal on due date
in the absence of specific instructions.
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Loan facility available against
deposited amount on easy terms.
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Safe Deposit Locker facility
available.
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Provision for nomination.
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| Non Resident Ordinary
(NRO) (RUPEE) Accounts can be opened as recurring
and current accounts as well. |
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Useful Information - NRO Rupee
Deposits |
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Permissible Credits |
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Proceeds
of remittances from outside India through normal
banking channels received in freely convertible
foreign currency.
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Any
foreign currency which is freely convertible
tendered by the account holder during his
temporary visit to India.
a) Foreign currency exceeding USD 5000/- or its
equivalent in form of cash to be supported by
currency declaration form.
b) Rupee funds to be supported by encashment
certificate, if they represent funds brought
from outside India.
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Transfers
from rupee accounts of non-resident banks.
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Legitimate
dues in India of the account holder including
current income like rent, dividend, pension,
interest, sale proceeds of assets including
immovable property acquired out of rupee/foreign
currency funds or by way of legacy/inheritance.
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Permissible
Debits |
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All local payments in rupees
including payments for investments in India as
per stipulated guidelines.
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Remittance outside India of
current income like rent, dividend, pension,
interest, etc. in India of the account holder.
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Remittance up to USD one
million, per financial year (April- March), for
all bonafide purposes, to the satisfaction of
the authorised dealer bank subject to
conditions.
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Any other transaction if
covered under general or special permission
granted by the Reserve Bank.
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How to Open
Deposit Accounts |
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| Top |
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1000 and Average Quarterly
Balance of 
