| The Non Resident Ordinary (NRO) Savings Account
can be opened in Indian Rupees and is the ideal
way to route investments made out of Indian funds
and earnings on investments in India. Interest
on the account can be repatriated, after payment
of the applicable taxes.
Who Can Open a Non Resident Ordinary account?
Non-Resident individuals of Indian nationality
or of Indian origin.
Can I have a joint account?
When you open an NRO Account, you can open it
jointly with an Indian Resident.
How do I fund my NRO Savings Account?
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Funds transferred from abroad in a freely
convertible foreign currency in an approved
manner or from an existing NRO/NRE/FCNR Account
held in other banks.
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Directly remit
the amount to us.
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Tendering foreign currency notes/traveler's
cheques brought in during your visit to India.
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Depositing Indian Rupees (Cash) or a cheque
from your local bank account in India
What are the balance requirements?
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The Average Quarterly Balance: Savings Account:
Rs. 5,000
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Charges for Non-maintenance of Average Quarterly
Balance: Rs.300 per quarter.
Features
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ATM Card: You are issued an ATM that
can be used at any DCB ATM.
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Letter of Mandate: You can give a
letter of mandate to your local representative
in India who can operate the account on your
behalf. Download
Mandate Form (PDF)
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Personalised Cheque book: You get
a personalised cheque book, that is issued
on your NRO Savings Account.
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Nomination Facility: Nomination is
allowed in NRO Accounts.
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FREE Quarterly Statements & Monthly
Statements by E Mail: You are sent Quarterly
Statements to your mailing address. They are
generated as of 31st March, 30th June, 30th
September and 31st December. Monthly statements
and Duplicate statements are available at
a fee.
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Any Branch Banking: Enjoy the convenience
of banking at any of our branches
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Change of Residency Status: In case
of change of status of a person from Resident
to Non-Resident, his existing Resident Account
has to be designated as an NRO Account.
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Tax Deduction At Source (TDS): Interest
earned on the NRO account is liable to TDS
as per prevailing Income Tax Laws.
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Safe Deposit Locker at certain branches,
for safety of your valuables and important
documents while you are away.
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