NRO Saving Account
A Non-Resident Ordinary (NRO) Account is a bank account designed for Non-Resident Indians (NRIs) to manage their income earned in India. It can be used to receive and manage income such as rent, pension, dividends, interest and other legitimate dues arising in India. The account enables convenient banking transactions in India, subject to applicable RBI regulations and Tax Laws.
Features
Non Resident Ordinary Account
- SMS Alerts
- Internet Banking
- To park India based current income in Rupees in India
- Account can be opened either individually or jointly with other NRIs / PIOs / OCIs
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Account types permissible:
- Savings Bank
- Term Deposit
- Special Term Deposit
- Recurring Deposit
- Account can be withdrawn for making local payments in Rupees
- Interest income is subject to deduction of tax at source @ 31.20%. TDS on NRO deposits will be deducted on maturity or accrual basis annually, whichever occurs first.