NRO Account - NRO Rupee Savings Account Benefits/Features

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NRO Rupee Savings Account

Experience a unique financial solution to deposit your money earned in India as well as abroad

Low Average Monthly Balance of Rs. 10,000/- only

Higher Yield post tax by availing DTAA benefits

Easy and Economical Remittances into India by Cheque or Wire Transfer

Preferential Forex rate for transaction above USD 10,000/- or equivalent

Other Features

Personalized investment advisory customized to risk return
Interest earned on deposits is fully repatriable after payment of tax. However, RBI allows repatriation up to one million USD or equivalent per financial year for bonafide purposes (For e.g. education, medical expenses, employment etc.)
Interest is earned on daily balances in Savings Account up to Rs. 5 lakhs will earn 3% interest p.a. and above Rs. 5 lakhs will continue to earn 3.50% respectively
Rupay India Debit Card allows access to your bank account anytime, anywhere on all VISA ATMs and at merchant locations while being in India
At Par Cheque book along with 24/7 access through phone banking
Net Banking allows you to access your account as per convenience to carry out banking transaction from transfer of payment, book term deposit to payment of credit card, utility bills in India and much more
Home Banking Services in India
It can be jointly opened by NRIs/PIOs and Resident Indian
The principal amount in account is exempt from taxes in India. However, the interest earned will be subject to a tax of 30% (plus applicable surcharge and cess). On availing DTAA facility, the TDS rate applicable would be in range of 10-15% as per the country of residence based on the prevailing DTAA Agreement from time to time.

List of counties with DTAA facility

Rates of TDS on Interest as per the Double Taxation Avoidance Agreement (DTAA)
(There is no DTAA with countries other than mentioned below and hence with respect to residents of such countries, normal TDS rate will apply)

Sr. NO.	COUNTRY OF RESIDENCE OF INVESTOR	COUNTRY IN WHICH TAXED/DTAA	APPLICABLE TDS RATES
1	Armenia	Article 11	10%
2	Australia	Article XI	15%
3	Austria	Article 11	10%
4	Bangladesh	Article 12	10%
5	Belarus	Article 11	10%
6	Botswana	Article 11	10%
7	Brazil	Article 11	15%
8	Belgium	Article 11	15%
9	Bulgaria	Article 12	15%
10	Canada	Article 11	15%
11	China	Article 11	10%
12	Czech Republic	Article 11	10%
13	Cyprus	Article 11	10%
14	Denmark	Article 12	15%
15	Finland	Article 11	10%
16	France	Article 12	10%
17	Germany	Article 11	10%
18	Hungary	Article 11	10%
19	Iceland	Article 11	10%
20	Indonesia	Article 11	10%
21	Ireland	Article 11	10%
22	Israel	Article 11	10%
23	Italy	Article 12	15%
24	Japan	Article 11	10%
25	Jordan	Article 11	10%
26	Kazakhstan	Article 11	10%
27	Kenya	Article 12	15%
28	Korea (South)	Article 12	15%
29	Kuwait	Article 11	10%
30	Kyrgyz Republic	Article 11	10%
31	Luxembourg	Article 11	10%
32	Malaysia	Article 11	10%
33	Malta	Article 11	10%
34	Mongolia	Article 11	15%
35	Montenegro	Article 11	10%
36	Morocco	Article 11	10%
37	Myanmar	Article 11	10%
38	Namibia	Article 11	10%
39	Nepal	Article 11	15%
40	Netherlands	Article 11	10%
41	New Zealand	Article 11	10%
42	Norway	Article 12	15%
43	Oman	Article 12	10%
44	Philippines	Article 12	15%
45	Poland	Article 12	15%
46	Portugal	Article 11	10%
47	Qatar	Article 11	10%
48	Romania	Article 12	15%
49	Russian Federation	Article 11	10%
50	Saudi Arabia	Article 11	10%
51	Serbia	Article 11	10%
52	Singapore	Article 11	15%
53	Slovenia	Article 11	10%
54	South Africa	Article 11	10%
55	Spain	Article 12	15%
56	Sri Lanka	Article 11	10%
57	Sudan	Article 11	10%
58	Sweden	Article 11	10%
59	Switzerland	Article 11	10%
60	Syria	Article 11	10%
61	Tanzania	Article 12	12.50%
62	Tajikistan	Article 11	10%
63	Trinidad and Tobago	Article 11	10%
64	Turkey	Article 11	15%
65	Turkmenistan	Article 11	10%
66	U.A.E	Article 11	12.50%
67	United Kingdom	Article 12	15%
68	United Mexican State (Mexico)	Article 11	10%
69	Uganda	Article 11	10%
70	Ukraine	Article 11	10%
71	USA	Article 11	15%
72	Uzbekistan	Article 11	15%
73	Vietnam	Article 11	10%
74	Zambia	Article 11	10%

NOTE:

There is no DTAA with countries other than mentioned above and hence with respect to residents of such countries, normal TDS rate will apply.
In the case of Greece, Libya, Mauritius and Egypt, the Interest is taxable in India at the rates prescribed in Income Tax Act, 1961, and hence effectively no DTAA benefit will be given for residents of this countries and normal TDS rate will apply.
In the case of Bulgaria, the DTAA benefits can be given only to Nationals of Bulgaria and therefore in such cases DTAA declaration needs to be modified accordingly.
In the case of Thailand, the DTAA benefits shall not be available.
Permanent Account Number (PAN) shall be mandatory for Non-Resident Indians to avail benefit of lower tax deduction under Double Taxation Avoidance Agreement (DTAA). In absence of PAN, withholding tax will be deducted on interest earned at the rate of 30% (plus applicable surcharge and taxes).

Disclaimers

Double Taxation Avoidance Agreement (DTAA) allows earning higher yield due to reduced TDS rate applicable for the residence of the country with which Indian government has signed bilateral agreement to avoid double taxation. To avail this facility, you have to provide the tax residency certificate of your resident country along with self-declaration as per bank format.

Subject to nominal foreign currency conversion charges.