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Higher Yield post tax by availing DTAA benefits
Minimum amount required for booking Max Yield NRO
Fixed Deposit is Rs. 50,000/- only
Interest earned on deposit is at par with resident deposit
Interest earned on deposit is fully repatriable after payment of tax.
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|
|12||Czech Republic||Article 11||10%|
|28||Korea (South)||Article 12||15%|
|30||Kyrgyz Republic||Article 11||10%|
|41||New Zealand||Article 11||10%|
|49||Russian Federation||Article 11||10%|
|50||Saudi Arabia||Article 11||10%|
|54||South Africa||Article 11||10%|
|56||Sri Lanka||Article 11||10%|
|63||Trinidad and Tobago||Article 11||10%|
|67||United Kingdom||Article 12||15%|
|68||United Mexican State (Mexico)||Article 11||10%|
Double Taxation Avoidance Agreement (DTAA) allows earning a higher yield due to the reduced TDS rate applicable for the residence of the country with which India has signed a bilateral agreement to avoid double taxation. To avail this facility, you have to provide the tax residency certificate of your resident country in the format prescribed along with self-declaration as per bank format.
The principal amount on deposit is exempt from taxes in India. However, the interest earned will be subject to a tax in the range of 10-25% (plus applicable surcharge and cess) as per the country of residence.
NRI’s – Non-Resident Indians
PIOs – Persons of Indian Origin
* Citizens of Bangladesh and Pakistan do not qualify as PIOs even if they satisfy the above conditions
Documentation for Non Resident Indian, while submitting the account opening form / documents at Kotak Bank Branches in India:
Documentation for Non Resident Indian, while sending the account opening from / documents overseas:
The above documents mentioned under a, b and c needs to be attested by:
Documentation for Person of Indian Origin (PIO), while submitting the account opening form / documents at Kotak Bank Branches in India:-
Documentation for Person of Indian Origin (PIO), while sending the account opening from / documents overseas:-
The above documents mentioned under a, b, c and d needs to be attested by:
Documentation for Seafarer employed with foreign vessels, while submitting the documents at Kotak Bank Branches in India:-
All KYC documents provided to be mandatorily self-attested, except on furnishing original documents / certificates.
The Premature withdrawal of NRO Retail Fixed Deposit is permissible. However, for a period of less than 15 days - no Interest payable; from 15 days to 180 days, subject to card rate at the time of booking deposits for the period for which it is held, will be payable. After 180 days, subject to card rate at the time of booking deposits for the period for which it is held, after deducting the penal charge of 0.5% on the rate which is applicable.
For Fixed Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.
Your Max Yield NRO fixed deposit will be maintained in Indian Rupees.
The minimum tenure to earn interest on Max Yield NRO retail deposit is 15 days or above.
The Max Yield NRO fixed deposit can be kept for maximum of 10 years.
Please click on the below link to know more on tenure and interest rate.
No, you will not get cheque book and access India debit card with your Max Yield NRO fixed deposit. You shall get a fixed deposit advice on booking a Max Yield NRO deposit.
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