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NRO [ Non-Resident Operating ] |
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Overview of NRO Accounts:
- Joint account with other non-residents / resident Indians.
- May be Savings Bank, Current Accounts, Term Deposit / Special term Deposit / Recurring Deposit.
- Accounts can be withdrawn for making local payments in Rupees.
- Investment in shares / securities / immovable properties on non-repatriable basis with general or specific permission from the RBI.
- Balances up to a maximum of US$ one million per calendar year, can be repatriated for any bona fide purpose, subject to payment of taxes, and production of a certificate and undertaking as per RBI guidelines.
- Income Tax at applicable rate (at present 30%) will be deducted at source on the interest earned in the NRO accounts irrespective of the amount of interest.
- Advance against NRO term deposits is permissible.
- Income in India and remittances from abroad can be credited to NRO accounts.
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To open an NRO account with a branch in India:
If you have an existing account with us,
- Write a letter to the branch updating them of your NRI status and requesting to have your existing account redesignated as NRO account.
- Enclose the following documents:
- Passport & Residence Visa / ID Card Copies duly attested by Banker / Notary Public / Indian Embassy / A person known to the bank.
- Any one of the following
- Cheque drawn on bank A/c abroad.
- Latest overseas bank statement in original.
- Copy of Telephone / Electricity Bill.
- Cancelled paid cheque of your overseas bank A/c.
- Copy of proof of Drawing Income / Employee ID / Labour Card.
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If you do not have an account with SBI:
- Click here to download the account opening form.
- Fill up the account opening form and send it to the branch of your choice with the following documents:
- Two passport size photographs attested by you.
- Passport & Residence Visa / ID Card Copies duly attested by Banker / Notary Public / Indian Embassy / A person known to the bank.
- Initial deposit of Rs. 1000 (Rs. 5000 for Personal Banking Branch (PBB) / Sp. PBBs).
- Signature in the account opening form verified by any one of the following :
- Indian Embassy / Consulate / High Commissione.
- Your bank abroad.
- A person known to the bank.
- Notary Public.
- Enclosures (any two of the following):
- Cheque drawn on bank A/c abroad.
- Latest overseas bank statement in original.
- Copy of Telephone / Electricity Bill.
- Cancelled paid cheque of your overseas bank A/c.
- Copy of Proof of Drawing Income / Employee ID / Labour Card.
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Interest Rates:
Term Deposits:
Click here for Interest Rates.
Reinvestment Plan:
Click here for Interest Rates. |
Other Facilities:
- International Debit Card.
- Internet banking.
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