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Home > Accounts / Deposits > NRO

NRO [ Non-Resident Ordinary ]

Accounts & Deposits


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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  • Accounts can be withdrawn for making local payments in Rupees.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.
  • Income Tax rates will be as per DTAA (Double Taxation Avoidance Agreement) agreed between India and various countries, in the case of depositor are resident of any of those countries. Customer can avail the DTAA benefit by submitting Tax Residency Certificate, Self-declaration and Form No. 10F. If no Tax Residency Certificate is submitted by the depositor, then Income Tax at a rate of 30.90% will be deducted at source on 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.

Recurring Deposits

Want to create a fund for your children's education or marriage or to buy a house or for a dream holiday? Whatever may be your financial goals, through our Recurring Deposit Scheme you can save a little every month so that at the time of need you have sufficient funds to achieve your financial goals. So, set aside a small amount every month and earn at compounded rates of interest.
  • Flexibility in period of deposit with maturity ranging from 12 months to 120 months
  • Attractive interest rates
  • You can avail a loan/overdraft against your deposit
  • Premature withdrawal allowed
  • Minimum monthly instalment of Rs.1000/-

To open an NRO account with a branch in India:

  1. Click here to download the account opening form.
  2. Fill the account opening form and send it to the branch of your choice with the following enclosures:
    • Two self attested passport size photographs.
    • Documents as mentioned below:
    Status Proof of Identity (Both mandatory) Address Proof mentioning the current overseas address (Any one) Additional document for the customers not visiting our Branch (Any one)
    1. Copy of the relevant pages of Passport

    2. Copy of valid Visa / Work Permit
    1. Copy of relevant pages of Passport

    2. Electricity Bill

    3. Telephone Bill

    4. Original copy of latest bank statement of account overseas

    5. Copy of Employee ID Card

    6. Copy of Labour Card

    7. Copy of Social Security Card
    1. Cheque drawn on your overseas Bank account

    2. Cancelled / Paid Cheque of your overseas Bank account

    3. Copy of Proof of Income / Pay Slip / Tax return
    PIO / OCI
    1. Copy of the relevant pages of Passport

    2. Any one of the following:
      1. Copy of PIO / OCI Card

      2. Copy of relevant pages of Passport of parents or grand-parents

      3. Copy of Marriage Certificate
    • For the customers who are not visiting to a Branch in India, please send your above mentioned documents and Signature in the account opening form, duly verified/attested by any one of the following persons / entities:
      • SBI Foreign Office (With SS No), wherever it is permitted
      • Indian Embassy or High Commission
      • Notary Public

Interest Rates:

Term Deposits:

Click here for Interest Rates.

Other Facilities:

  • Multi-City Cheque (MCC) facility for NRIs
  • Debit Card
  • Internet banking
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