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Non-Resident Ordinary (NRO) Account
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Non-Resident Ordinary (NRO) Account

  • Account Types: Savings Bank/Current Account/Term Deposit/Recurring Deposits.
  • Accounts maintained in Indian Rupees.
  • Accounts can be opened jointly with non-residents / residents.
  • Accounts can be opened/credited with legitimate local funds of the non-resident and also with remittances from abroad/transfer from existing NRE/FCNR accounts / foreign exchange brought in India during visit to India.
  • Balances held in NRO accounts can be repatriated outside India with an overall limit of USD one million per financial year subject to payment of taxes and production of a certificate and undertaking as per RBI guidelines.
  • Interest is subject to deduction of tax at source at the rate of 30% plus education cess.
  • Loans against NRO deposits can be availed for purposes other than relending/carrying on agricultural /plantation activities / real estate business.
  • Nomination facility is available for NRO accounts.
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Saraswat-Bank
Saraswat-Bank