NRO Rupee Savings Account (NRO-SB)

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NRO Rupee Savings Account (NRO-SB)

Specific to NRI's, a NRO-SB account can be opened by remittance from abroad or by legitimate dues in rupees of the account holder in India. The existing domestic A/C of the Resident gets converted to NRO A/C on their taking up business/employment/immigration abroad.

As per the Directives of Reserve Bank of India (dated 16th September 2003), Overseas Corporate Bodies (OCB) cannot have any non-resident accounts.

  • Close relatives (resident0 can become joint account holders
  • Avail of remittance facilities
  • Avail of Cheque Book facility
  • Provision for nomination
  • The Principal funds are entirely non-repatriable while the interest is repatriable after deduction of tax at source.
  • NRO FD/SB : 30.90% Withholding tax plus applicable surcharge/cess is applicable in NRO FD/SB accounts where DTAA is not applicable or the NRI depositor is not in a position to provide required documents/formalities for availing rebate in withholding tax. Surcharge is applicable @2.5% of TDS/Tax amount to Foreign Company if the Company has net income exceeding Rs.1/-crore.
  • Interest rates on deposits Payable half-yearly (June & December).

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