NRO Rupee Savings
Bank and easily access your Indian income and earnings with an NRO Savings account. You can also easily credit your account from anywhere in the world.
What makes the NRO Rupee Savings account different?
- Deposits from any source in India and abroad are accepted subject to repatriation restrictions for foreign currency
- Pension, dividend, rent, and other current income can be repatriated on completion of documentation
- Transfer amounts up to a limit of USD 1 million each financial year on completion of documentation
- Settle your International Credit Card dues through your NRO account for cards issued by banks in India
- The principal amount in an NRO Account is completely tax free while the interest earned is taxed* at 30% plus applicable surcharge and education cess (interest income less than Rs. Ten Lakhs)
*Tax Deducted at Source (TDS) certificates are issued.
NRE Rupee Savings
Manage your overseas earnings with a totally tax-free, completely repatriable NRE Savings account. Benefit from an account designed to help you earn more from your Rupee savings in India.
What makes the NRE Rupee Savings account different?
- Deposits from a local source accepted only if repatriable
- No charge deposits of funds received from abroad as Traveler's cheques or foreign currency brought through normal banking channels into your account
- Accepts maturity proceeds of investments purchased from even NRE / FCNR Accounts
- The principal and interest earned in an NRE Account are completely tax free and exempt from Income Tax in India
