Q. What is an NRO Account?

The Non Resident Ordinary (NRO) Account is a savings account held in India, in Indian rupees. The NRO account can be funded through NRI income in India. Only the interest in an NRO account is repatriable. Interest income on this account is liable for Indian Income Taxes.

Q. Are my NRO funds repatriable?

Dividend, interest, pension, rent and other current income credited to this account are repatriable. Interest earnings can be repatriated. Remittance/s up to USD 1 million per calendar year from balances in NRO accounts subject to payment of applicable taxes is allowed for any purpose up to an aggregate value of USD 1 million:

• For more details on repatriation of funds, please get in touch with our NRI centres

Q. Can the NRO Account be jointly held?

Yes, the NRO account can be jointly held, even with a resident Indian.

Q. Can a mandate operate my NRO Account?

Yes, operation of account through a Power of Attorney (POA) holder is allowed. A POA holder can only issue INR cheques from NRE / NRO accounts for legitimate local payments.

A POA holder cannot

• Open / close accounts
• Gift funds from the account
• Give instructions regarding fixed deposits
• Give a request for change of address
• Repatriate any funds overseas

Q. Can I provide for recurring payments through standing instructions?

Yes, our robust systems facilitate recurring payments on behalf of the accountholder through standing instructions

Q. How do I access this account from abroad?

You have 24 x 7 access to your account through our Secure Internet Banking and Phone Banking facilities and the ATM card provided.

Q. Are the funds in the NRO account taxable?

Yes, the interest on NRO Savings Account is subject to tax deduction at source as per the applicable tax rates.

Q. Is there a minimum balance requirement for the NRO Account?

Yes, a minimum quarterly balance of INR 25,000 is required to be maintained. The service charge for non-maintenance of minimum balance is Rs.750 / quarter

Q. What currency is the NRO Term deposit maintained?

Your NRO Term deposit is maintained in Indian Rupees.

Q. Are my NRO Term Deposit funds repatriable?

Interest earnings can be repatriated. In addition to this, remittance/s up to USD 1 million per calendar year from balances in NRO accounts subject to payment of applicable taxes is allowed for any purpose up to an aggregate value of USD 1 million:

• For more details on repatriation of funds, please get in touch with our NRI centres

Q. Are the funds in the NRO Term Deposit account taxable?

Yes, the interest on NRO Term Deposit is subject to tax deduction at source

Q. What is the tenure of NRO Term Deposit?

The tenure of the NRO Term deposit ranges from - 15 days to 5 years.

Q. Is there a minimum amount requirement for the NRO Term Deposit?

Yes, a minimum deposit amount of INR 50,000 is required to create an NRO Term Deposit.