Non-Resident Ordinary Account (Savings Bank & Current Accounts)
An NRO (Non-Resident Ordinary) Savings Account is savings products meant for Non-Resident Indians to park & manage his / her INR income earned in India. Any Resident Savings Account held by a resident prior to acquiring NRI status should be substituted by opening NRO account on leaving the country. NRO account has the convenience of internet banking for anywhere anytime access.
Features and Benefits
- Anytime, anywhere account access through our any of our bank network and also from other banks ATM’s.
- Open to 24 hours banking through our 24x7 internet banking.
- Balance in account earns an interest based on the daily balance available in the account.
- Joint holding with resident permitted on former or survivor basis.
- Mandate or Power of Attorney facility is available for your NRO account by which you can authorize any of your close relative i.e your wife, parents or friend to operate your account on your behalf when you are away from your country.
- Nomination facility allowed in the account.
- Interest taxable.
- The benefit of low tax can be claimed by availing DTAA benefit facility.
- Minimum monthly account balance as low as Rs. 1,000 only.
- Interest earned in a current financial year is fully repatriable (after deducting of tax).
- 1 Million USD funds per fiscal year are permitted to repatriated or to be converted to NRE funds provided the tax liabilities on the funds are cleared in India. (Documentation requirement to be fulfilled).
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Documents Required
- Copies of Passport / Visa / Green Card.
- Photographs of the each of the account holder (one each to be affixed in account opening form).
- Overseas and local addresses with contact Phone / Fax numbers, E-mail address, etc.,
- Specimen signature of the applicants to be verified by the Indian Embassy / Consulate / Overseas Bank or Notary Public on the application form or a separate paper and such documents should be sent along with account opening form.
- Initial remittance.
- Detailed instructions are available in the application itself. NRIs are requested to go through the same and furnish all relevant details without any omission and forward the application, with the required documents, to the concerned branch of KVB to enable the account to be opened.
Terms and Conditions
Interest on Overdue Deposits
When the branch receives renewal instructions where the deposit account is maintained, within 14 days of the due date, renewal with retrospective effect (i.e. from the due date) is permitted.
Condition for Repatriation of NRO Account Balances
- Repatriation of current income is allowed up to 1 million US dollars per calendar year for any purpose from the balances in NRO accounts subject to payment of applicable taxes.
- All local payments in rupees, including payments for investments, are subject to the compliance with the relevant regulations made by the Reserve Bank.
- The limit of US dollars 1 million includes sale proceeds of immovable properties held by NRIs/PIOs.
