Non-Resident Ordinary Multiplier Savings Account
An NRO account powered to move funds from NRO Savings to NRO Fixed Deposits and vice versa in an automated way to optimize the fund utilization in the account. Giving an advantage to customers to earn good returns on their balance when ideal and liquidity whenever the account demands for withdrawals.
- Minimum average balance of account Rs. 5,000/- only.
- Sweep in / out in units of Rs. 5,000/-.
- Threshold balance for the sweep out Rs. 50,000/- only.
- Period of fixed deposit 91 days.
- Sweep In method - Last In First Out (LIFO).
- Sweep Out on every Sunday.
- TDS as applicable to normal NRO account.
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|Proof Identity||Photocopies of valid Indian Passport.||Photocopies of valid Foreign Passport.|
|Proof of NRI / PIO Status||Photocopies of Visa permitting more than six months continuous stay i.e Employment, Residence, Study, Dependent or any other valid permit issued by concerned department of that country permitting more than six month continuous stay in their country like Green Card etc.,||Photocopies of OCI (Overseas Citizen of India) card / PIO ( Person of Indian Origin) Card or PIO declaration wherever applicable or Self cancelled Indian Passport or parents / grandparents Indian passport copies.|
|Proof of Address||Any one document confirming overseas and Indian address. The address on the document to match the address mentioned in the AOF.|
|Indian Address.||Overseas Address.|
|Valid Passport.||Valid Passport.|
|Any valid Govt of India notified address proof.||Utility bill - Electricity/Telephone/ Water etc.,|
|Other Bank latest NRI account passbook / statement with address.||Driving License / Rental Agreement / Overseas Govt issued permit with address i.e. Work / Resident / Social Security / Green Card.|
|Other Details||PAN / AADHAAR, if available.|
|If an NRI desires to open an account while in abroad without visiting branch, all account opening documents to be attested by any overseas bank, Indian embassy or Notary or equivalent of notary as prevailing in their country.|