NRO Savings Account

In a nutshell, NRO Savings Account allows you to park the income like rent, dividend, pension, etc. earned in India. The NRO Savings Account facilitates convenient depositing and management of such accumulated rupee funds. Therefore, giving the freedom and convenience of hassle-free banking. Opening NRO Savings Account with YES BANK allows NRI customers to manage finances in India conveniently. This Account provides a safe bond to deposit income earned in India through rent, dividend, pension, and other sources.

It allows you repatriating funds after applicable tax payments to operate the account through the various direct banking channels. Making the experience hassle-free from any corner of the world.

It is illegal for NRIs to have saving accounts in their name in India as per the Foreign Exchange Management Act (FEMA) guidelines. It is compulsory that you convert all your present savings (money earned abroad) to an NRE/NRO savings account. If, one continues to use the savings account in the home country it can lead to complications like hefty penalties.

Opening an NRE and/or NRO account, in India is, hence, a viable option for Non-Resident Indians. It can help NRIs in two ways: They can send the money they earned to India anytime they want. Also, they can retain their income from India (via any assets) in the home country itself.

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key attractions

HIGH RETURNS

Earn attractive interest rates* on your YES BANK Savings Account

DEBIT CARD

Domestic Debit card for your loved ones in India to access your account while you are away

Features and Benefits

Earn More

Earn attractive interest rates* on your YES BANK Savings Account

  • Earn attractive interest rates* on your YES BANK Savings Account

  • Benefit from attractive interest rates on Term Deposits

  • Debit Card with Lost Card Liability Protection and Purchase Protection, and exciting offers and discounts

  • Quarterly payout of Savings interest

  • Account for saving the income earned in India through rent, dividend, pension and other sources

Disclaimer: * Savings Account interest rates are subject to change at the sole discretion of YES BANK. Conditions apply. For latest savings interest rate please click here

More Convenience

Rupee denominated Savings Account

  • Rupee denominated Savings Account

  • NRO & NRE Savings account balances are grouped** allowing you the flexibility to maintain combined balances in either of accounts

  • Repatriation of up to one million USD per financial year is allowed for bonafide purposes.

  • Unlimited access to ATMs of any bank across India

  • True Anywhere Banking facility for access to any YES BANK branch across India

  • One View of your Savings Account, Fixed Deposits, and Mutual Funds with YES BANK NetBanking

  • Convenience of Single Personal Identification Number for all electronic channels including Internet, Mobile, Phone and ATM Banking. 

  • Pay your bills online using our online bill payment facility

**Grouping facility is solely for the purpose of calculation of Average Monthly Balance; all other product features remain the same as per product variant

Debit Card

Debit card with access to over 80,000 ATMs across India

  • Debit card with access to over 80,000 ATMs across India

  • Free & unlimited transactions at YES Bank and other bank ATM across India*

  • Higher daily cash withdrawal and POS limits

  • Lost Card liability protection and Purchase Protection benefit

  • Exciting offers and discounts

*(Subject to Required Balance Maintenance)

 

FLEXIBILITY TO COMBINE BALANCES

NRO & NRE Savings account balances are linked together** allowing you the flexibility to maintain combined balances in either of accounts

NRO & NRE Savings account balances are linked together** allowing you the flexibility to maintain combined balances in either of accounts

 

**Grouping facility is solely for the purpose of calculation of Average Monthly Balance; all other product features remain the same as per product variant

Taxation

Interest earned on NRO Fixed deposit is subject to tax deduction at sources at

Interest earned on NRO savings account is subject to tax deduction at sources at:

  • 31.2% (tax rate @ 30%+surcharge 0% + cess 4%) for interest^ amount less than or equal to 50 lakhs
  • 34.32% (tax rate @ 30%+surcharge 10% + cess 4%) for interest^ amount greater than 50 lakhs but less than 1 crore
  • 35.88% (tax rate @ 30%+surcharge 15% + cess 4%) for interest^ amount greater than or equal to 1 crore

^ Total interest earned on NRO deposits and accounts

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