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NRO Savings account

NRO Savings account

An account that provides a safe escrow to deposit income earned in India through rent, dividend, pension, and other sources

 

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NRO Savings Account

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What is NRO 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.

 

Who can open NRO Account?

A Non-Resident Ordinary Savings Account/ NRO account can be opened or held by an Individual NRI. It is maintained to manage your income earned in India (such as rent, dividends, pension etc.) The NRO account enables NRIs to deposit and manage their accumulated rupee fund conveniently thereby giving the freedom of hassle-free banking.

 

How to open NRO Account?

NRO Savings Account Eligibility

The following individuals are eligible to open an NRO Savings Account:

  • NRI (Non-Resident Indian)
    An Indian citizen residing outside India for the purpose of:

  • Employment, studies, business or vocation

    • Individual posted in UN organization or official deputed abroad by Government of India or public sector undertakings

    • Indian nationals who may be Mariners or working on oil rigs or foreign registered airlines

  • An individual holding a Foreign passport:

    • Has held an Indian passport at any point of time

    • Parent or their grandparent was Citizen of India by virtue of the Constitution of India or India Citizen Act 1955

 

Keep your documents for NRO Savings Account ready!

The following documents are required:

For NRI (Non-Resident Indian)

  • Mandatory documents: Copy of valid passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, address, signature and observation page, if any)

  • A valid proof of NRI status, by way of valid Employment/Residence Visa copy or Work / Residence Permit

  • Also, proof of Overseas and Indian Address

  • Copy of Indian PAN card or Form 60

  • Recent passport size color photograph

 

Fees and charges: The NRO Savings Account fees and charges include the following- annual fees, replacement fees, cheque book fees, account closure fees, transfer fees and certain penalties (if any, such as minimum balance penalty) amongst others.
However, some NRO Savings Account fees are subject to certain waivers

 

What are NRO Account benefits?

  • You can earn higher interest rate of 6% p.a. with your YES BANK NRO Account

  • Anywhere and anytime banking facility for access to any YES BANK branch across India

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

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

Other details:

NRO account has restricted reparability. Ideally, you can’t remit more than 1 million USD including taxes from your NRO account in a financial year. It also requires an undertaking along with a certificate from a chartered accountant. However, repatriation is free for NRE account holders for both principal as well as interest. Remember, under Indian Income Tax Act, the Interest is taxable.

YES BANK offers innovative financial solutions, backed by expert advice which in return takes care of your banking and savings requirement. Plus, their rate of interest is 6% on NRI account in India. For more information on Savings account click on https://www.yesbank.in/personal-banking/nri-banking/nri-accounts

key attractions

HIGH RETURNS

Earn higher interest rate of 6% p.a. with 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 & benefits

Earn More

Earn higher interest rate of 6% p.a. with your YES BANK Savings Account^

  • Earn higher interest rate of 6% p.a. with 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: ^With effect from September 1, 2017 interest rate of 5% p.a. for balances upto INR 1 lakh, 6% p.a. for balances of INR 1 lakh upto INR 1 Crore, , 6.25% p.a. is applicable for balances of INR 1 Crore upto INR 100 Cr. For amounts greater than INR 100 Crore, please contact the branch or your designated Relationship Manager. Rates are subject to change at the sole discretion of YES BANK. Conditions apply.

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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