NRO Account, NRO Account India – IDBI Bank NRO Account
Overview
Current / Savings / Term Deposits / Recurring Deposits accounts can be opened under this scheme. NRIs /PIOs can deposit their legitimate dues in India including current income such as rent, dividend, pension etc., sale proceeds of assets including immovable property acquired out of rupee/foreign currency funds or by way of legacy/inheritance and rupee gift/loan from a resident individual in NRO accounts. Proceeds of remittance from outside India and foreign currency tendered by the account holder in India can also be deposited in NRO account.
Interest income from a NRO account is liable to tax under the provisions of Income Tax Act in India. However, reduced tax benefit can be availed under Double Taxation Avoidance Agreement (DTAA).
An NRI/PIO may remit an amount up to USD 1 million per financial year out of the balances held in NRO Account for all bonafide purposes and subject to Reserve Bank of India guidelines in force for remittance of assets by NRI/PIO.
An NRI/PIO may also transfer from NRO account to NRE account within the overall ceiling of USD 1 million per financial year subject to payment of tax, as applicable.
Features
If you are having any Indian income, our NRO Savings account is the right product for you.
Non-Resident Ordinary (NRO) Fixed Deposit
Our NRO Fixed Deposits is an ideal financial tool to earn attractive interest on your investmentsNRO Fixed Deposit Features
- FD Tenure – 15 days to 10 years
- Interest payout at Monthly basis, Quarterly basis or Cumulative interest credit on maturity
- Interest payable on prematurely withdrawn deposits will be the contracted rate or the rate applicable for which the deposit remained with the Bank, whichever is lower. With the revision in the premature closure policy, Bank will now levy a penalty of 1%, on the applicable rate for deposits in RTD & RD closed prematurely. Such closures include the withdrawals through sweep-ins and partial withdrawals as well.
- Easy loan against deposits
- Automatic renewal of deposit on maturity if instructed accordingly
Non-Resident Ordinary (NRO) Recurring Deposits
NRO RD is an ideal tool to invest a fixed sum every month over a period of time from your NRO accountNRO Recurring Deposits Features
- RD Tenure – 1 year to 10 years
- Installment amount per month – Rs. 100 to Rs. 1 Crore
- Interest payable on prematurely withdrawn deposits will be the contracted rate or the rate applicable for which the deposit remained with the Bank, whichever is lower. With the revision in the premature closure policy, Bank will now levy a penalty of 1%, on the applicable rate for deposits in RTD & RD closed prematurely. Such closures include the withdrawals through sweep-ins and partial withdrawals as well.