NRI Banking: Home >> Bank Accounts >> NRO Savings Account

NRO (Non–Resident Ordinary) Savings Account*

NRO Saving Account
Deposit and manage your India earnings effortlessly through this Rupee savings account.



What is an NRO Saving Account?

  • An NRO (Non-Resident Ordinary) savings account is where you can maintain and manage your income earned in India such as rent, dividends, pension etc.

Why choose an NRO Saving Account?

  • Be assured of efficient managing of your local rupee earnings in India, even as you live abroad. Easy redesignation of your account when you change status from resident to non-resident.

Features and Benefits

  • Higher yield post tax: by availing DTAA benefit facility.
  • Low cost and Hassle-free money transfers**: available through various online and offline modes at competitive exchange rates
  • Low balance required: minimum quarterly account balance as low as ` 15,000 only
  • Anytime, anywhere account access: with domestic ATM-cum-Debit card, convenient access at over 11,000 ATMs and over 3,500 branches all over India, and 24x7 phone and internet banking.
  • Beneficial interest rates: interest rate calculated on daily closing balances at 4% per annum. Interest paid half–yearly in June and December.
  • Easy movement:Interest earned in current financial year is fully repatriable(after deducting tax). Funds in NRO account can be repatriated upto USD one million per financial year# for all bonafide purposes.
  • Money2India: Safe and simple online money transfer tracking service with online transfer to over 100 banks in India.
  • Joint holding: with an Indian resident or NRI.
  • Easy redesignation: of your resident account to NRO Account when you become a NRI. Your account number remains the same.
  • Mandate benefits: free cheque book and ATM card for mandate holder.
  • FREE PO Box service to send your documents.
  • Double Taxation Avoidance Agreement (DTAA)
    • Earn higher post tax return through reduced TDS rates by applying for DTAA facility on your NRO Savings account.
    • You can avail DTAA benefit on your NRO accounts by providing a self-declaration in the prescribed format, self attested PAN card copy, Form 10F and tax residency certificate for the current year.
    Click here for the list of documents. The documents would need to be submitted every year to continue to avail DTAA benefit.
* Please note that now Non interest bearing NRO accounts are also available under this category.
** Subject to levy of applicable service tax.
# Subject to submission of an undertaking & CA certificate in the prescribed format.

Quarterly Average Balance

  • You need to maintain a quarterly average balance of ` 15,000 or a total relationship size (within the same customer identity number of ` 25,000).
  • If you are unable to maintain this minimum balance, quarterly service charges of ` 750 + service tax will be levied.

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Other documentsNRIs


Other documentsPIOs


Other documentsStudents


Other documents Seafarers


Other documents DTAA


General

Who is an NRI?
Who is a PIO?
What type of bank accounts can be opened by NRIs / PIOs?
 

Account Opening

How can I open an NRO Savings?
What are the documents that I have to submit to open an NRO Savings Account?
Can I continue to operate my resident account if I open an NRI account?
What is the minimum amount with which I can open an NRO Savings Account?
What is the interest rate payable in NRO savings account?

NRO SB

Are my NRO Savings Account funds repatriable?
Is interest earned on NRO Savings account taxable in India?
Can I open my account in any currency?
Can I have joint account holders for my NRO Savings Account?
Where will my Indian salary be credited if I close my resident account?
How can I view my tax credit statement for getting details of TDS deducted?

DTAA

What is DTAA & how can I avail benefit of reduced TDS rates under DTAA?
Is PAN card mandatory for availing DTAA benefit?
When do I need to submit the documents for availing DTAA benefit?

Money2India

What is Money2India.com?
Benefits of Money2India?
Which countries is the service available in? Which currencies are supported?

Account Usage

Questions on Inactive / Dormant Accounts
How can I transfer funds from my NRE / NRO savings account?
What are the service charges for my NRE / NRO savings account?
What minimum balance would I be required to maintain in my NRE/NRO account?
How do you calculate QAB?
When will the QAB charges be levied on my account?
Can I convert my Resident Account to NRO account?
How can I request for a demand draft to be sent to any address in India?
How can I request for an Address Change on my account?
How can I update my Signature on my account?
How can I update my Contact number?
How can I update my E-mail ID ?
How do I register for E-statement facility on my account?
How can I repatriate funds from my NRE/FCNR/RFC account?
What is the process for obtaining C.A. Certificate?
What is the limitation for repatriating funds out of NRO account?
Can a joint/mandate holder initiate remittances from NRO account?
Can the proceeds of sale of immovable property be repatriated out of NRO account? What is the process to repatriate such proceeds?
Can I transfer funds from my NRO to an NRE / FCNR account?

Account Closure

How can I request for closure of my Savings account?

ATM / Debit Card

What are the limits on an silver debit card for NRI customers?
What are the charges for the debit card?
Whom do we contact for help on debit card related issues while we are abroad?
Can a joint account holder have a separate debit card?
How can I request for an ATM/ Debit Card and Pin?
How can I request to deactivate my ATM/Debit Card?
Do banks levy any service charge for use of other bank ATMs in India?
What should be done in case during the cash withdrawal process, cash is not disbursed by ATM but the account gets debited for the amount?
How many days maximum would the bank require to re-credit the account for such wrong debits?
In case the compensation is not credited as mandated, what recourse does the customer have?
Will I get a debit card with my NRO savings account?
Where can I use the NRO domestic debit card?
Are there any transaction limits for the NRO domestic debit card?
Can I use the NRO domestic debit card for shopping on the Internet?
Why do I get only a domestic debit card for my NRO account?
How do I apply for the NRO domestic debit card?
I am holding an ATM card and would like to apply for a NRO domestic debit card. What are the charges for getting the domestic debit card?
How is the NRO domestic debit card different from an ATM card?

Cheque Book

How can I request for a New Cheque Book?
How can I request for Stop Payment?

Internet Banking

How can I register for Internet Banking facility?
Can I link all my credit card to Savings account under a single user id?
Can I link all my loan account to Savings account under a single user id?
Can I link my all my Saving accounts under a single user id?
How can I request for reissue of my Internet Banking Password?
How can I activate my disabled internet banking user Id?
I have forgotten/ not received my User ID and Password, how can I obtain them?
How do I add a payee on internet banking to transfer funds
Will I get internet banking access alongwith the fixed deposit?

Mobile Banking

How can I register for Mobile Banking facility?

Mandate Facility

How can I request for an ATM Card for my Mandate?
How can I register a mandate on my account?
How can I cancel a mandate from my account?
How can I update new mandate on my account?
What are the facilities and rights available to the mandate holder?

Nomination Facilty

How can I register a nominee on my account?
How can I cancel a nominee in my account?
How can I update a new nominee on my account?
How can I declare for “No nominee” on my account?
Can I nominate more than one person for one account?
Can I register different nominees for different accounts?
If I register a nominee when I open the account, do I have to fill in the nomination every time I make a new deposit?

PAN

Do I need to submit my Permanent Account Number (PAN) to the Bank?
How to update your PAN number?
How to apply for PAN?

DNC

How do I register myself under “Do not call”
I have already registered under “Do not call”. However, I have been receiving promotional calls/ emails from you?
My country is not reflecting in the drop down menu present on the site. What should I do?
 

What can you do next?

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Redesignation: Converting existing resident ICICI Bank savings account into NRO savings account without changing the account number.
Repatriable: Transferable (funds) from India to other countries.
Mandate holder: A resident Indian, who is appointed by an NRI, and has the authority to operate the NRI's account and take care of finances on behalf of the NRI.
Customer identity number: A unique number provided by ICICI Bank to a customer. Please note one or more savings accounts or fixed deposits or other products could be linked to a single customer identity number.
View more will be clickable and lead to existing documents page for NRIs.
View more will be clickable and lead to existing documents page for PIOs.
View more will be clickable and lead to existing documents page for Students.
View more will be clickable and lead to existing documents page for Seafarers.