By continuing to use the site, you are accepting the bank's privacy policy. The information collected would be used to improve your web journey & to personalize your website experience.


This field is required Only alphabetes are allowed
This field is required Only alphabetes are allowed
Please enter valid number
Please enter valid email
Please select product type
Please enter valid pincode

Thank you for your request.

Your reference number is CRM

Our executive will contact you shortly

Bank Accounts

What are the tax implication of your funds lying in NRE & NRO?

There is no tax applicable in India on funds lying in your NRE accounts. However, interest earned on NRO account is taxable at the rate of 30% plus applicable cess and surcharge. If the interest exceeds Rs. 5 million during the financial year then an additional surcharge of 10% would also be applicable. For more details on the withholding tax percentage, click here

*Please check tax regulation in your country of residence.


How can you save tax on interest earned in NRO accounts ( Savings account / Fixed Deposit)?

You can save tax on interest earned in NRO accounts by means of DTAA (Double Taxation Avoidance Agreement).


In case of cross border transactions, the income may be taxed in the home country (basis tax residency) as well as source country (where income is earned) leading to double taxation of the same income. In order to avoid this double taxation of income, the home and the source country mutually enter into tax treaty generally known as DTAA. As per DTAA, generally the income may be taxed at a lower rate or nil rate in the source country. To avail the benefit of DTAA in India, Tax Residency Certificate (TRC) along with Form 10 F and Permanent Account Number (PAN) is to be furnished. Wherever tax is applicable as per the DTAA, if the PAN is not furnished ,benefit of concessional rate as per the DTAA shall not be available. Income tax rates will be as per DTAA agreed between India and various countries.