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NRO Deposit Scheme
 
SALIENT FEATURES OF NON-RESIDENT (ORDINARY) DEPOSITS
NRO accounts can be opened by any person resident outside India for routing bonafide transactions in Indian Rupees not involving any violations of the provisions of FEMA guidelines.
NRO accounts can be opened in the form of current, savings, recurring and term deposits. The rate of interest on these deposits are at par with domestic deposits in our Bank.
The accounts may be held jointly with Residents and/or Non-Residents.
Power of Attorney may be given in favour of the Residents by the NRI provided such operations are restricted to -
  1. All local payments in rupees including payments for eligible investments subject to compliance with relevant RBI Regulations.
  2. Remittance outside India of current income in India net of taxes.
  3. The Resident Power of Attorney holder is not permitted to repatriate funds outside India other than to Non-Resident individual account holder not to make gifts or transfer funds to another NRO account.
The tax on interest earned from NRO accounts is deducted at source. However, the TDS is applicable as per Double Taxation Avoidance Agreement (DTAA) entered with 71 countries by Govt. of India.
NRIs / PIOs may remit USD 1 million per financial year from NRO accounts subject to compliance with certain conditions.
Non-Resident Indian can make nomination in favour of a Resident as well as Non-Resident individual in respect of NRO accounts.
Loan and overdraft facilities can be availed of by NRIs against NRI deposits -
You may please visit RBI website www.rbi.org.in
 

 
 
 
 
 
 
 
 
 
Announcement    >> | ||

Kindly note that our Birmingham Branch Telephones are temporarily out of order & you may please contact the branch on temporary no. 0121 523 4684

No postal applications will be accepted for new Retail Deposits with effect from 02-08-2016, till further notice.

Bank of India is authorised in UK by Prudential Regulation Authority (PRA) and regulated by PRA & Financial Conduct Authority (FCA). Our financial service registration NO. is 204629 | A member of Financial Services Compensation Scheme | Government of India is major shareholder in the Bank.


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