Bank of India-UK

Announcements

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

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 Fin View More...

Customer attention please: No Transaction Payments allowed w.e.f. 01/02/2019. Only viewing facility is available for all the Internet Banking Customers View More...

Exchange Rates

Up to £999

INR
92.45

From £ 1000- £ 4999

INR
92.60

From £ 5000- £ 15000

INR
92.65

Up to $ 10000*

INR
70.50

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 -

All local payments in rupees including payments for eligible investments subject to compliance with relevant RBI Regulations.
Remittance outside India of current income in India net of taxes.
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