upto £ 999
From £ 1000- £ 4999
From £ 5000- £ 15000
upto $ 10000
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 -
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
We are closely monitoring the coronavirus (Covid-19) situation in U.K. and taking sensible precautions to make sure our customers are not inconvenienced while dealing with our Bank of India, U.K. branches.
Read our advice below on the steps you can take to stay aware of any possible impact on your finances.