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Home > Accounts / Deposits > NRO

NRO [ Non-Resident Ordinary ]

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Overview of NRO Accounts:

  • Joint account with other non-residents / resident Indians.
  • May be Savings Bank, Current Accounts, Term Deposit / Special term Deposit / Recurring Deposit.
  • Accounts can be withdrawn for making local payments in Rupees.
  • Investment in shares / securities / immovable properties on non-repatriable basis with general or specific permission from the RBI.
  • Balances up to a maximum of US$ one million per calendar year, can be repatriated for any bona fide purpose, subject to payment of taxes, and production of a certificate and undertaking as per RBI guidelines.
  • Income Tax rates will be as per DTAA (Double Taxation Avoidance Agreement) agreed between India and various countries, in the case of depositor are resident of any of those countries. Customer can avail the DTAA benefit by submitting "Tax Residency Certificate" and a "Self-declaration". If no Tax Residency Certificate is submitted by the depositor, then Income Tax at a rate of 30.90% will be deducted at source on interest earned in the NRO accounts irrespective of the amount of interest.
    • Click here to see the list of DTAA countries and TDS rates
    • Click here to download Self-declaration form
  • Advance against NRO term deposits is permissible.
  • Income in India and remittances from abroad can be credited to NRO accounts.

Multi-City Cheque (MCC) facility for NRIs:

  • A Multi-City Cheque (MCC) is one that can be written by the customer in favour of his client and is payable at par at all branches in India of the Bank. MCC can be issued in cheque operated accounts (SB and Current), in addition to normal cheque books. The MCC facility is to be used only for genuine transactions / bonafide remittances. No cash payments will be made to third parties at other branches.
  • The upper limit for issue of MCCs is Rs.2 lacs. The issue charges for MCC are Rs. 3 per cheque leaf and will be debited from the account at the time of issue of the cheque book. There are no transaction charges.

Recurring Deposits

Want to create a fund for your children's education or marriage or to buy a house or for a dream holiday? Whatever may be your financial goals, through our Recurring Deposit Scheme you can save a little every month so that at the time of need you have sufficient funds to achieve your financial goals. So, set aside a small amount every month and earn at compounded rates of interest.
  • Flexibility in period of deposit with maturity ranging from 12 months to 120 months
  • Attractive interest rates
  • You can avail a loan/overdraft against your deposit
  • Premature withdrawal allowed
  • Minimum monthly instalment of Rs.1000/-

To open an NRO account with a branch in India:


If you have an existing account with us,
  1. Write a letter to the branch updating them of your NRI status and requesting to have your existing account redesignated as NRO account.
  2. Enclose the following documents:
    • Passport & Residence Visa / ID Card Copies duly attested by Banker / Notary Public / Indian Embassy / A person known to the bank.
    • Any one of the following
      • Cheque drawn on bank A/c abroad.
      • Latest overseas bank statement in original.
      • Copy of Telephone / Electricity Bill.
      • Cancelled paid cheque of your overseas bank A/c.
      • Copy of proof of Drawing Income / Employee ID / Labour Card.
If you do not have an account with SBI:
  1. Click here to download the account opening form.
  2. Fill up the account opening form and send it to the branch of your choice with the following documents:
    • Two passport size photographs attested by you.
    • Passport & Residence Visa / ID Card Copies duly attested by Banker / Notary Public / Indian Embassy / A person known to the bank.
    • Initial deposit of Rs. 1000 (Rs. 5000 for Personal Banking Branch (PBB) / Sp. PBBs).
    • Signature in the account opening form verified by any one of the following :
      • Indian Embassy / Consulate / High Commissione.
      • Your bank abroad.
      • A person known to the bank.
      • Notary Public.
  3. Enclosures (any two of the following):
    • Cheque drawn on bank A/c abroad.
    • Latest overseas bank statement in original.
    • Copy of Telephone / Electricity Bill.
    • Cancelled paid cheque of your overseas bank A/c.
    • Copy of Proof of Drawing Income / Employee ID / Labour Card.

Interest Rates:

Term Deposits:

Click here for Interest Rates.

Other Facilities:

  • Multi-City Cheque (MCC) facility for NRIs
  • Debit Card
  • Internet banking
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