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NRO Savings Account
At a Glance
An NRO account allows you to access and manage the income you earn in India. As an NRI, you may still earn from sources in India like rent from owned property in India, mutual fund dividends, pension, fixed deposit interest and other Indian investments. You can conveniently deposit income from all these sources into your NRO savings account. You can also repatriate up to USD 1 million in a financial year from this account to your country of residence.
Another feature of an NRO account is that you can deposit foreign currency into it. The amount gets auto-converted into INR. You can also withdraw from an NRO savings account in Indian rupees.
If you open an NRO account with DBS Treasures, you can manage it online from anywhere across the world. You also have access to several unmatched privileges to bring you the best in NRI banking.
Keep your money working
Earn up to 3% interest p.a. on your NRO savings account
Remit funds to and from India
Get preferential rates on your remittances
Enjoy bespoke privileges
40+ exclusive privileges with DBS Treasures account
Features and Benefits
- NRO accounts are savings accounts in which funds are maintained in Indian rupees or INR
- Foreign currencies deposited into these accounts are auto-converted into INR at prevailing foreign exchange rates
- You can repatriate up to USD 1 million (with taxes) in a financial year from these types of accounts
- You get a DBS Infinite Debit Card with exclusive offers
- You can earn interest at competitive rates of up to 3% per annum on your savings account
- You can open this account jointly with a resident Indian on a former or survivor basis
- These accounts are ideal for placing income earned in India from sources such as rent from property, interest earned on fixed deposits, dividends earned from mutual funds, pension income, etc.
- Interest earned on an NRO account is taxable
Double Taxation Avoidance Agreement (DTAA)
While NRO accounts are not exempt from tax, account holders can avoid paying double taxes, thanks to the Double Taxation Avoidance Agreement (DTAA). If you are an NRI, any income you earn in India will be taxed by the Indian government. However, you may also have to pay taxes on the same income in your country of residence. The Reserve Bank of India (RBI) has entered into a DTAA with several countries, as a result of which you can avoid paying double taxes.
As per the DTAA signed between India and several other countries, you only have to pay taxes once, at a rate fixed by the agreement. Therefore, if you as an NRI have earned income in India, the tax you have to pay will depend on the rates specified in the DTAA with the country in which you live currently.
India has entered into a DTAA with several countries where Indians are present in overseas. Here are the taxes you have to pay, according to the country you live in:
|Country (in alphabetical order)||DTAA TDS rate|
|United Arab Emirates||12.50%|
|United States of America||15%|
Fees and Charges
Click here to view the fees and charges.
The following individuals are eligible to open an NRO Savings Account:
- NRI (Non-Resident Indian)
- Indian citizens residing outside India on employment, student or business visas
- Individuals posted in the UN or deputed abroad by the Government of India or public sector undertakings
- Indian nationals in the merchant navy, individuals who are working on oil rigs and those who are employed with airlines overseas
- PIO (Person of Indian origin)/OCI (Overseas Citizen of India)
- Those who have held an Indian passport at any point in time
- A parent or their grandparent was a citizen of India by the Constitution of India or India Citizen Act 1955
- The spouse of an Indian Citizen or spouse of PIO
- Copy of valid passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, address, signature, immigration stamp and visa page, if any)
- Proof of NRI status, by way of valid Employment/Residence Visa copy or Work / Residence Permit
- Proof of an overseas and an Indian address (as per Customer Identification Policy)
- Copy of Indian PAN card or Form 60
- Recent passport size colour photograph
- Additionally, for seafarers: Current work contract and copy of CDC along with the last page of disembarkation stamp & FEMA declaration is required for confirming NR status
For PIO (Person of Indian Origin)
- Copy of valid passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, signature and observation page, if any)
- Copy of valid PIO/OCI card or any other proof of PIO status (as per Customer Identification Policy)
- Proof of Overseas and Indian Address (as per Customer Identification Policy)
- Duly signed and filled-in PIO declaration
- Copy of Indian PAN Card or Form 60
- Recent passport size colour photograph
How to Apply
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Frequently Asked Questions
Your DBS Treasures NRO account is maintained in Indian rupees.
A DBS Treasures account can be opened with INR 5 lakhs. However, the Total Relationship Value (TRV) must grow to a minimum of INR 30 lakhs in 6 months. The Total Relationship Value (TRV) is across all accounts in a family and calculated by aggregating average quarterly savings account balances and end of period term deposits, insurance, investments and mortgage loan outstanding. 40% of the net balance of the loan (Home Loan / LAP) will be considered towards TRV computation.
Interest on savings is paid at quarterly intervals each year, i.e., on 31st March, 30th June, 30th September and 31st December of every year. This may be subject to change.
You can use your NRO savings account for sums earned from income sources in India such as rent from property, interest from fixed deposits, mutual fund dividends, income from pension and so on.
Yes, you may repatriate funds from your NRO savings account. However, this is subject to a maximum of USD 1 million or its equivalent in a financial year. The funds can be repatriated out of the deposits in the account. You can also repatriate income earned from sale proceeds of any assets acquired through inheritance, as long as you can produce documents supporting the inheritance claim.
Savings parked in the NRO account are subject to tax deduction at source.
Yes, you can open an NRE account by transferring funds from NRO accounts.
Yes, you can access your NRO account while you are abroad through DBS internet or mobile banking services.