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NRO Account from UK
At a Glance
The United Kingdom draws in a significant number of immigrants every year. International students prefer the United Kingdom over most countries for its academic excellence and excellent employment opportunities. As an NRI in the UK, you can open an NRO Savings Account to deposit your UK income and manage your expenses in India. You can also create NRO Fixed Deposits and repatriate the interest income back to the UK.
NRO Account for Indians in the UK
From colonisation to bilateral trade, the relations between India and the United Kingdom have come a long way. The academic infrastructure appeals to international students, especially Indians pursuing medicine, IT, and other fields of study in the UK. Moreover, the exciting employment prospects and higher living standards make the UK an attractive destination for global immigrants, including Indians.
While you settle in the UK, you may have certain financial obligations in India. As an NRI, you can open NRO Savings Accounts from UK to manage your expenses and investments in India. Use the NRO account to deposit your earnings in India and the UK, enjoy 100% repatriation of interest income on NRO Account deposits and avail emergency medical assistance for your loved ones in India, along with 40+ exclusive lifestyle privileges.
NRO Account from UK - Features and Benefits
- An NRO Savings Account is the ideal account to deposit both your Great Britain Pounds and Indian Rupees.
- The account is a Rupee denominated account, and the GBP deposits are automatically converted to Indian Rupees at the prevailing foreign exchange rate.
- You can repatriate funds up to USD 1 Million per annum, including taxes to the UK in a financial year under the Liberalised Remittance Scheme.
- You can repatriate the entire interest earnings to the USA.
- Use funds in the NRO Account to open an NRO Fixed Deposit remotely.
- Earn competitive interest rates on your DBS Treasures NRO Savings Account and wholly repatriate the interest earnings on NRO Savings Accounts and NRO Fixed Deposits back to the UK.
- You can hold an NRO Savings Account with another resident Indian citizen on a former or a survivor basis.
- You can deposit money from income sources like rental property, mutual fund dividends, pension, fixed deposit interest gains in your NRO Savings Account conveniently and securely.
- Interest earned on your NRO Savings Account is taxable in India.
- Get a DBS Infinite Debit card with exclusive offers when you open NRO Account.
Double Taxation Avoidance Agreement (DTAA)
As an NRI with income sources in India, you are liable to pay taxes on your Indian income sources per your tax slab. You also have to pay taxes on your income sources in the United Kingdom. However, to ensure that you do not end up paying taxes on the same income sources twice, the Indian government has entered into a Pact with the UK government. This pact is known as the Double Taxation Avoidance Agreement or DTAA. It exempts you from paying taxes on the same income sources twice.
As an NRI in the UK, you may avail of the DTAA benefit by either exempting the entire Tax at Source or avail of a partial exemption on the tax or refund of the paid tax in the country where the tax is levied. Per the DTAA treaty, the Tax Deducted at Source (TDS) for NRIs in the UK is 15%.
NRO Savings Account - Fees and Charges
To know about the fees and charges associated with an NRO Savings Account, click here.
Eligibility Criteria for opening NRO Account in UK
The following individuals can open NRO Savings Account from UK:
- Non-Residents of India (NRI)
- Indian citizens living in the United Kingdom on business, work, or student visa.
- Indian citizens posted at the UN or deployed by the Government of India or public sector undertaking.
- Indian citizens working with the merchant navy, overseas airlines, or oil rigs.
- Persons of India Origin (POI) or Overseas Citizens of India (OCI).
- Individuals who have held an Indian Passport at any point in time.
- Individuals whose spouse, parents/ grandparents were citizens of India.
Documents Required for opening NRO Account in UK
You can now open NRO Savings Account from UK easily by submitting the following documents for verification purposes.
Documents for NRIs in the UK
- A copy of your Indian PAN Card or Form 16
- A copy of your valid Indian Passport
- Provide proof of NRI status by submitting a copy of employment/ visa copy or work/ residence permit.
- Address proof of your UK and Indian residence as per Customer Identification policy.
- Recent passport size photographs
In addition to these documents, Seafarers have to provide the following documents:
- FEMA declaration
- Current work contract
- Copy of CDC
- Last page of the disembarkation stamp
Documents for POI/OCIs in the UK
- A copy of valid Indian Passport
- A copy of a valid PIO/OCI card or any other proof of PIO as per Customer Identification policy.
- Address proof of your UK and Indian residence.
- Duly filled and signed PIO declaration.
- Recent passport size photographs
How to Apply for NRO Account in the UK?
Open NRO Savings Account online from UK by filling a form on the DBS Treasures website.
A DBS Treasures Relationship Manager will contact you shortly.
Frequently Asked Questions
The interest gains from NRO Savings Account are taxable under the Indian Income Tax Act. However, you can avoid paying taxes by claiming tax benefits under the Double Taxation Avoidance Agreement (DTAA). You can claim a minimum tax exemption of INR 2,50,000 on your total income under DTAA.
DBS Treasures NRO Savings Bank Account is ideal for you as an NRI as it allows you to park your earrings in India securely and earn reasonable interest gains on them. Moreover, you can remit money in a matter of a few clicks with your Savings Account.
With DBS Treasures NRO Savings Account, you can deposit your earnings in both Indian and foreign currency.
Yes, you can access and manage your NRO Account remotely 24x7x365 through DBS Treasures mobile and internet banking facility.