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.
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.
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%.
The following individuals can open NRO Savings Account from UK:
You can now open NRO Savings Account from UK easily by submitting the following documents for verification purposes.
In addition to these documents, Seafarers have to provide the following documents:
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.
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.