- Banking
- Wealth
- Privileges
- NRI Banking
- Treasures Private Client
from USA
At a Glance
Economic supremacy, excellent career prospects and a significant Indian immigrant population are the top reasons why most Indians are drawn to the United States of America. As an NRI in the USA, if you wish to make investments in India, you can do so with an NRO Savings Accounts. Manage income earned in India through bespoke wealth solutions with DBS Treasures NRI Accounts.
NRO Account for Indians in America
The world’s largest economy, the United States of America, offers a wholesome life with high living standards. The USA has no shortage of natural resources allowing industries to thrive and prosper. Commercial banks, healthcare, space technology, mining – the USA has proved itself an innovator in every field. It is no wonder that global immigrants, including Indians, are attracted to the US.
The Indian community accounts for the second-largest immigrant population in the United States, with professionals engaged in every possible field. While you may be based in the USA, you may have financial obligations, expenses, and investments in India. You can manage these easily with a DBS Treasures Non-Resident Ordinary (Rupee) Savings Account. For Non-Resident Indians in the USA, the NRO Savings Account is the gateway to manage their Indian finances remotely from abroad.
Features and Benefits
- Park both US Dollars and Indian Rupees in the DBS Treasures NRO Savings Account maintained in Indian Rupees.
- Freely repatriate the interest income on NRO Account deposits in the US.
- Get preferential currency conversion rates on depositing USD in the NRO Account.
- US Dollars deposited in the NRO Account are automatically converted to Indian Rupees at the prevailing foreign exchange rate.
- With the DBS Treasures NRO Account, you can now repatriate funds up to USD 1 Million, including taxes in a financial year.
- Experience smooth banking with DBS Treasures Infinite Debit card exclusive privileges.
- Grow your income by earning a competitive interest rate on your NRO Savings Account.
- Create NRO Fixed Deposits from the US using funds parked in the NRO Account
- Open NRO Savings Account jointly with another resident Indian citizen on a former or survivor basis.
- Deposit funds from your income sources in India, such as rental income, mutual fund dividends, pension, fixed deposit interest, etc., in the NRO account conveniently.
- The interest income on NRO Accounts is taxable as per the Indian Income Tax laws.
Double Taxation Avoidance Agreement (DTAA)
As an NRI living in the USA, your income earned in India will be taxed by the Indian government. You also have to pay taxes on your American revenue in the USA. However, to prevent you from paying taxes on the same income twice – in the US and India, the Indian and US governments have entered into a pact known as the Double Taxation Avoidance Agreement (DTAA).
The Reserve of Bank India (RBI) formulated the DTAA to prevent NRIs from paying higher taxes and ending tax evasion. As per the DTAA agreement signed between Indian and the United States of America, you will have to pay taxes on your Indian and US income only once at the rate fixed in the agreement. As an NRI in the USA, you will have to pay taxes at a 15% Tax Deduction at Source (TDS) rate per the DTAA Treaty.
Fees and Charges
To know more about the fees and charges associated with an NRO Savings Account, click here.
Eligibility Criteria
The below-mentioned individuals are eligible to open NRO Account from USA:
- Non-Resident Indians
- Indian nationals residing in the USA on business, work, or student visas.
- Indian nationals posted in the US by the UN or deployed by the Government of India or other Public Sector Undertakings.
- Indian nationals employed with the merchant navy, overseas airlines, or oil rigs.
- Indian nationals classified as Persons of Indian Origin (PIO) or Overseas Citizens of India (0CI).
- Individuals who have held an Indian passport at any point.
- Individuals whose spouse, parents, or grandparents are/were citizens of India.
Documents Required for NRE Savings Account
You can now open NRO Savings Account from USA easily by submitting the following documents for verification purposes:
Documents for NRIs in the USA
- 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 US and Indian residence as per Customer Identification policy.Recent passport size photograph
In addition to these documents, Seafarers must provide
- FEMA declaration
- Current work contract
- Copy of CDC
- Last page of the disembarkation stamp
Documents for POI/OCIs in the USA
- 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 US and Indian residence.
- Duly filled and signed PIO declaration.
- Recent passport size photograph
How to open NRO Savings Account?
Open NRO Savings Account online from USA by filling a form on the DBS Treasures website.
A DBS Treasures Relationship Manager will contact you shortly.
Frequently Asked Questions
Yes, you can deposit both earrings in India and foreign currency in your DBS Treasures NRO Savings Account. However, your foreign currency income will be converted to INR on deposit.
You can manage and access your NRO Savings Account from anywhere worldwide in a matter of a few clicks via the DBS Treasures mobile app and internet banking platform.
The NRO account empowers you to make easy and quick remittances with DBS Treasures NRO Savings Account. You also get exclusive benefits like medical assistance with DBS Treasures exclusive privileges. (Terms and Conditions applied)
DBS Treasures calculates interest gains on NRO Savings Accounts every quarter. The bank revises interest payment policies from time to time.
Yes, all NRIs must pay the Tax Deducted at Source (TDS) on the interest gains from NRO Savings Account.
