Open an NRO Savings Account

 

At a Glance

A country with a substantial NRI population, Australia welcomes immigrants from across the world. It also offers permanent residency to immigrants at more expedited speeds than most other countries. This attribute draws many Indians to Australia for education and employment. As an NRI in Australia, you can manage your Indian expenses with NRO Accounts and invest in NRO Fixed Deposits.

Open NRO Fixed Deposits from Australia

A land of stunning landscapes, beaches, and deserts, Australia is the heart of the most beautiful natural wonders of the world. With massive corporations and top-tier companies, Australia has established itself as a land of opportunities. Each year, it attracts a significant migrant population due to excellent employment prospects and a higher quality of life.

As an NRI living in Australia, you can now park your Australian income in India into DBS Treasures NRO Accounts. The Australian dollars are automatically converted to INR, which you can use to create an NRO Fixed Deposit. Earn competitive interest rates of 5.5 % per annum on your DBS Treasures NRO Fixed Deposits.

Open an NRO Savings Account

 

Features and Benefits

  • The DBS Treasures Non-Residential Ordinary (NRO) Fixed Deposits is an excellent and safe investment tool.
  • It enables you to earn higher interest income on your regular sources of income in India, such as rental property, pension, mutual fund dividends, etc.
  • The interest earned on NRO Deposits is taxable under the Income Tax Act of India, 1961.
  • The principal amount of the NRO Fixed Deposit Account is not fully repatriable. However, you can repatriate the entire interest income earned on the NRO FD to your country of residence at any point.
  • You can now open an NRO FD Account jointly with another Non-Resident of India or another resident Indian citizen.
  • Earn profitable interest gains on your rupee income in India with DBS Treasures.

Open an NRO Savings Account

 

Interest Rates

Summary of the interest rates for DBS Treasures NRO Deposits

From

Less than INR 2 Crore

7 days

2.50%

8 days & up to 14 days

2.50%

15 days & up to 29 days

2.50%

30 days & up to 45 days

2.50%

46 days & up to 60 days

2.50%

61 days & up to 90 days

2.75%

91 days & up to 180 days

2.75%

181 days & up to 269 days

3.00%

270 days to less than 1 year

3.50%

1 year to 375 days

4.25%

376 days to less than 2 years

4.50%

2 years & less than 2 years 6 months

4.75%

2 years & 6 months

4.75%

2 years 6 months 1 day & less than 3 years

4.75%

3 years & less than 4 years

5.50%

4 years & less than 5 years

5.50%

5 years & above

5.50%

*DBS will pay simple interest rates on fixed deposits with durations of less than 6 months. The interest rate will be compounded quarterly for fixed deposits with investment tenures exceeding 6 months.

Open an NRO Savings Account

 

Eligibility Criteria

Only Non-Residents of India (NRI) and a Person of India Origin (PIO) can open NRO Fixed Account from Australia.

 

Documents Required

Now open NRO Fixed Deposit Account from Australia within a few clicks by submitting the following list of documents.

Documents for NRIs in Australia

  • A copy of your Indian PAN Card or Form 16.
  • A copy of your valid Indian Passport.
  • Documents proving your NRI status, such as a copy of employment/ visa copy or work/ residence permit.
  • Address proof of your Australian and Indian residence as per Customer Identification policy.
  • Recent passport size colour photograph.

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 PIO/OCI in Australia

  • 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 Australian and Indian residence.
  • Duly filled and signed PIO declaration.
  • Recent passport size colour photograph

Open an NRO Savings Account

 

How to Apply

Non-Resident External (NRE) Account

Sign up for a Non-Resident External (NRE) Account

Open NRE Account

Non-Resident Ordinary (NRO) Account

Sign up for a Non-Resident Ordinary (NRO) Account

Open NRO Account

 

Frequently Asked Questions

There are three types of accounts you can open an NRI – Non-Residential External (NRE) Account, Non-Residential Ordinary (NRO) Account, and Foreign Currency Non-Resident (FCNR) Account.


Form 16 is a certificate issued to salaried individuals by their employer on deduction on tax from their salary. It is a form of acknowledgement stating that the tax deducted at source (TDS) is successfully deposited with the Income Tax Department. 


You can open an NRO FD Account online through the Mobile and Internet Banking portal of DBS Treasures by uploading all the required documents or getting in touch with a DBS Relationship Manager online. You may also email us or open the account in person by heading to the nearest DBS Treasures branch on your visit to India.


Yes, Indian students studying abroad are considered as NRIs. Like other NRIs living abroad for business or employment purposes, they are also eligible for all NRI facilities as per the FEMA (Foreign Exchange Management Act) provisions.


Yes, you can auto-renew your NRO FD. If you have provided standing instructions for auto-renewal, your fixed deposit will automatically get renewed on maturity for the same tenure. However, the interest rate will not remain the same as the old deposit. The bank will pay you interest as per the currently applicable interest rates. 


Yes, you can name a Resident Indian citizen as a nominee in your NRO Fixed Deposit.

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