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At a Glance

Deposit income earned in India in DBS Treasures Non-Resident Ordinary (NRO) Rupee Account and repatriate abroad up to USD 1 Million a year.

If you are living abroad and have sources of income in India, you definitely need a DBS Treasures Global Indian Non-Resident Ordinary Rupee account. This account is designed to help Global Indians manage their earnings in Indian rupees while they are based abroad. It is the ideal choice for you to park income earned from rental property, mutual fund dividends, pension, fixed deposits and similar other sources in India.

Funds in other currencies deposited into this account are auto-converted into INR. You can manage your NRO account online from any corner of the world, but funds can only be withdrawn in India.

Keep your money working

Earn up to 5% interest p.a. on your savings account

Remit funds to and from India

Remit money in your Indian account and manage your India earnings

Enjoy bespoke privileges

40+ privileges with DBS India account

 

Features and Benefits

  • NRO accounts are savings accounts in which funds are maintained only in Indian rupees, or INR
  • Foreign currencies deposited into NRO accounts are auto-converted into INR at prevailing foreign exchange rates
  • You cannot repatriate more than USD 1 million (taxes included) in a financial year from your NRO account
  • You get debit cards with the NRO account
  • Earn high interest rates of up to 5% per annum on savings parked in the account
  • NRO accounts can be opened as joint accounts with resident Indians
  • NRO accounts are ideal to park 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 NRO account is taxable

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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 that you earn in India will be taxed by the Indian government. However, you may also have to pay taxes on the same income in the country where you are living as an NRI. So, you could end up paying taxes twice on the same income. The Reserve Bank of India (RBI) has entered into a DTAA with several countries, as a result of which this payment of double taxes can be avoided.

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 fixed in the DTAA with the country you live in.

India has entered into a DTAA with the several major countries where Indians typically live in. Here are taxes you have to pay, according to the country you live in:

Country (in alphabetical order)DTAA TDS rate
Australia15%
Canada15%
Germany10%
Kenya10%
Malaysia10%
Mauritius10%
New Zealand10%
Oman10%
Qatar10%
Russia10%
Singapore15%
South Africa10%
Sri Lanka10%
Thailand25%
United Arab Emirates12.50%
United Kingdom15%
United States of America15%

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Fees and Charges

Click here to view the fees and charges.

 

Eligibility Criteria

The following individuals are eligible to open an NRO Savings Account:

  • NRI (Non Resident Indian)
  • An Indian citizen residing outside India for the purpose of: Employment, studies, business or vocation
  • Individual posted in UN organisation or official deputed abroad by Government of India or public sector undertakings
  • Indian nationals who may be Mariners or Seafarers working on oil rigs or foreign registered airlines
  • PIO (Person of Indian origin) / OCI (Overseas Citizen of India)
  • Has held an Indian passport at any point of time
  • Parent or their grandparent was Citizen of India by virtue of the Constitution of India or India Citizen Act 1955
  • Is a spouse of an Indian Citizen or spouse of PIO

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Documents Required

  • 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 Overseas and Indian Address (as per Customer Identification Policy)
  • Copy of Indian PAN card or Form 60
  • Recent passport size colour photograph
  • For Seafarer: Current work contract and copy of CDC along with last page of disembarkation stamp & FEMA declaration is required 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 Global Indian NRO account is maintained in Indian rupees.


The Total Relationship Value (TRV) must grow to a minimum of INR 30 lakhs in 3 months. This TRV can include savings and term deposit balances; investment (Life Insurance, Mutual Funds excluding liquid funds, Structured Products, Portfolio Management Services (PMS) and Real Estate Funds etc.) and 40% of principal outstanding of mortgage loan availed.


According to the RBI mandate, interest on deposits is paid at quarterly intervals in each year i.e. on 31st March, 30th June, 30th September and 31st December of every year.


You can use your NRO savings account to park sums earned from income sources in India such a rent from property, interest from fixed deposits, mutual fund dividends and income from pension and so on.


Yes, you may repatriate funds from the NRO savings account. However, this is subject to a maximum of USD 1 million or its equivalent in Indian currency in a financial year. The funds can be repatriated out of the deposits in the account. Income earned from sale proceeds of any assets acquired through inheritance can also be repatriated, as long as you can produce documents supporting the inheritance claim.


Savings parked in the NRO account are subject to tax deduction at source. At times, a tax rate of 30% is levied on the sums parked in the account depending on the country one is living in.


Yes, you can open an NRE account by transferring funds from NRO accounts.


Yes, you can access your NRO account while you are abroad. You can access your account by using Internet banking, and phone banking facility offered by DBS Treasures. But funds can be withdrawn only in India.

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