- Banking
- Wealth
- Privileges
- NRI Banking
- Treasures Private Client
Why Should I Choose DBS Treasures’ NRO Savings Account?
A Non-Resident Ordinary (NRO) account helps NRIs manage income earned in India, from rental proceeds, return on investments, pensions, and interest from deposits. In this account, one can deposit in foreign currency, which are converted to INR, with withdrawals in Indian rupees. Account holders can repatriate up to USD 1 million per financial year, subject to RBI regulations.
Opening an NRO savings account online with DBS Treasures provides seamless global access and exclusive banking privileges, ensuring a convenient and rewarding experience.
Features of Non-Resident Ordinary (NRO) Account
If you have income sources in India, an NRO savings account helps you manage funds efficiently while ensuring seamless transactions. With DBS Treasures, you can open an NRO account online and take advantage of the key features of NRO account such as:
- Your funds are maintained in Indian rupees (INR), allowing easy local transactions.
- Foreign currency deposits can be converted to INR at preferential exchange rates.
- The account can be opened jointly with a resident Indian on a former or survivor basis.
- Comes with a DBS Infinite Debit Card, offering access to global ATMs and exclusive privileges.
- Ideal for depositing income earned in India, such as rent, fixed deposit interest, mutual fund dividends, and pension income.
- Interest earned on your NRO account is taxable as per Indian regulations, avoiding the issue of double taxation.
- Provides the flexibility to make local payments, such as utility bills and EMIs, directly from the account.
Benefits of Non Resident Ordinary (NRO) Account
An NRO account, such as the one offered by DBS Treasures, provides several advantages for NRIs managing income earned in India. Designed to tailor your needs, an NRO account benefits go beyond simple transactions, offering financial security and premium banking services.
Grow Your Wealth
Keep your money working for you! Earn up to 3.5% interest per annum on your NRO savings account, allowing you to manage income from India efficiently. By choosing to open an NRO account, you access competitive interest rates that help you grow your wealth over time. For higher returns you may book NRO Fixed Deposit and earn up to 7.50%
Remit funds to and from India
Enjoy seamless international fund transfers of up to USD 1 million per financial year, with preferential exchange rates on repatriation from your NRO account. While online remittances are not available, you can initiate transfers effortlessly through authorised banking channels. Open an NRO account online and manage your funds with ease.
Exclusive NRI Banking Privileges
DBS Treasures offers premium lifestyle benefits, including complimentary airport lounge access, chauffeur pick-up and drop-off, and more. When you open an NRO account, you also gain access to expert wealth management, legal, tax, and trust planning services. These added perks make banking both convenient and rewarding.
Effortless Banking Services
Enjoy a seamless banking experience with free unlimited ATM withdrawals and expert relationship managers to assist you. Whether it’s opening an NRO account online or managing your finances from abroad, DBS Treasures ensures banking is simple and stress-free.
Manage Your Account from Anywhere
Invest in bonds, PMS, AIF, and mutual funds online from anywhere in the world. Your NRO savings account allows easy global access to your funds, making wealth management more convenient. When you open an NRO account, you get 24/7 access to a range of investment solutions tailored to your financial goals.
NRO Account Fees and Charges
Managing the costs of an NRO account is key to effective financial planning. With DBS Treasures, you can enjoy smooth, hassle-free transactions while keeping your NRO account charges low. If you’re considering opening an NRO account online, understanding the associated fees will help you plan your finances more efficiently.
Total Relationship Value (TRV)
The Total Relationship Value (TRV) represents the total balance across all your accounts, including your NRO savings accounts, fixed deposits, and investments with the bank. Maintaining the required TRV helps you avoid non-maintenance charges while enjoying enhanced banking benefits:
|
Total Relationship Value (TRV) |
Quarterly Non- Maintenance Charge |
|
INR 5 lakhs – 30 lakhs |
INR 1,500 |
|
INR 30 lakhs – 2 crores |
INR 1,500 |
|
INR 2 crores and above |
INR 1,500 |
Debit Card Charges
|
Total Relationship Value (TRV) |
Annual Fees – Joint Holder |
Replacement of lost/stolen/ damaged card |
FX Markup on Debit Card |
|
INR 5 lakhs – 30 lakhs |
INR 100 |
INR 150 |
Free |
|
INR 30 lakhs – 2 crores |
Free |
Free |
Free |
|
INR 2 crores and above |
Free |
Free |
Free |
Additional NRO Account Benefits
- Account Services: Free cheque books, monthly statements, and branch transactions with your NRO savings account.
- Fund Transfers: No charges for NEFT and RTGS transactions for an NRO account.
- Transaction Charges: Some transactions and services may carry nominal NRO account charges, ensuring seamless account management.
For a full breakdown of NRO account charges, visit DBS Treasures’ official website or contact a representative. Opening an NRO account with DBS Treasures is a secure and efficient option for NRIs managing income from India.
Taxes on NRO Accounts
An NRO savings account is designed for income earned in India, such as rent, dividends, and pension. Unlike an NRE account, the funds in an NRO account are subject to taxation in India. Understanding these tax implications is crucial for effective financial management.
Tax on Interest Earned
Interest earned on an NRO savings account is taxable in India. The tax rate includes a Tax Deducted at Source (TDS) of 30% along with applicable surcharge and cess. However, NRIs can benefit from tax relief if their country of residence has a Double Taxation Avoidance Agreement (DTAA) with India.
Repatriation and Tax Compliance
NRIs can repatriate up to USD 1 million per financial year from their NRO account after paying applicable taxes. To ensure smooth transactions, they must submit necessary documentation, including a tax clearance certificate. The features of an NRO account also include the flexibility to transfer funds to an NRE savings account, subject to compliance.
Filing Tax Returns
Even though TDS is deducted, NRIs should assess their total tax liability. If excess tax has been paid, they may file for a refund. Understanding taxation helps in better financial planning while ensuring compliance with Indian tax laws.
For those looking to open an NRO account online, reviewing NRO account charges and understanding tax implications is essential.
What Are the Types of NRO Accounts That an NRI Can Open?
Non-Resident Indians (NRIs) can open different types of (NRO) accounts to efficiently manage income earned in India while residing abroad. These accounts ensure seamless transactions, secure fund management, and competitive interest earnings. Whether you want to open an NRO account online or explore different account types, choosing the right option depends on your financial needs.
1. NRO Savings Account
An NRO Savings Account is ideal for NRIs who earn income in India, such as rent, dividends, or pension. It provides easy access to funds with competitive interest rates.
- Enables effortless deposits and withdrawals in INR
- Offers attractive NRO account deposit rates.
- Interest earned is taxable as per the Income Tax Act, 1961
- Allows repatriation of interest earnings after applicable tax deductions
2. NRO Fixed Deposit (NRO FD)
An NRO Fixed Deposit allows NRIs to earn higher interest rates on Indian income while ensuring secure financial growth.
- Competitive NRO deposit interest rates for better returns of up to 7.5% p.a.
- Interest earned on NRO fixed deposits is taxable, while the principal amount has repatriation limits
- Can be opened jointly with a resident or non-resident Indian
- A preferred option for NRIs looking for stable returns on rupee deposits
By opening an NRO Savings Account and an NRO Fixed Deposit, NRIs can effectively manage and grow their India-based income while benefiting from premium NRO account benefits with DBS Treasures.
Other NRI Banking Solutions
NRIs looking to manage their personal finances in an efficient and streamlined manner, should also consider other NRI savings accounts option such as opening an NRE savings account. This bank account helps NRIs save their foreign earnings in India. The funds in an NRE savings account can be freely transferred back to the foreign country without restrictions.
NRE savings accounts are ideal for those seeking repatriation and tax advantages, whereas NRO accounts are better suited for managing income earned in India through rupee transactions. The choice between the two depends on individual financial needs and transaction preferences.
Who Can Open an NRO Account?
If you are an NRI looking to open an NRO account online, you can benefit from a secure and efficient way to manage your Indian income.
The following individuals are eligible to open an NRO Savings Account:
- NRI (Non-Resident Indian)
- Indian citizens residing outside India on employment, student or business visas
- Individuals posted in the UN or deputed abroad by the Government of India or public sector undertakings
- Indian nationals in the merchant navy, individuals who are working on oil rigs and those who are employed with airlines overseas
- PIO (Person of Indian origin)/OCI (Overseas Citizen of India)
- Those who have held an Indian passport at any point in time
- A parent or their grandparent was a citizen of India by the Constitution of India or India Citizen Act 1955
- The spouse of an Indian Citizen or spouse of PIO
Additional Guidelines
- For Bangladeshi/Pakistani Nationals:
- Minority community members (e.g., Hindus, Sikhs, Buddhists, Jains, Parsis, or Christians) from Bangladesh or Pakistan on a Long Term Visa or LTV application in process can open one NRO account following RBI guidelines.
- If you are from Pakistan or if your organization is owned or controlled by Bangladeshi interests, you must get RBI approval first.
- Foreign tourists can open a temporary NRO savings account using funds sent from abroad or exchanged in India.
- The account should only receive interest (no other local credits) and can be used for up to six months before the funds are repatriated.
Note: These guidelines may change. Please verify with your bank or check the RBI website for the latest information.
By choosing to open an NRO account online, you gain access to an exclusive features of DBS Treasures NRO savings account.
Documentation Required for Opening NRO Account
To open an NRO account online, applicants must submit specific documents based on their residency status. A well-documented application ensures a smooth NRO savings account opening process, allowing NRIs to enjoy seamless NRO account benefits.
For NRIs:
- 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 an overseas or Indian address (any one) (as per Customer Identification Policy)
- Copy of Indian PAN card or Form 60
- Recent passport size colour photograph
- Additionally, for seafarers: Current work contract and copy of CDC along with the last page of disembarkation stamp & FEMA declaration is required for 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
By providing the necessary documents, you can open an NRO account efficiently and unlock key NRO account benefits, making fund management in India seamless.
How to Open NRO Account Online?
Opening an NRO account with DBS Treasures is a hassle-free process that allows you to manage your Indian income with ease. Follow these steps to open an NRO account online:
- Check Eligibility – Ensure you meet the criteria to open an NRO account online, which is available to Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs).
- Review TRV Requirements – DBS Treasures requires you to maintain a minimum Total Relationship Value (TRV) across deposits and investments to maintain NRO savings account, this helps in avoiding NRO account charges.
- Keep Documents Ready – Have essential documents such as your passport, valid visa, proof of overseas address, PAN card, and recent photographs.
- Provide contact details – Fill in the contact details and your desired branch to request a call back. A relationship manager will guide you through the process of opening an NRO savings account.
Frequently Asked Questions
Your DBS Treasures NRO account is maintained in Indian rupees.
To open a DBS Treasures account, a minimum Total Relationship Value (TRV) of INR 5 lakhs is required. TRV is calculated by aggregating:
- The average quarterly balance of all NRO savings accounts within a family
- End-of-period balances of term deposits, insurance, investments, and mortgage loan outstanding
- 40% of the net balance of Home Loans or Loan Against Property (LAP)
This comprehensive TRV assessment ensures a seamless banking experience with DBS Treasures.
Interest on NRO savings account is paid at quarterly intervals each year, i.e., on 31st March, 30th June, 30th September and 31st December of every year. This may be subject to change.
You can use your NRO savings account for sums earned from income sources in India such as rent from property, interest from fixed deposits, mutual fund dividends, income from pension and so on.
Yes, you may repatriate funds from your NRO savings account. However, this is subject to a maximum of USD 1 million or its equivalent in a financial year. The funds can be repatriated out of the deposits in the NRO account. You can also repatriate income earned from sale proceeds of any assets acquired through inheritance, as long as you can produce documents supporting the inheritance claim.
Yes, income earned in India is subject to tax as per Income Tax guidelines. Interest earned on funds parked in an NRO account is taxable at 30% plus applicable surcharge and cess.
No, funds from an NRO account cannot be used for opening an NRE account. However, once your NRE account is opened, you can transfer eligible funds from your NRO account to your NRE account, subject to applicable regulations.
Yes, you can access your NRO account while you are abroad through DBS internet or mobile banking services.
No, an NRO account is not tax-free. The interest earned on an NRO savings account and NRO fixed deposits is subject to tax deducted at source (TDS) as per Indian income tax laws. Additionally, any income deposited in the account, such as rent, dividends, or interest, is also taxable.
You can deposit as much cash you want in an NRO account, provided you have a valid PAN card and if the amount is within the bank account limits. Large cash deposits may also be subject to scrutiny under Indian tax regulations. It is recommended to use banking channels like cheque or online transfers for transparency.
Yes, most banks allow NRIs to open both NRE and NRO accounts. An NRE savings account is meant for repatriable foreign income, while an NRO account is used for income earned in India. Having both accounts helps manage funds separately based on their source and repatriability.
Yes, you can transfer funds from an NRO account to an NRE savings account, but this is subject to specific guidelines. The transfer is allowed up to USD 1 million per financial year, provided you submit necessary documentation, including a tax clearance certificate from a Chartered Accountant (Form 15CA & 15CB).
Yes, you can remit funds to an NRO savings account from abroad or deposit earnings from Indian sources such as rent, dividends, or pension. Foreign currency remittances are automatically converted into INR at prevailing exchange rates.
An NRO account (Non-Resident Ordinary account) is a savings or fixed deposit account designed for NRIs to manage their income earned in India. It allows NRIs to deposit rental income, interest from fixed deposits, dividends, or pension while providing limited repatriability of funds.
Yes, if you become an NRI, it is mandatory to convert your resident savings account into an NRO savings account. As per RBI regulations, NRIs cannot hold regular savings accounts in India and must switch to NRO or NRE accounts to comply with banking norms.
Yes, you can open multiple NRO accounts with different banks in India. However, all accounts must comply with RBI guidelines, and you must declare them while filing tax returns. Managing multiple accounts may also require maintaining the minimum balance as per each bank’s requirements.
