We at Savetaxs follow a simple four-step process to open your NRO account with leading banks in India.
Your NRO account processing is expedited, ensuring that no errors occur during application filing to prevent delays.
With over two decades of expertise in NRI banking and taxation services, our experts ensure that everything is done accurately.
Savetaxs is loved by NRIs from all around the globe, and hence, no matter where you reside, we are ready to serve you with the best.
Savetaxs is a one-stop destination for NRIs. We help you through everything from NRI taxation services, NRI bank account services, repatriation services, business or entity setup, CA advisory services, and more.
No matter what your source of income is, we've got you covered. There’s a plan for everybody!
| Banks | Minimum Balance (Approx) | Savings Rate (Approx) | FD Rate (1-3 years) (Approx) | Action |
|---|---|---|---|---|
| SBI Bank | ₹50K - ₹1L | 2.70% (<₹10 Cr), 3.00% (>=₹50L) | 6.5% | |
| HDFC Bank | ₹5K - ₹10K | 3.50% (>=₹50L), 3.00% (<₹50L) | 7.0% | |
| Kotak Mahindra Bank | ₹10K (AQB), ₹1L (AMB) | 3.50% | 6.9% | |
| Bank Of Baroda Bank | ₹1K | 2.75%-3.35% | 6.5% | |
| South Indian Bank | ₹5K - ₹1L | 2.50%-6.00% | Up to 6.5% | |
| ICICI Bank | ₹10K - ₹25K | 3.00% (<₹50L), 3.50% (>=₹50L) | 7.1% | |
| Yes Bank | ₹10K | 4.00%-6.50% | 7.0% |
We at Savetaxs Follow a Simple Four-step Process to Open Your NRO Account With Leading Banks in India.
You need to submit all the required documents to us as asked by our expert.
Submit all the required documents to us, and we will have them attested by the embassy or a notary and then verify them to ensure accuracy.
Once everything is verified, our experts will then file your account opening application with your preferred bank.
Once the application is filed, the bank will verify everything, and your account will be activated within 5 to 10 business days.
No matter what your source of income is, we've got you covered. There’s a plan for everybody!
Don't just take our word, see what our clients are saying!
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Questions related to NRI bank accounts and more answered by experts!
A non-resident ordinary account (NRO) is a rupee-denominated bank account that is used by an NRI, Person of Indian Origin (PIO), and Overseas Citizens of India (OCI), to deposit their income earned in India, such as a pension, dividend, rent, gift, sale prices of immovable property and more. According to the Foreign Exchange Management Act, FEMA, once you obtain an NRI status, you need to mandatorily convert your existing current or savings account to an NRO.
However, it is permitted to hold multiple NRO accounts, so an NRI can also open a new NRO account if desired.
Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) are eligible to open an NRO account.
An NRO account enables NRIs, PIOs, and OCIs to manage their income earned in India through various pursuits, such as rent, dividends, and proceeds from the sale of property.
Key Purposes of an NRO account are:
1: To manage Indian Income
2: Local Payments and Expenses in India
3: To make investments in Indian
4: To repatriate a limited amount of money
5: Tax implications and more
Yes, the interest earned on an NRO account is taxable in India as per the Income Tax Department of India.
Yes, the funds from the NRO account can be repatriated abroad, but with specific limitations. However, repatriation is only possible after taxes are deducted from the income, and the annual repatriation limit is USD 1 million.
