These accounts are useful to the NRIs who are having regular income on assets acquired prior to becoming NRI or acquired by them in India during their status as NRI and to make local payments in Indian Rupees for their genuine needs in India.
Indian Rupees only.
Permitted with Resident Indians. The account will be opened with NRI as the first applicant.
‘Account holder’ himself or ‘Mandate’ or' Power of Attorney holder’ Can make payments to all genuine local payments including for eligible investments and not permitted to repatriate funds other than to Non-resident Individual account holder. No gift to a resident, No transfer of funds to another NRO account
4.00 % p.a. w.e.f., 03.05.2011.
Legitimate dues in India of the a/c holder, and remittances received from abroad through banks
All Local payments, Remittance out side India to the extent of current Income and USD 1 million subjected to tax payment and certain conditions.
Interest is taxable as per rules. Presently 30% plus service tax. Customer can avail benefits of Double Taxation Avoidance Agreement, wherever applicable.
Nominee can be Resident or Non-resident or PIO (person of Indian Origin)
1.Current Income credited to NRO a/c (Interest, Profits, Rents, Dividends etc.,) net of applicable taxes repatriable
2.Balance held in NRO a/cs are eligible for remittance up to USD 1 Million Dollars in a financial year subject to tax which includes sale proceeds of assets subject to production of an undertaking by the remitter and a certificate from a Chartered Accountant
News & Events
Presentation to Analysts
Our Total Income
during 12M of FY’12-13 increased to Rs. 13,957 Crore,
recording a growth of 14.4%.
Form 15G/15H has to be submitted afresh at the beginning of each financial year to avail exemption/concession in TDS. Quoting of PAN is mandatory for availing such exemptions/concessions.
All our Banks’ cheques are “payable at par henceforth. We request all our customers to surrender their old cheque books at their account branch and obtain CTS 2010 Standard Cheque books immediately.
We request all our customers who have issued postdated cheques for repayment of loan installments for loans availed by them to replace the old PDCs with new CTS 2010 Standard cheques.
Online Grievance Redressal System with Tracking
Online Applications for MSME and Retail Loans
Online Donations to charitable institutions through net banking
Online resetting of Internet Banking Login Password
Interbank transfer of Funds through Mobile Banking using IFSC code
Housing loans - festive offer: 100% waiver of processing charges and assured speedy processing, sanction within 5 working days.
As per RBI mandate, cash retraction facility is discontinued from our ATMs. Do not forget to collect cash before leaving ATM room.
Any customer could walk in to deposit money in any branch of the bank if the account is in any other branch of the bank to which he wants to deposit the money and there will be no charges on this for any amount
Fictitious Offers of Cheap funds from abroad - Awareness Campaign - List of Nodal Agency (Cyber Crime Cell / Economic Offence Wing)
Complain to Local Police/Cyber Crime Authorities against Fictitious Offers of Money from Abroad
PPF and SCSS schemes
Do Not fall Prey to Fictitious Offers of Funds Transfer