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Accounts for Returning Indians
Savings - NRO
 
 Purpose for opening of accounts


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.

 
 Currency in which account is maintained


Indian Rupees only.

 
 Joint Accounts


Permitted with Resident Indians. The account will be opened with NRI as the first applicant.

 
 Operation of Accounts


‘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

 
 Interest rates


4.00 % p.a. w.e.f., 03.05.2011.

 
 Permitted Credits and Debits


Credits:
Legitimate dues in India of the a/c holder, and remittances received from abroad through banks

Debits:
All Local payments, Remittance out side India to the extent of current Income and USD 1 million subjected to tax payment and certain conditions.

 
 Tax benefits

 
Interest is taxable as per rules. Presently 30% plus service tax. Customer can avail benefits of Double Taxation Avoidance Agreement, wherever applicable.

 
 Nominations


Nominee can be Resident or Non-resident or PIO (person of Indian Origin)

 
 Repatriation/Repayment


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 

 
  Documents required/introduction
 
  1. Opening the Account In person:

    1. Customer may submit the application in person along with the enclosures as given below in point 4 if he is opening the account when he visited India.

    2. Customer may also submit the application at any of our Representative Offices in Dubai and USA.



  2. Opening the Account from Abroad:

    1. Customer may submit the application after down loading the same from web site along with all Enclosures mentioned in Serial no 4
    2. Customer may also the scan the application along with the documents called for after duly 

    3. attesting the one additional document called for.


  3. In case the customer scans the application and send the same the procedure is as follows:

    1. The soft copy of the scanned application along with enclosures is to be send  to the Branch E-mail address and request to open the account.
    2. The scanned application and enclosures will be downloaded by the Branch and open the account if the documents are in order.
    3. Branch will inform the Account number to the customer by e-mail address given in the Application
    4. Customer after receipt of the mail is requested to send initial payment through proper Banking channels i.e., a) By a cheque issued on his foreign Bank account or by b) AB SPEEDWAY (incase of US Customer) c)Speed Remittance/NEFT (incase  customers from Middle East Countrest) d)SWIFT remittance (in case of Applicants other than US & Middle East Countries) and other modes of remittance through proper Banking channels.
    5. Branch will send the Kit containing Cheque Book, Non-Personalised Debit Card and InternetBankingPass words(if Internet Banking is opted for in the Application) to the mailing address given in the Application after receipt of initial remittance.
    6. Customer is advised to Visit the Branch on his next visit to India.
    7. The Application is to be filled up without leaving any gaps


  4. Enclose the documents as given below:

    1. Copies of pass port with valid Resident Visa and Indian address page,
    2. Mailing Address Proof  (Whether Indian or Foreign)
    3. The list of documents that will be accepted as mailing address proof are

      (Any one of the following)

      If Mailing Address is an Overseas address:

      1. Photocopy of valid passport mentioning the overseas address
      2. Photocopy of utility bill not more than 3 months old
      3. Photocopy of overseas bank statement not more than 3 months old
      4. Photocopy of valid driving license
      5. Photocopy of Government issued ID Card
      6. Photocopy of credit card bill not more than 3 months old
      7. Photocopy of lease agreement / rent receipt (not more than 3 months old)
      8. Photocopy of appointment letter
      9. Photocopy of company ID card with address
      10. Original letter issued by the company for the purpose of account opening on its letterhead
      11. Photocopy of bank statement or passbook of a NRI account with another bank
      12. Proof of address of the sponsor along with proof of relationship of the primary applicant with the sponsor
      13. Photocopy of Overseas Citizen of India (OCI) card mentioning the overseas address.
      If  Mailing Address is an Indian address:

      1. Photocopy of Valid Passport
      2. Photocopy of Valid Permanent Driving license
      3. Photocopy of telephone bill of private & public operators (e.g. MTNL, BSNL, Reliance, Airtel & Tata Indicom) – not exceeding 2 months prior to date of account opening
      4. Photocopy of electricity bill – not exceeding 2 months prior to date of account opening
      5. Photocopy of Bank Pass Book or Bank account statement – not exceeding 3 months prior to date of account opening
      6. Photocopy of Ration card
      7. Photocopy of Election card / Voters ID (if it has address)

    4. Photo copy of employment contract and latest pay slip (in case of employees).
    5. Letter from Institution in which student is pursuing studies or Photo copy of the Identity card  (incase of NRI Students)
    6. A declaration from the customer that the all the copies are true copies of Originals.
    7. Enclose any one additional document out of the following -Attested by Self:

      1. A cheque drawn on a bank account abroad
      2. Any cancelled paid cheque in original drawn on a bank abroad showing the signature, bank name, account number etc.
      3. Photo copy of overseas/Indian bank Statement not more than 3 months old
      4. Photocopy of utility bill not more than 3 months old
      5. Photocopy of ID card, like driving  license, employee ID, Labour Card
      6. Photo copy of Local government ID Card
      7. Original Letter from employer issued for the purpose of opening of this account
      8. Copy of Credit card statement not more than 3 months old
      9. Copy of lease/rental agreement/rent receipt (not more than 3 months old)
 
 Application
 
Click here to Download Application

 
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News & Events

The existing customer grievance redressal mechanism would also cover the complaints relating to outsourcing

Use your Visa Debit Card for shopping in POS/Online within 3 months of card issuance & get 5% Cash back. Offer applicable to cards issued after December 2013,T&C Apply

AS A PART OF RISK MITIGATION MEASURE, DEBIT CARDS ISSUED AFTER 30-11-2013 ARE ENABLED FOR DOMESTIC TXNS ONLY. FOR FURTHER DETAILS PLEASE CONTACT OUR BRANCH.

You can now donate to Shri Saibaba Sansthan Trust, Shirdi through IMPS-Mobile Banking.

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

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

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