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
ANDHRA BANK CUTS BASE RATE BY 25 BASIS POINTS TO 9.75% EFFECTIVE FROM 29.09.2015
NOTICE REGARDING 2ND & 4TH SATURDAYS AS HOLIDAYS AND OTHER SATURDAYS OF THE MONTH AS FULL WORKING DAYS.
Click here for Notice of Annual General Meeting and Record Date for Payment of Dividend
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.
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 of SB/Current Account group could walk in to any branch of the Bank to deposit money in his/her account maintained at any branch 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