Andhra Bank

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

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.

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

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

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