All features of normal NRO Savings Bank Account (please click here to view the features of normal NRO Savings Bank Account) will be applicable to NRO Savings Bank Account along with:
A. Waiver of the following service charges :-
For SMS alerts
For NEFT / RTGS transactions undertaken through INB
For issue of Multicity Cheque Books
For issue of Demand Drafts
For issue of Debit Card
For Annual Maintenance of Debit Card
For issuance of NRI Family Card
50% of NRI Home Loan processing charges
B. Waiver of the following requirement while availing of NRI Car Loan :-
However, the account should be minimum 3 months old with continuous credit of salary in the account.
Having an NRI account with SBI for at least twelve months with minimum average balance of Rs. 50,000/- or opening of a new account with USD 5000/- or its equivalent as the initial deposit.
Please click here to view the applicable interest rate for NRO Salary Account
Eligibility
If you are working for Indian employer and posted overseas or on ship: Account can be opened either before leaving India or after relocating overseas.
If you are working for an overseas employer and posted overseas or on ship: Account can be opened subject to following:
Minimum 10 NRE / NRO Salary Package accounts of employees of the same employer need to be opened in the first instance.
One of the following documents will need to be submitted in addition to the identification documents required for KYC compliance:
Last month’s salary slip
Copy of Employee Identity Card issued by the Employer
Bonafide / Authentic certificate or letter from HR / Letter from HR / Admin of the Employer
Overview
For depositing India based current income in Indian Rupees in India
Account can be opened either individually or jointly with other NRIs / PIOs / OCIs
Account type permissible: Savings Bank
Funds deposited in the account will be in the form of fresh remittances from overseas or transfer from other NRE / NRO / FCNR (B) accounts
Interest income is subject to deduction of tax at source (at present @ 30.90%). In case, the customer is resident of any of those countries with whom India has a DTAA (Double Tax Avoidance Agreement), the tax will be deducted as per DTAA agreed between India and the respective country. Please click here for list of DTAA countries.
Additional benefits on NRI Home loan and Car loan
Waiver of various service charges
Joint Account Of Non-residents With Residents
Please fill up the account opening application through any of the following modes:
Please click here to fill it online as per the process mentioned
Please click here to download the account opening application, fill it manually and send it to your preferred home branch in India along with the attested copies of proofs & documents for KYC compliance, selected in the application.
Please fill and submit application along with proofs & documents for KYC compliance, selected in the application, by visiting a SBI branch in India or overseas.
