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Non Resident Ordinary accounts
(NRO)
These are rupee denominated accounts
and can be opened in the form of a Savings or Current Account, or a
Fixed Deposit.
Safe
Deposit Lockers
As a NRO account holder, you can
avail of our safe deposit locker facilities at select branches. For
your convenience, these lockers are available in a variety of sizes.
Locker fees will be debited from your Savings Account.
FEATURES
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Legitimate dues in rupees, of the account holder can be
deposited in the account. |
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Tax is deducted at source on the interest earned at a flat
rate of 30%. |
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Nomination facilities are available for these accounts. |
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These accounts can be held as joint accounts with other NRIs
or other resident Indians. |
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For NRO fixed deposits, the interest rate is the same as that
for domestic deposits. |
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Undertaking
to be given while opening NRO. All stating therein that foreign
currency against reimbursement will not be parted to any
person residing in India. |
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All
local payment e.g. elect e.g. electricity charges, Municipal
taxes etc., can be made from this account |
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The
balances in the a/c cannot be converted into foreign currency. |
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You
can also open the account while on person visit to India
by simply surrendering foreign exchange in the form of traveler's
cheque/currency notes and on producing your passport. |
DOCUMENTATION
REQUIRED
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Introduction Documents |
Initial Pay-in |
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Copy of Passport*
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Copy of Visa*
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Power of Attorney (optional)
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Two Photos
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Funds transferred from existing NRE
Account
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Remittance from abroad
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Foreign Currency Travelers Cheques
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Foreign Currency notes/ coins
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Cash in Indian
Rupees
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*
Copies of Passport and Visa must be attested by the Branch Manager
(overseas)/Notary Public or an official of the Indian Embassy in the
country of residence or Employer. In case of attestation by
employer,latest overseas bank statement in original
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