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* All details updated as on Nov 01, 2018

IDFC Bank

Interest Rate
4.00%
Average Balance
Rs 25,000 /
Application
Online
Details
+ 100% online application process

+ Unlimited free fund transfer in India

+ No charges for banking transactions

+ 24/7 Anytime Anywhere Access

Yes Bank

Interest Rate
6.00%
Average Balance
Rs 10,000 /
Application
Branches
Details
+ Free international debit cum ATM card and a cheque book
+ 6% interest rate for balance over INR 100,000 and 5% for balance upto INR 100,000
Provider
Interest Rate
Average Balance
Application
Details
Provider
IDFC Bank
0 reviews
Interest Rate
4.00%
Average Balance
Rs 25,000 /
Application
Online
Details
+ 100% online application process

+ Unlimited free fund transfer in India

+ No charges for banking transactions

+ 24/7 Anytime Anywhere Access
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Provider
Yes Bank
0 reviews
Interest Rate
6.00%
Average Balance
Rs 10,000 /
Application
Branches
Details
+ Free international debit cum ATM card and a cheque book
+ 6% interest rate for balance over INR 100,000 and 5% for balance upto INR 100,000
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Complete Results

Yes Bank

Interest Rate
6.00%
Average Balance
Rs 10,000 / Quarterly
Application
Branches
Details
+ Free international debit cum ATM card and a cheque book
+ 6% interest rate for balance over INR 100,000 and 5% for balance upto INR 100,000

Kotak Mahindra Bank

Interest Rate
4.00%
Average Balance
Rs 10,000 / Quarterly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book
+ Anywhere Banking

IDFC Bank

Interest Rate
4.00%
Average Balance
Rs 25,000 / Monthly
Application
Online
Details
+ 100% online application process
+ Unlimited free fund transfer in India
+ No charges for banking transactions

ICICI Bank

Interest Rate
3.50%
Average Balance
Rs 15,000 / Quarterly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book

HDFC Bank

Interest Rate
3.50%
Average Balance
Rs 10,000 / Quarterly
Application
Post
Branches
Details
+ Free international EasyShop NRO debit card, ATM card and a cheque book

HSBC Bank

Interest Rate
3.50%
Average Balance
Rs 75,000 / Monthly
Application
Branches
Details
+ Free international debit cum ATM card and a cheque book
Interest Rate
3.50%
Average Balance
Rs 3,000 / Half yearly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book

Citi Bank

Interest Rate
3.50%
Average Balance
Rs 40,000 / Monthly
Application
Post
Branches
Details
Rupee Checking Account (Monthly average balance of Rs 40,000)
+ Free international debit cum ATM card and a cheque book
- Minimum account opening deposit of USD 5000

Preferred Rupee Checking Account (Monthly average balance of Rs 200,000)
+ Free international debit cum ATM card and a cheque book
+ Exclusive privileges on Gifting, Travel and Entertainment
+ Exclusive lifestyle, travel and dining privileges with the MasterCard Platinum ATM / Debit Card
+ Waiver of charges on duplicate statement

Axis Bank

Interest Rate
3.50%
Average Balance
Rs 10,000 / Quarterly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book

Standard Chartered

Interest Rate
3.50%
Average Balance
Rs 25,000 / Quarterly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book
+ Anywhere Banking
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Provider
Interest Rate
Average Balance
Application
Details
Provider
Yes Bank
0 reviews
Interest Rate
6.00%
Average Balance
Rs 10,000 / Quarterly
Application
Branches
Details
+ Free international debit cum ATM card and a cheque book
+ 6% interest rate for balance over INR 100,000 and 5% for balance upto INR 100,000
 
Provider
Kotak Mahindra Bank
0 reviews
Interest Rate
4.00%
Average Balance
Rs 10,000 / Quarterly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book
+ Anywhere Banking
 
Provider
IDFC Bank
0 reviews
Interest Rate
4.00%
Average Balance
Rs 25,000 / Monthly
Application
Online
Details
+ 100% online application process
+ Unlimited free fund transfer in India
+ No charges for banking transactions
 
Provider
ICICI Bank
0 reviews
Interest Rate
3.50%
Average Balance
Rs 15,000 / Quarterly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book
 
Provider
HDFC Bank
0 reviews
Interest Rate
3.50%
Average Balance
Rs 10,000 / Quarterly
Application
Post
Branches
Details
+ Free international EasyShop NRO debit card, ATM card and a cheque book
 
Provider
HSBC Bank
0 reviews
Interest Rate
3.50%
Average Balance
Rs 75,000 / Monthly
Application
Branches
Details
+ Free international debit cum ATM card and a cheque book
 
Provider
Interest Rate
3.50%
Average Balance
Rs 3,000 / Half yearly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book
 
Provider
Citi Bank
0 reviews
Interest Rate
3.50%
Average Balance
Rs 40,000 / Monthly
Application
Post
Branches
Details
Rupee Checking Account (Monthly average balance of Rs 40,000)
+ Free international debit cum ATM card and a cheque book
- Minimum account opening deposit of USD 5000

Preferred Rupee Checking Account (Monthly average balance of Rs 200,000)
+ Free international debit cum ATM card and a cheque book
+ Exclusive privileges on Gifting, Travel and Entertainment
+ Exclusive lifestyle, travel and dining privileges with the MasterCard Platinum ATM / Debit Card
+ Waiver of charges on duplicate statement
 
Provider
Axis Bank
0 reviews
Interest Rate
3.50%
Average Balance
Rs 10,000 / Quarterly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book
 
Provider
Standard Chartered
0 reviews
Interest Rate
3.50%
Average Balance
Rs 25,000 / Quarterly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book
+ Anywhere Banking
* All details updated as on Nov 01, 2018
This site is for informational purposes only. Nothing on this site should be construed as advice. When you click on "Go to Site" button, you will be directed to the provider's website where you need to register for the service. We may get paid if you use services from providers listed here. The providers are included based on their rates, service charges, turnaround time and reviews.

NRO Savings FAQs

What is a NRO savings bank account?

The Non-Resident Ordinary Savings Account (NRO Savings Account) is a Savings bank account held in India, in Indian Rupees. The NRO account is best suited for you if you have earnings in India (such as rent income, dividend, pension, etc). To deposit money into your NRO account, you can either convert foreign currency into Indian Rupees (USD to INR, GBP to INR, CAD to INR, AUD to INR, etc) by transferring money to your NRO account in India or deposit your earnings in India. You need NRO savings account to deposit your earnings in India (such as rent income, dividend, pension, etc). You can open either NRE Savings or NRE current account in India. The Government of India allows you to repatriate funds from your NRO savings account up to USD 1 million per financial year abroad. The NRO savings accounts may be held jointly with residents and/or with non-resident Indian (NRI).

 

Compare at nriDealExpert.com to find out the best NRO Saving Accounts in India.

How can I open an NRO savings bank account in India?

Compare at nriDealExpert.com to find out the best NRO saving accounts in India. Click on the link to visit the bank's website. Complete an application form online or by downloading it. Then, send a printed, signed copy of the form with attested required documents to an address provided by the bank on their website. Alternatively, you can visit the bank's overseas branch or a branch in India on your next visit. When in doubt, contact us at contactus@nridealexpert.com

Can I transfer funds from my existing NRE/FCNR Accounts to open an NRO Account?

Yes, you can transfer funds from any bank account including your existing NRE savings accounts, NRE fixed deposits, FCNR deposit or your other NRO savings accounts and NRO fixed deposits.

How can I transfer or repatriate Indian Rupees in my NRO savings account in India to my overseas bank account?

Interest earnings and remittance(s) up to USD 1 million per calendar year from balances in NRO savings account subject to payment of applicable taxes is allowed for any purpose up to an aggregate value of USD 1 million.

 

In order to do an outward remittance from your NRO savings account, you have to walk into any of the branches of the bank in India where you are maintaining NRO savings account and initiate the outward remittance by completing a request letter specifying the necessary details and submitting below documents:
- Account holder's Letter giving details of the purpose of remittance and certifying the same
- Cheque or debit authority if the same is not contained in the letter in item (i)
- Application in Form A2
- A certificate from a Chartered Accountant in Form 15CA and 15CB
- FEMA Declaration

 

Form 15 CB needs to be certified by a Chartered Accountant. To download the form please visit the following link: (http://www.tin-nsdl.com/downloads/Form15CB.PDF). On the basis of this certificate, Form 15 CA has to be filled in online at the following link: (https://onlineservices.tin.nsdl.com/TIN/JSP/tds/Form15CAHome.jsp). The printout generated from this site has to then be signed by the remitter and submitted along with Form 15CB at the branch from where the remittance is being made. The detailed process of filling up the form is also available at the above-mentioned site. The filled up form then needs to be produced along with the 15 CB to the branch.