The Essential Link to Your Indian Income.
A dedicated Rupee account for NRIs to manage local income like rent, dividends, and pensions while staying fully compliant.
The Bharat Bank NRO Accountis the primary financial vehicle for Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) to manage their income generated within India. Unlike the NRE account, which is for foreign earnings, the NRO account is designed to house "legitimate local funds"āsuch as rental income from an Indian property, dividends from Indian shares, or pension payments. It is maintained in Indian Rupees (INR) and offers the convenience of joint holding with resident Indian relatives.
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Free Insurance
Life & Accident Cover
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Digital Services
Mobile Banking, UPI
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Debit Card
Rupay Classic, Platinum
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Personal Service
People-centric Banking
Ā * NRO Savings Account interest rate ā 2.75% p.a
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Manage Local Income: Seamlessly credit rent, interest, dividends, or sale proceeds of Indian assets.
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Repatriation Limit: You can repatriate up to USD 1 Million per financial year (AprilāMarch) from your NRO account balance, subject to payment of applicable taxes.
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Flexible Joint Holding: Can be opened jointly with another NRI or a Resident Indian relative (on a 'Former or Survivor' basis).
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Loan Facility: Avail of loans/overdrafts on the deposit value for legitimate needs.
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NRO to NRE Transfer: Eligible funds (after tax) can be transferred to your NRE account within the USD 1 million annual limit.
Unlike NRE accounts, interest earned on NRO accounts istaxable in India.
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Standard TDS Rate:As per Income Tax rguidelines.
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DTAA Benefit:If you are a resident of a country with which India has a Double Taxation Avoidance Agreement (DTAA), you may be eligible for a lower TDS rate (typically 10 %ā15%) by submitting a Tax Residency Certificate (TRC) and Form 10F.
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Non-Resident Indians (NRIs): Indian citizens residing abroad for employment or business.
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Overseas Citizens of India (OCI): Foreign citizens of Indian origin.
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Former Residents: Any Indian resident who has moved abroad for an uncertain duration must convert their existing resident accounts into NRO accounts.
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Identity & Status: Valid Passport and Visa/Work Permit/Residence Permit.
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Address Proof: Overseas address proof (Utility bill/Bank statement) and Indian address proof.
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PAN Card: Mandatory (or Form 60).
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FATCA/CRS declaration
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Particulars |
Charges |
|---|---|
|
Minimum BalanceĀ |
ā¢ In Metro cities: ā¹1,000/- ā¢ In Non-Metro cities: ā¹500/- |
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Non-Maintenance of Minimum balance |
10% of Shortfall amount, subject to Minimum-Rs.10Ā andĀ Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Maximum-Rs.100 |
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Cheque Book Charges |
NIL for first cheque book of 10 leaves, thereafter ā¹4/- per leaf Ā |
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Duplicate Statement/Passbook |
ā¹50 per book/per page of statement. |
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Account Closing Charges |
NIL if closed within 30 days; ā¹100 if closed after 30 days but within 1 year |
(Exclusive of GST)
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Can I deposit foreign currency in an NRO account?
Yes, foreign currency remittances from abroad and transfers from NRE/FCNR accounts are permitted. -
Is Form 15CA/15CB required for repatriation?
Yes, for repatriating funds or transferring from NRO to NRE, these tax clearance forms are mandatory. -
Can I use my NRO debit card abroad?
Yes, most NRO debit cards are enabled for international usage, though transaction fees and currency conversion rates will apply.
Ā * NRO Savings Account interest rate ā 2.75% p.a
-
Manage Local Income: Seamlessly credit rent, interest, dividends, or sale proceeds of Indian assets.
-
Repatriation Limit: You can repatriate up to USD 1 Million per financial year (AprilāMarch) from your NRO account balance, subject to payment of applicable taxes.
-
Flexible Joint Holding: Can be opened jointly with another NRI or a Resident Indian relative (on a 'Former or Survivor' basis).
-
Loan Facility: Avail of loans/overdrafts on the deposit value for legitimate needs.
-
NRO to NRE Transfer: Eligible funds (after tax) can be transferred to your NRE account within the USD 1 million annual limit.
Unlike NRE accounts, interest earned on NRO accounts istaxable in India.
-
Standard TDS Rate:As per Income Tax rguidelines.
-
DTAA Benefit:If you are a resident of a country with which India has a Double Taxation Avoidance Agreement (DTAA), you may be eligible for a lower TDS rate (typically 10 %ā15%) by submitting a Tax Residency Certificate (TRC) and Form 10F.
-
Non-Resident Indians (NRIs): Indian citizens residing abroad for employment or business.
-
Overseas Citizens of India (OCI): Foreign citizens of Indian origin.
-
Former Residents: Any Indian resident who has moved abroad for an uncertain duration must convert their existing resident accounts into NRO accounts.
-
Identity & Status: Valid Passport and Visa/Work Permit/Residence Permit.
-
Address Proof: Overseas address proof (Utility bill/Bank statement) and Indian address proof.
-
PAN Card: Mandatory (or Form 60).
-
FATCA/CRS declaration
|
Particulars |
Charges |
|---|---|
|
Minimum BalanceĀ |
ā¢ In Metro cities: ā¹1,000/- ā¢ In Non-Metro cities: ā¹500/- |
|
Non-Maintenance of Minimum balance |
10% of Shortfall amount, subject to Minimum-Rs.10Ā andĀ Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Maximum-Rs.100 |
|
Cheque Book Charges |
NIL for first cheque book of 10 leaves, thereafter ā¹4/- per leaf Ā |
|
Duplicate Statement/Passbook |
ā¹50 per book/per page of statement. |
|
Account Closing Charges |
NIL if closed within 30 days; ā¹100 if closed after 30 days but within 1 year |
(Exclusive of GST)
-
Can I deposit foreign currency in an NRO account?
Yes, foreign currency remittances from abroad and transfers from NRE/FCNR accounts are permitted. -
Is Form 15CA/15CB required for repatriation?
Yes, for repatriating funds or transferring from NRO to NRE, these tax clearance forms are mandatory. -
Can I use my NRO debit card abroad?
Yes, most NRO debit cards are enabled for international usage, though transaction fees and currency conversion rates will apply.