Specific to NRI's, a NRO-SB account can be opened by remittance from abroad or by legitimate dues in rupees of the account holder in India. The existing domestic A/C of the Resident gets converted to NRO A/C on their taking up business/employment/immigration abroad.
As per the Directives of Reserve Bank of India (dated 16th September 2003), Overseas Corporate Bodies (OCB) cannot have any non-resident accounts.
- Close relatives (resident0 can become joint account holders
- Avail of remittance facilities
- Avail of Cheque Book facility
- Provision for nomination
Terms & Conditions
- The Principal funds are entirely non-repatriable while the interest is repatriable after deduction of tax at source.
- NRO FD/SB : 30.90% Withholding tax plus applicable surcharge/cess is applicable in NRO FD/SB accounts where DTAA is not applicable or the NRI depositor is not in a position to provide required documents/formalities for availing rebate in withholding tax. Surcharge is applicable @2.5% of TDS/Tax amount to Foreign Company if the Company has net income exceeding Rs.1/-crore.
- Interest rates on deposits Payable half-yearly (June & December). For current interest rates on deposits click here.
For further details, please contact the Bank of Baroda Branch nearest to you.