NRO Savings Account Interest Rate Offered by Different Banks

Banks offer varying interest rates on non-resident ordinary savings accounts; here is a comparison of NRO savings account interest rates offered by various banks.

What is NRO Account?

The Non-Resident Ordinary (NRO) Account is where Indian rupees are deposited. When an Indian citizen travels to another country for work and intends to stay, the bank should convert his resident account into an NRO account. As a result, informing the bank of the individual's departure from the country is critical.

Features-

• With an NRO Account, you can freely repatriate or transfer the interest you earn on the principal amount deposited. You can also transfer the principal amount within certain limits. According to the rules, you can transfer up to USD 1 million in a single fiscal year after paying all applicable taxes.
• The interest you earn on an NRO Account is taxable at 30% and deductible at source. It is worth noting that the income you earn in India and deposit in an NRO Account can include rent, dividends, pensions, and so on.
• If your finances include income earned in India and you want an account to manage it within India, an NRO Account is an excellent choice.

Documents-

• A copy of your current passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph, address, signature and observation page, if any)
• A valid proof of NRI status, such as a copy of an Employment/Residence Visa or a Work/Residence Permit.
• Proof of Overseas and Indian Address are also required.
• Copy of Indian PAN card or Form 60 Color passport photograph

NRO savings account eligibility-

• NRI (Non-Resident Indian)
• An Indian citizen residing outside of India for employment, studies, business, or vocation.
• Individual assigned to a UN organisation or an official delegated abroad by the Government of India or public sector enterprises
• Indian nationals working as Mariners, on oil rigs, or on foreign-registered airlines
• A person with a foreign passport:
• Has ever held an Indian passport in the past
• By virtue of the Indian Constitution or the India Citizen Act 1955, their parent or grandparent was a citizen of India.

NRO Savings Account Interest Rates-

SBI-

SBI offers 2.70% interest on balances less than Rs 10 crore and 3% interest on balances greater than Rs 10 crore.

ICICI-

ICICI Bank charges an annual interest rate of 3.5% on end-of-day balances equal to or exceeding Rs 50 lakhs, and 3% on balances less than Rs 50 lakhs.

HDFC-

HDFC Bank offers interest rate of 3% on balances less than Rs 50 lakh and 3.50% on balances of above Rs 50 lakh.

Axis Bank-

Axis Bank offers a 3% interest rate on balances less than Rs 50 lacs and a 3.50% interest rate on balances less than Rs 800 crore.

Kotak mahindra bank-

Kotak Mahindra Bank offers interest rates of up to 3.50% p.a. on balances up to Rs. 50 lacs.

PNB-

PNB offers 2.70% interest rate on balances less than Rs 10 lakh and 2.75% interest rate on balances between Rs 10 lakh and Rs 100 crore.