NRO Tax Saver Fixed Deposits

Yes. You can hold your NRE & NRO account jointly with other Non-Resident Indian(s).

Permissible Credits and Debits

CREDITS NRE:

Foreign Inward remittances by following ways:

• SWIFT/WIRE

• FOREIGN DEMAND DRAFT

• FOREIGN CURRENCY CHEQUE

• TRAVELLERS CHEQUE

• FOREIGN CURRENCY*

• TRANSFER FROM EXISTING NRE & FCNR(B) accounts

• Maturity proceeds of govt. securities, refund of shares/debuntures provided the investments were originally made from NRE/FCNR(B) Funds Dividends/interest in respect of shares/debuntures taken on repatriation basis investments were made as per RBI approval Refund of shares and debuntures,if the subscription was paid from NRE or FCNR(B) accounts or remittance from abroad Refunds where original payment was made from NRE money/FCNR(B) account or from inward remittances

*Currency Declaration form (CDF) to be submitted if foreign currency cash is equal to more than USD 10,000 per customer, with relevant documents.

DEBITS NRE:

• TRANSFER to NRO, FCNR(B), to another NRE accounts & to other resident accounts

• Debits for all local payments

• Debit for acquisition of immovable property for bona fide residential purposes

• Debits for outward remittances and for repatriation of funds outside India

CREDITS NRO:

Transfer of funds from domestic Savings Bank Accounts.

Foreign Inward Remittances by way of:

• SWIFT/WIRE

• Foreign Demand Draft

• Foreign Currency Cheque

• Travellers Cheque

• Foreign Currency*

• Transfer of funds from existing NRE or FCNR(B) Accounts

• Other legitimate dues in India of the account holder

DEBITS NRO:

• Transfer to other NRO or resident accounts

• Debits for all local payments

• Acquisition of immovable property for bona fide residential purposes

• Repatriation of funds outside India**

**Currency Declaration form (CDF) to be submitted if foreign currency cash is equal to more than USD 10,000 per customer with relevant documents.

Click here to calculate interest.

Yes you can now open your NRE/NRO savings account without visiting India with our hassle free non face-to-face NRI account opening process.

Internet Banking and Mobile Banking

• Click here for Net Banking demo

• Click here for MyBank demo

• Customer Support: You can reach us at: nribanking@rbl.bank.in

Yes. Customer can appoint Individual Resident Indian as a mandate holder for NRE/NRO savings account.

You wish to add a mandate holder in your NRE/NRO account, please visit any RBL Bank branch and submit mandate addition form duly signed by you (all account holders in-case of joint account) along with Mandate holders Photograph, Valid Photo ID Proof and Address Proof self-attested by mandate holder.

• All local payments in Rupees including payments for eligible investments subject to compliance with relevant regulations made by RBI

• Remittance outside India to the NRI account holder himself

• Book FD/RD by debit to the customer’s account in customer’s name but cannot avail an OD against the same

• Cannot give premature closure request for FD/RD

• Can request for Cheque book and re-issuance of mandate holder’s card and PIN

• Cannot credit FCY cash /TCs in the NRE or NRO account of the customer

• Cannot nominate on behalf of the customer for new FDs booked

Interest Payable

<= INR 50 Lakh: - 31.20%

INR 50 Lakh <= INR 1 crore: - 34.32%

INR 1 crore: - 35.88%

Please note: Tax rate will be applicable basis total interest earned on NRO savings and term deposits at Customer ID level of primary applicant. Tax rates are subject to change as per CBDT notifications.

You can also avail lower rate of Tax under DTAA.

DTAA stands for Double Taxation Avoidance Agreement. It is an agreement between two countries with an objective to avoid taxation of the same income in both countries.

NRIs can avail benefits under the DTAA by timely submission of documents listed below:

• DTAA declaration (Mandatory)

• Self-attested copy of PAN card (Non mandatory)

• Tax residency Certificate (TRC) (Mandatory) from the Government of the country where the NRI/PIO is resident. The TRC should contain the details of – In absence of copy of PAN card branch to mention details like Name of the depositor, E-mail id of the depositor, Contact Number of the depositor and Address of the depositor in DTAA declaration

• Name of the assessee (customer name)

• Status of the assessee

• Nationality

• Tax identification number in the country or specified territory of residence or in case no such number, then, a unique number on the basis of which the person is identified by the Government of the country or the specified territory;

• Residential status for the purposes of tax

• Period for which the certificate is applicable

• Address of the applicant for the period for which the certificate is applicable

• Form 10F (Mandatory)

DTAA benefit is extended on an annual basis. Therefore, NRIs are required to provide all the requisite documents every financial year to continue availing the benefit under DTAA.