# NRO Savings Interest Rates (as on 26 May 2024)

NRO Savings Account is an account which is opened by an NRI (Non Resident Indian) who wants to park India based earnings in Rupees in India and to deposit future income earned in India such as rent, dividends, etc. This account is maintained in rupee. The existing domestic account of the residents gets converted to NRO account on their taking up employment/ business/immigration abroad.

## Documents Required for NRO Savings Account

- Self attested copy of passport
- Self attested copy of PAN Card copy or Form 60 (If not applied for a PAN card)
- Self attested copy of valid work permit/employment visa/residence visa/residence permit
- Self attested copy of FATCA / CRS Declaration
- Self attested copy of CKYC Annexure

Important to note that in case you submit an application for account opening from outside India, you will need to get above documents duly attested by a Banker/ Notary/ Embassy official/ Consulate Official

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## NRO Savings Interest Rates by Banks 2024

Bank Name | Min Interest Rates (p.a.) | Min Limit | Max Interest Rates (p.a.) | Max Limit | Calculate |
---|---|---|---|---|---|

Allahabad Bank | 3% | Upto Rs 10 Lakhs | 3% | Rs 10 Lakhs to less than Rs.200 Crores | |

Andhra Bank | 3% | Upto Rs 50 Lakhs | 3% | Above Rs 50 Lakhs and Upto Rs.100 crore | |

Axis Bank | 3% | Below Rs 50 Lakhs | 4% | Rs 50 Lakhs & upto less than Rs. 800 Crores | |

Bandhan Bank Limited | 3% | Upto Rs 1 Lakh | 6% | Above Rs 1 Lakh to Rs. 10 Lakhs | |

Bank Of Baroda | 3% | Upto Rs 50 Crores | 3% | Rs 50 crores and above to less than Rs 200 crores | |

Bank Of India | 3% | Upto Rs 1 Lakh | 3% | Above Rs 1 Lakh | |

Bank Of Maharashtra | 3% | Upto Rs 25 Lakhs | 3% | Above Rs 25 Lakhs | |

Canara Bank | 3% | Upto Rs 5 Crores | 3% | Rs. 6 Crores to less than Rs 10 Crores | |

Catholic Syrian Bank Limited | 2% | Upto Rs 1 Lakh | 3% | Above Rs 1 Lakh to Rs 25 Lakhs | |

Central Bank Of India | 3% | Upto Rs 10 Crores | 3% | Above Rs 10 Crores to Rs 1000 Crores | |

City Union Bank Limited | 3% | Upto Rs 1 Lakh | 4% | Above Rs 1 Lakh and up to Rs.10 Lakhs | |

Corporation Bank | 3% | Upto Rs 50 Lakhs | 3% | Above Rs 50 Lakhs and Upto Rs.100 crore | |

Dcb Bank Limited | 2% | Upto Rs 1 Lakh | 4% | Above Rs 1 Lakh and less than Rs. 2 Lakhs | |

Dena Bank | 3% | Upto Rs 50 Crores | 3% | Rs 50 crores and above to less than Rs 200 crores | |

Dhanalakshmi Bank | 3% | Upto Rs 1 Lakh | 3% | Above Rs 1 Lakh upto Rs.5 Lakhs | |

Federal Bank | 3% | Below Rs 5 Lakhs | 3% | Rs 5 Lakhs to less than Rs 50 Lakhs | |

Hdfc Bank | 3% | Below Rs 50 Lakhs | 4% | Rs 50 Lakhs & above | |

Icici Bank Limited | 3% | Below Rs 50 Lakhs | 4% | Rs 50 Lakhs & above | |

Idbi Bank | 3% | Upto Rs 5 Crores | 3% | Rs. 5 Crores to Rs 100 Crores | |

Indian Bank | 3% | Upto Rs 10 Lakhs | 3% | Rs 10 Lakhs to less than Rs.200 Crores | |

Indian Overseas Bank | 3% | Upto Rs 1 Crore | 3% | Above Rs 1 Crore | |

Indusind Bank | 4% | Upto Rs 1 Lakh | 5% | Above Rs. 1 Lakh Upto Rs. 10 Lakhs | |

Jammu And Kashmir Bank Limited | 3% | Upto Rs 10 Lakhs | 3% | Above Rs 10 Lakhs | |

Karnataka Bank Limited | 3% | Upto Rs 50 Lakhs | 4% | Above Rs 50 Lakhs to Rs 100 Lakhs | |

Karur Vysya Bank | 2% | Upto Rs 5 Lakh | 3% | Above Rs 5 Lakhs to Rs 10 Lakhs | |

Kotak Mahindra Bank Limited | 4% | Upto Rs 50 Lakhs | 4% | Above Rs 50 Lakhs | |

Laxmi Vilas Bank | 3% | Upto Rs 1 Lakh | 4% | Above Rs 1 Lakh to Rs 2 Lakhs | |

Oriental Bank Of Commerce | 3% | Upto Rs 10 Lakhs | 3% | Above Rs 10 Lakhs to less than Rs.100 Crores | |

Punjab And Sind Bank | 3% | Upto Rs 1 Crores | 3% | Above 1 Crore to upto 100 Crores | |

Punjab National Bank | 3% | Upto Rs 10 Lakhs | 3% | Above Rs 10 Lakhs to less than Rs.100 Crores | |

South Indian Bank | 3% | Upto Rs 2 Lakhs | 3% | Above Rs 2 Lakhs to below Rs 5 Crore | |

State Bank Of Bikaner And Jaipur | 3% | Upto Rs 10 Crores | 3% | Above Rs 10 Crores | |

State Bank Of Hyderabad | 3% | Upto Rs 10 Crores | 3% | Above Rs 10 Crores | |

State Bank Of India | 3% | Upto Rs 10 Crores | 3% | Above Rs 10 Crores | |

State Bank Of Mysore | 3% | Upto Rs 10 Crores | 3% | Above Rs 10 Crores | |

State Bank Of Patiala | 3% | Upto Rs 10 Crores | 3% | Above Rs 10 Crores | |

State Bank Of Travancore | 3% | Upto Rs 10 Crores | 3% | Above Rs 10 Crores | |

Syndicate Bank | 3% | Upto Rs 5 Crores | 3% | Rs. 6 Crores to less than Rs 10 Crores | |

Tamilnad Mercantile Bank Limited | 3% | Upto Rs 10 Lakhs | 3% | Above Rs 10 Lakhs | |

Uco Bank | 3% | Upto Rs 10 Lakhs | 3% | Over Rs 10 Lakhs | |

Union Bank Of India | 3% | Upto Rs 50 Lakhs | 3% | Above Rs 50 Lakhs and Upto Rs.100 crore | |

United Bank Of India | 3% | Upto Rs 10 Lakhs | 3% | Above Rs 10 Lakhs to less than Rs.100 Crores | |

Vijaya Bank | 3% | Upto Rs 50 Crores | 3% | Rs 50 crores and above to less than Rs 200 crores | |

Yes Bank | 4% | Upto Rs 1 Lakh | 4% | Rs 1 Lakh to less than Rs 5 Lakhs |

## Key features and benefits of NRO Savings Account

- Maintained in rupee.
- The Principal is non-repatriable but the interest is repatriable after deduction of tax at source(TDS).
- Resident Indian can become joint account holders. The account will be opened with NRI as the first applicant.
- Offers easy liquidity.
- Offers remittance facility.
- Interest is payable usually on a half yearly basis.
- Get the cheque book facility.
- Provision for nomination. Nominee can be Resident or Non-resident/PIO
- Interest is taxable as per rules. Presently 30% plus surcharge and cess. Customer can avail benefits of Double Taxation Avoidance Agreement, wherever applicable.
- Transfer of funds upto a maximum of $1 Million in a financial year from NRO to NRE account is allowed.
- Balance held in NRO account is eligible for remittance up to USD 1 Million in a financial year subject to income tax.