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 NameMin Interest Rates (p.a.)Min LimitMax Interest Rates (p.a.)Max LimitCalculate
Allahabad Bank3%Upto Rs 10 Lakhs3%Rs 10 Lakhs to less than Rs.200 Crores
Andhra Bank3%Upto Rs 50 Lakhs3%Above Rs 50 Lakhs and Upto Rs.100 crore
Axis Bank3%Below Rs 50 Lakhs4%Rs 50 Lakhs & upto less than Rs. 800 Crores
Bandhan Bank Limited3%Upto Rs 1 Lakh6%Above Rs 1 Lakh to Rs. 10 Lakhs
Bank Of Baroda3%Upto Rs 50 Crores3%Rs 50 crores and above to less than Rs 200 crores
Bank Of India3%Upto Rs 1 Lakh3%Above Rs 1 Lakh
Bank Of Maharashtra3%Upto Rs 25 Lakhs3%Above Rs 25 Lakhs
Canara Bank3%Upto Rs 5 Crores3%Rs. 6 Crores to less than Rs 10 Crores
Catholic Syrian Bank Limited2%Upto Rs 1 Lakh3%Above Rs 1 Lakh to Rs 25 Lakhs
Central Bank Of India3%Upto Rs 10 Crores3%Above Rs 10 Crores to Rs 1000 Crores
City Union Bank Limited3%Upto Rs 1 Lakh4%Above Rs 1 Lakh and up to Rs.10 Lakhs
Corporation Bank3%Upto Rs 50 Lakhs3%Above Rs 50 Lakhs and Upto Rs.100 crore
Dcb Bank Limited2%Upto Rs 1 Lakh4%Above Rs 1 Lakh and less than Rs. 2 Lakhs
Dena Bank3%Upto Rs 50 Crores3%Rs 50 crores and above to less than Rs 200 crores
Dhanalakshmi Bank3%Upto Rs 1 Lakh3%Above Rs 1 Lakh upto Rs.5 Lakhs
Federal Bank3%Below Rs 5 Lakhs3%Rs 5 Lakhs to less than Rs 50 Lakhs
Hdfc Bank3%Below Rs 50 Lakhs4%Rs 50 Lakhs & above
Icici Bank Limited3%Below Rs 50 Lakhs4%Rs 50 Lakhs & above
Idbi Bank3%Upto Rs 5 Crores3%Rs. 5 Crores to Rs 100 Crores
Indian Bank3%Upto Rs 10 Lakhs3%Rs 10 Lakhs to less than Rs.200 Crores
Indian Overseas Bank3%Upto Rs 1 Crore3%Above Rs 1 Crore
Indusind Bank4%Upto Rs 1 Lakh5%Above Rs. 1 Lakh Upto Rs. 10 Lakhs
Jammu And Kashmir Bank Limited3%Upto Rs 10 Lakhs3%Above Rs 10 Lakhs
Karnataka Bank Limited3%Upto Rs 50 Lakhs4%Above Rs 50 Lakhs to Rs 100 Lakhs
Karur Vysya Bank2%Upto Rs 5 Lakh3%Above Rs 5 Lakhs to Rs 10 Lakhs
Kotak Mahindra Bank Limited4%Upto Rs 50 Lakhs4%Above Rs 50 Lakhs
Laxmi Vilas Bank3%Upto Rs 1 Lakh4%Above Rs 1 Lakh to Rs 2 Lakhs
Oriental Bank Of Commerce3%Upto Rs 10 Lakhs3%Above Rs 10 Lakhs to less than Rs.100 Crores
Punjab And Sind Bank3%Upto Rs 1 Crores3%Above 1 Crore to upto 100 Crores
Punjab National Bank3%Upto Rs 10 Lakhs3%Above Rs 10 Lakhs to less than Rs.100 Crores
South Indian Bank3%Upto Rs 2 Lakhs3%Above Rs 2 Lakhs to below Rs 5 Crore
State Bank Of Bikaner And Jaipur3%Upto Rs 10 Crores3%Above Rs 10 Crores
State Bank Of Hyderabad3%Upto Rs 10 Crores3%Above Rs 10 Crores
State Bank Of India3%Upto Rs 10 Crores3%Above Rs 10 Crores
State Bank Of Mysore3%Upto Rs 10 Crores3%Above Rs 10 Crores
State Bank Of Patiala3%Upto Rs 10 Crores3%Above Rs 10 Crores
State Bank Of Travancore3%Upto Rs 10 Crores3%Above Rs 10 Crores
Syndicate Bank3%Upto Rs 5 Crores3%Rs. 6 Crores to less than Rs 10 Crores
Tamilnad Mercantile Bank Limited3%Upto Rs 10 Lakhs3%Above Rs 10 Lakhs
Uco Bank3%Upto Rs 10 Lakhs3%Over Rs 10 Lakhs
Union Bank Of India3%Upto Rs 50 Lakhs3%Above Rs 50 Lakhs and Upto Rs.100 crore
United Bank Of India3%Upto Rs 10 Lakhs3%Above Rs 10 Lakhs to less than Rs.100 Crores
Vijaya Bank3%Upto Rs 50 Crores3%Rs 50 crores and above to less than Rs 200 crores
Yes Bank4%Upto Rs 1 Lakh4%Rs 1 Lakh to less than Rs 5 Lakhs
Disclaimer: NRO savings interest rates keep on changing. You are advised to check the interest rates with banks before making your savings.      Source: Bank Websites

Key features and benefits of NRO Savings Account

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