NRI SERVICES --> DEPOSITS --> ordinary non-resident (ONR) A/c
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| Ordinary Non-Resident (ONR) A/C |
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Eligibility
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Tax Liability
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Term
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Nomination
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Repatriability
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Loans & Overdrafts
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Renewal of Term Deposit
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Operations in the Account
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Premature Withdrawal
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Download Application Form
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Eligibility
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Any person / entity resident outside India may open NRO account for the purpose
of putting through bonafide transactions denominated in Rupees. Opening of account by individuals /
entities of Bangladesh / Pakistan nationality / ownership require prior approval of Reserve Bank.
Accounts can be opened either in operative SB a/c or as Term Deposit (cumulative or
non-cumulative) |
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Term
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Term deposits can be opened for periods ranging from 15 days to a maximum of 10
years. |
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Repatriability
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- Current income like rent, dividend, pension, interest etc; in India of the account holder, net
applicable taxes, is eligible for repatriation.
- Remittances from the NRO account of NRI/PIOs is allowed upto USD one million, net of applicable
taxes, for all bonafide purposes per calendar year.
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Renewal of Term Deposit
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Term deposits under the scheme can be renewed on maturity for further
periods. |
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Premature Withdrawals
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Premature withdrawals are permitted, subject to penal interest at 1% below the
rate applicable for the period the deposit has remained with the bank. |
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Tax Liability
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Interest earned on NRO deposits are subject to Income Tax and deducted at
source. |
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Nomination
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The bank also provides the nomination facility and can be registered in favour of
residents / non-residents. |
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Loans & Overdrafts
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Loans & overdrafts can be granted to Non-Residents, subject to certain terms
and conditions. Loans can also be granted to resident Indians, subject to certain terms and
conditions.
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Such loans should not be used for-
- The business of Chit fund, or
- As Nidhi Company, or
- Agriculture or plantation activities or real estate business; or
- Trading in Transferable Development Rights ( TDRs)
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Operations in the Account
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Power of Attorney can be given to Residents to renew the accounts on
maturity.
Power of Attorney holder cannot
- Open an account
- Remit funds abroad except only to the non resident account. Remittance in favour of account
holder is permitted provided specific power have been given in the Power of Attorney.
- Borrow against the deposit
- Close the account.
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