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bank rates for overseas Indians
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FEATURES OF NRO (As Per Foreign Exchange Management Act w.e.f. 1.6.2000) |
| MODE OF DEPOSIT |
Foreign Exchange remittance from abroad Deposit of Foreign Exchange during visit to India or income from non-repatriable sources or local sources . |
| JOINT HOLDING | Permissible with other NRIs as well as Resident (resident attorney can also operate). |
| REPATRIABILITY | Interest Repatriable.-[ subject to payment of tax ] , Principal Non-repatriable . |
| LOANS | Available to account holder as well as third party resident in India. |
| NOMINATION | Permissible with NRIs as well as Residents. |
| TRANSFERS | Transfer subject to RBI approval. |
| WITHDRAWAL | Freely allowed . |
| VARIOUS TYPES OF ACCOUNTS | Saving, Current, Recurring amd Fixed Deposits account. |
| PREMATURE WITHDRAWAL |
Permissible: - However for period of less than 15 Days - No Interest payable, Above 15 Days - Subject to Penalty - As per Bank Rules. |
| TAXABILITY | Income liable to tax . In case of Indian Banks 20% flat rate applicable + 10% Surcharge. |
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best bank rates for overseas Indians |
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