Submitted by csb1234bank on Wed, 02/10/2016 - 14:58
Non-Resident Ordinary Accounts (NRO Accounts)
CSB NRO Deposit Scheme
The Scheme for depositing Rupee funds earned in India while being an NRI
Permitted with NRIs/Residents
- Remittance outside India of current income like rent, dividend, pension, interest etc. in India of the account holder
- Remittance up to USD one million, per financial year (April-March), by NRI, subject to payment of tax, as applicable
- Transfer to NRE account of NRI within the overall ceiling of USD one million per financial year (April-March), subject to payment of tax, as applicable
- Interest earnings are subject to deduction of income tax at source
- Tax discounts on NRO deposits, as applicable under Double Taxation Avoidance Agreement (DTAA)
- Deposits are exempt from Wealth Tax
Other Important Features:
- Amount representing legitimate earnings in India can be deposited without restriction, in addition to foreign inward remittances
- No restriction on cash withdrawal/local payments.
- Interest rate and period of NRO term deposits as applicable for domestic term deposits
- Interest earned on deposit is credited after TDS and surcharge, if any, as applicable from time to time.
- The account can be used for all local payments in rupees, including payment for passage from India of the account holder or his dependents
- Nomination can be in favour of a Non-Resident/ Resident.
- Loans can be availed against security of term deposits.