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NRI Deposits
NRO Fixed Deposit Receipt




Non Resident Ordinary Account (NRO)


Indian Rupees

Type of Accounts

Term Deposit

Te`nure (For Term Deposits)

Minimum 15 days to maximum 10 years

Sources of Funding the Account

1.    Funds remitted from abroad in any permitted currency through banking channels.

2.    Depositing cheque / draft drawn in foreign currency or INR, drawn on Vostro A/cs maintained by foreign bank and exchange houses with us.

3.    Transfer from other NRE / FCNR / NRO accounts of the same account holder or another account holder with our Bank or other Banks accompanied by a certificate from paying bank.

4.    Surrender of foreign currency / foreign currency travellers’ cheques to the Bank by the account holder in person.

Note : Third party TCs are not permitted.

Rate of Interest

As advised by the Bank from time to time.

Who can open

NRIs / PIOs/OCIs (other than person resident in Nepal and Bhutan)
(Individuals from Pakistan require prior approval of RBI)

Joint Account

The accounts may be held jointly with residents and/or with non-residents. If the account is held jointly with non-residents, the operation mandate in the account may be as per the choice of the account holder. If the account is held jointly with resident Indians, the joint account holder should be a close relative as per the RBI guidelines and the operation mandate in this account shall only be FORMER OR SURVIVOR.



Tax on Interest Income

TDS on interest earned on NRO deposits is at 30.90%.   If interest amount paid exceeds Rs.10 lacs, TDS will be @33.99%.

Lower TDS rate for accounts of NRIs from countries having Double Taxation Avoidance Agreement (DTAA) with India.
Please CLICK HERE for DTAA and TRC details.

Operations by Power of Attorney in favour of a resident

Operations in the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments and for investment in the name of account holder.  Remittance to the account holder abroad is permitted, if the PA document provides for the same. 

Repatriation of fund

Interest is repatriable net of applicable tax.   Principal amount is repatriable under certain circumstances subject to payment of applicable taxes.

I have been a customer of Union Bank of India, NRI Branch at Mumbai since the last 15 years. It is a matter of great satisfaction to me that UBI managers and staff are the most friendly and they have almost always exceeded our expectations.
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