UNION ROYAL - NRO Savings Bank Account (URNRO)
Rupee Account(NRO)-Savings Bank(SB)
Type of Accounts
Who Can Open
Any person resident outside India for putting through bonafide transactions in rupees.
Individuals/ entities of Pakistan nationality/ origin and entities of Bangladesh origin require the prior approval of the Reserve Bank of India.
A Citizen of Bangladesh/Pakistan belonging to minority communities in those countries i.e. Hindus, Sikhs, Buddhists, Jains, Parsis and Christians residing in India and who has been granted long term visa(LTV ) or whose application for LTV is under consideration, can open only one NRO account with an AD bank subject to RBI/FEMA guidelines from time to time.
Permitted with Resident Indian as well as with NRIs/PIOs.
If A/c is joint with Resident Indian, the joint account holder should be close relative as per RBI guidelines and the operation in the account shall be 'Former or Survivor' only.
Inward remittances from outside India, legitimate dues in India
and transfers from other NRO accounts are permissible credits to
Rupee gift/ loan made by a resident to a NRI/ PIO relative within
the limits prescribed under the Liberalized Remittance Scheme
may be credited to the latter’s NRO account.
All local payments in rupees including payments for investments subject to compliance of RBI guidelines, transfers to other NRO accounts.
Remittance outside India of current income in India of the account holder net of applicable taxes.
Apart from these, balances in the NRO account cannot be repatriated abroad except by NRIs and PIOs up to USD 1 million, subject to conditions specified in Foreign Exchange Management Act (Remittance of Assets) Regulations, 2016.
Funds can be transferred to NRE account within this USD 1 Million facility. Any other debits permitted by RBI from time to time.
Rate of Interest
As Applicable to Domestic Savings Account
Quarterly Average Balance
Debit Card Charge
Issuance Charge – Free
AMC - Free
ATM access at own /other Bank ATM (Domestic)
ATM Cash withdrawal limit
Rs. 1,00,000/- Per day (Domestic use only)
Rs. 3,00,000/- Per day
Penalty for Non –Maintenance of QAB
Rs. 500+GST Per Quarter
Tax on Interest Income
Cheque leaves including Personalized cheque leaves
100 leaves per year, beyond 100 leaves chargeable as per guidelines
NEFT, RTGS and IMPS
Account Closure charges
Operation 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 in rupees, remittance of current income to the account holder outside India or remittance to the account holder himself through normal banking channels. While making remittances, the limits and conditions of repatriability will apply.
Repatriation of Funds
Not repatriable except for all current income. Balances in an NRO account of NRIs/ PIOs are remittable up to USD 1 (one) million per financial year (April-March) along with their other eligible assets
As per RBI/FEMA guidelines.
(For Domestic Use Only)
VISA SIGNATURE CARD or RuPay JCB Platinum Card to be issued to customers as per their choice.
Benefits of VISA Signature Card:
( Benefits offered VISA may change from time to time)
Benefits of RUPAY JCB Platinum Card:
( Benefits offered by NPCI/ JCB may change from time to time)
*Debit card should be in active status and has been used for financial/non-financial transactions at least once in the last 90 days prior to death
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