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Accounts

NRO Savings Account

An account for NRIs to carry out transactions in Rupees and enjoy convenient, hassle-free banking

Ease of Operation

Authorise a relative or friend to conduct banking transactions on your behalf in your absence

Tax Deducted at Source

Interest earned on NRO Savings Account is subject to Tax deduction at source

Free iConnect

24 X 7 account access through secure Internet banking facility from anywhere

Free Accident Cover

Avail free personal accident coverage of Rs. 2,00,000 on the Debit Card

Features and Benefits

  • Any individual residing outside India is permitted to hold an NRO Savings account
  • Allows the NRI's / PIO's to park the income like rent, dividend, pension, etc. , earned in India
  • The NRO account enables them to conveniently deposit and manage such accumulated rupee funds, thereby giving the freedom and convenience of hassle-free banking
  • Submitting a few couple of documents at best is all that is required to get started. With features that include low minimum balance requirement, tax advisory
  • Low minimum balance requirement of only Rs. 10,000
  • 'Multi-city' chequebook which will permit you to make payment via cheque across multiple locations
  • Mandate or Power of Attorney facility available so that in your absence from the country you can authorise your relative or friend to conduct banking transactions on your behalf
  • Free 24x7 access to the account through secure Internet banking facility from anywhere at anytime
  • Make online shopping payments with the iConnect banking login
  • Personal accident cover upto Rs. 2,00,000 on the Debit Card
  • Dedicated one-stop NRI help desk (nri.services@axisbank.com) to clarify queries
    *Conditions Apply

Interest earned on NRO Savings Account is subject to Tax deduction at source

Easily transfer money to and from your account

  • By transfer of existing domestic accounts
  • By foreign inward remittance by way of SWIFT/WIRE, Foreign Demand Draft, Foreign Currency Cheque, Travellers Cheque, Foreign Currency, etc.
  • By transfer from existing NRE or FCNR accounts
  • Legitimate dues in India of the account holder
  • Foreign inward remittance
  • Transfer from NRE or FCNR accounts
  • All legitimate dues of account holder in India
  • Sale proceeds of movable or immovable properties, rentals maturity proceeds of securities, investments, deposits refund of shares or debentures, dividends, etc.
  • All local payments
  • Subscription or purchase price of investments
  • Acquisition of immovable property
  • Travellers cheques and foreign currency should be tendered by the account holder personally
  • If the amount of foreign currency exceeds USD 5,000 and total of FC and TC exceeds USD 10,000 then Currency Declaration Form (CDF) should be obtained from the customer

The principal amount is not freely repatriable, however interest earned on NRO deposits can be repatriated. In case of repatriation of principal, subject to compliance with RBI regulations and payment of all taxes an amount upto USD 1 million can be repatriated.

A Non-Resident Indian can maintain a joint account with a resident Indian. The interest earned on this account is taxable at the rate of 30% + surcharge is applicable
*Conditions Apply

NRE NRO
Funds Transfer (with the bank) Restricted Repatriability
Tax Free in India Interest earned is Taxable in India
Only Foreign income can be deposited Foreign Income as well as income earned in India can be deposited
Transfer of funds is allowed between NRE accounts & also from NRE to NRO accounts Transfer of funds is allowed between NRO accounts. NRO to NRE is allowed with conditions.

Eligibility and Documentation

Fees and Charges

Download Forms

Download Forms

Download Forms

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