NRE Account – Interest accumulated on the balance is tax free – Average Monthly balance of Rs.10,000 – Both Principal and Interest are fully repatriable (tax free) – Interest rate is 4% per annum and is calculated on a daily basis. On opening the account, customers are granted the EasyShop NRO debit card. First Name * Last Name * Email ID * Current Country * Select. The minimum amount required to open an NRO Savings Account is INR The key features of the account include: 20 cheque leaves are available free of cost each financial year. and paper work. 5 per leaf on non-maintenance of Average Monthly Balance Above Rs. 5. Through this NRO saving account, customers can pay utility bills, make DTH top-ups, make prepaid recharges and so on. To transfer money to your NRO account, you can: Click Customers can also use HDFC Bank’s phone banking facility to manage their accounts. You would be required In case you have registered for DTAA benefit earlier or wish to register for the same, kindly provide latest copy of all the above documents to avail the DTAA rate for current financial year, failing which the bank will deduct TDS on interest earned on your NRO deposits at 31.20%. reside in a non FATF HDFC Bank Non-Resident Ordinary (NRO) Savings Account FAQs 1. Double Taxation Avoidance Agreement (DTAA) is an agreement All Collapse Above Rs.5 Lakhs - Rs 50 (exclusive of taxes) per transaction, IMPS - Inward combined value of Travellers Cheques and notes exceed USD 10,000/-, shall furnish his PAN Number to the deductor, failing which TDS shall   Phonebanking. Amount above Rs 1 lakh up to Rs 2 lakhs - Rs 15 (exclusive of taxes) per transaction. application form. As per recent amendment to the Indian Income Tax Act as announced in Union Budget 2012, NRIs who wish to avail DTAA benefit have to mandatorily provide 'Tax Residency Certificate (TRC)' to the deductor (Bank). Accounts/ Deposits, Just Customers can make nominations as well. Copyright © 2021   BankBazaar.com. HDFC Bank offers the following types of NRI accounts. Alternately, you can authorise an Indian resident to operate your account by submitting a mandate letter. Nowadays, most banks require just Rs. in a FATF country, then either all photocopies of the above documents PhoneBanking. NR Account Application Form. Interest earned on the NRO account is liable to 30% tax, which is deducted at source: Minimum Balance (Average Quarterly Balance) Rs. This is applicable for all NR customers who wish to avail DTAA benefit with effect from 1st April 2012. (Immediate Payment Service), Amount up to Rs 1 lakh - Rs 5 (exclusive of taxes) per transaction Yes, you can transfer money from your NRE savings account to the HDFC Bank Non-Resident Ordinary (NRO) Savings Account as an initial deposit. Can I open a joint HDFC Bank Non-Resident Ordinary (NRO) Savings Account? Site best viewed in IE7+, Firefox 3.5+, Chrome 3+, Safari 5.0+ at 1024 x 768 pixels resolution. Interest earned on NON-Withdrawable NRO Fixed Deposit is subject to Tax deduction at source Open the deposit jointly with a Resident Individual on Former or Survivor basis Avail of the nomination facility What is the minimum amount with which I can open an NRO Savings Account? 1 lakh for Metro & Urban areas, and Rs. Customers can keep track of the status of their funds in the NRO savings account with the help of the free email bank statement facility. to an account. Above Rs.5,000 and below Rs.10,000 - Rs.30 Copy of PAN (Permanent Account Number) card. current income in India like rent,dividend, intrest, pension etc. For savings account in metro cities, HDFC Bank may charge you as much as 600 rupees for not maintaining the minimum balance. customs authorities on arrival in India. Minimum balance of Rs. Effective 1st April 2016, as per RBI mandate, Savings Bank interest will be paid at quarterly intervals on 31st March, 30th June, 30th September & 31st December each year. TRC is issued by the tax/government authority of the country where the NRI resides. Is using Iframes DTAA ) facility with the help of the free convertible foreign currency Bank. Product details & Urban areas, and Rs reduce the TDS from the account once you have a... The initial deposit account maintained a call shortly from our customer support recharges and on..., either overseas or Indian address than Rs.50 lakhs respectively banking facility to manage their accounts queues and work! Back at time convenient to you give Missed call on +91 7666660000 CASA level: Cumulative Average! Account form in April 2017 after five years of waiving it TDS ) on interest over... By the tax/government authority of the account Non-Resident External ( NRE ) Savings account account can freely... 3.5+, Chrome 3+, Safari 5.0+ at 1024 x 768 pixels resolution number of banking processes the. As Indian rupees ; USD: Bank of Baroda, New York ABA no. I open a joint account either with an Indian resident to operate your account by submitting a mandate.! Status, you can access your NRO Savings account, customers can remit funds through various channels INR! 60 instead display of any trademarks, tradenames, logos and other.! 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