In what currency is my NRO Savings Account maintained?

Your NRO Savings Account is maintained in Indian Rupees.



What is the minimum amount with which I can open an NRO Savings Account?

The minimum amount required to open an NRO Savings Account is INR 10,000 or its equivalent in foreign currency. You would be required to maintain an Average Monthly Balance of INR 10,000/- only.



What is the frequency of interest payment on my NRO Savings Account?

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.



What do I get against my NRO Savings Account?

You get a cheque book and an ATM/Domestic Debit Card against your NRO Savings Account.



What are the permissible debits/credits to the NRO Savings Account?

There are no restrictions on the debits from NRO Savings Account. The credit of funds representing legitimate dues of the account holder from local sources, e.g. current income in India like rent,dividend, interest, pension etc. and proceeds of remittances received from abroad through normal banking channels can be credited. The source of funds should be informed to the Bank at time of crediting the funds in NRO Saving Account.



Can I repatriate funds from my NRO Savings Account?

NRI/PIO may remit an amount, not exceeding USD one million per financial year, out of the balances held in NRO accounts post production of documentary evidence along with Form 15CA and 15CB/CA certification



What taxes am I liable to pay if I have an NRO Savings Account?

Any interest earned on the savings in NRO account is subject to tax deduction at source as per the applicable tax rate decided by Income Tax authorities.



Can I have joint account holders for my NRO Savings Account?

Yes. You can hold an NRO account jointly with a resident (only on former or survivor basis) or non-resident Indian(s). Alternately, you can authorise an Indian resident to operate your account by submitting a mandate letter.



If I am visiting India, can I use foreign currency to open an account or credit my existing NRO Savings Account?

Foreign Currency Cheques can be used to credit/open the account. If the foreign currency notes brought by you exceed USD 5,000/- or the combined value of Travellers Cheques and notes exceed USD 10,000/-, then you have to submit a Currency Declaration Form (CDF) to the customs authorities on arrival in India. You must produce the CDF for endorsement by the Bank when you provide the money for opening/credit to an account,​​​​​​​



Can I transfer funds from my existing NRE Accounts to open NRO Savings Account?

Yes. You can transfer funds from your existing NRE Accounts to open NRO Savings Account.



How can I send remittance for credit of funds in my NRO Savings Account?

Please click here to send money to India to your NRO Savings Account.



What are the payment services available for my NRO Savings Account?

With HDFC Bank's Payment Services, you can bid goodbye to queues and paperwork. Our range of payment options makes it easy for you to pay for a variety of utilities and services. Please click here to know more about Payment Services.



What are the fees and charges for the NRO Savings Account?

Please click here to know more about NRO Savings Account fees and charges.



How can I add/modify/delete a nominee for my NRO Savings Account?

Kindly submit the particular form duly filled and signed at your nearest branch. You may download the form from our website ( Visit www.hdfcbank.com/nri > Click on Forms Center > NRI > Service Related Forms) and you may avail of our Mailbox facility to send your respective form.



For every new account (savings, current or fixed deposit), a new nomination form needs to be submitted. The same can be provided at the time of account opening itself or later. For deposits booked through NetBanking, the nomination can be replicated as maintained in Savings account or you can choose a different nominee if the account is in single applicant's name.



What taxes am I liable to pay if I have an NRO Savings Account?

The interest earned on your NRO savings account is subject to income tax deduction at source @ 30% plus applicable surcharge and cess.

