NRO Savings Account Interest Rate
Applicable NRO Account Interest Rates
| Savings Account Balance (INR) | Interest Rates (p.a.) * w.e.f. March 14, 2023 |
|---|---|
| Up to 2 lakh | 3.50% |
| More than 2 lakh to 5 lakh | 4.00% |
| More than 5 lakh to 10 lakh | 5.00% |
| More than 10 lakh to 50 lakh | 7.00% |
| More than 50 lakh to 50 crore | 7.25% |
| More than 50 crore | 5.00% |
If you want to deposit an amount greater than INR 5 crore, please get in touch with the bank branch or your designated Relationship Manager (With effect from March 14, 2023).
For further support and assistance, contact our Customer Service Team on 1800 1033 817 or email us at customercare@sbmbank.co.in.
*The savings interest rate shall apply on an incremental balance. We reserve the right to change the above rates without prior notice. The depositor is requested to confirm the rate with the respective branch before investing.
FEATURES & BENEFITS OF NRO ACCOUNT
Competitive Returns
Our NRO Account interest rates our highly competitive, ensuring that your domestic income and investments yield maximum returns. Our lucrative interest rates are intended to optimise your earnings and enhance your financial planning.
FAQs
To open an NRO Account with the SBM Bank, you need the following documents/proofs.
- Identity proof: Passport
- NRI (Non-Resident Indian) Status: Visa and PIO/OCI Card
- Overseas Address proof: Driver’s license or last three months utility bill
- Domestic Address proof: Utility bill
- Passport-sized photographs
- Other documents: Permanent Account Number (PAN)
Repatriability means the process of transferring funds from one country to another. In the context of Non-Resident Ordinary Accounts, it refers to the transfer of funds from a NRO Account in India to a foreign country. Interest earned in NRO Account is completely repatriable. However, repatriation of principal amount up to USD 1 million per financial year can be made every financial year.
Yes, interest earned in an NRO Account is subject to tax payment.
