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Standard Chartered NRO Savings account empowers NRIs to easily manage their money earned in India.

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NRO account benefits

Standard Chartered NRO Savings account empowers NRIs to easily manage their money earned in India.

A savings account for NRIs to park their Rupee funds earned in India

Deposit your local funds conveniently in the NRO Savings account. Get access to benefits like free VISA Platinum domestic debit card, internet and phone banking, and multicity cheque books.

24x7 access to your account

Get 24×7 access to your Standard Chartered account through our simple, secure, and easy to use internet and phone banking platforms.

Easy transfer of funds to India

Enjoy our wire transfer facility to transfer funds into your NRO account in India at superior exchange rates.

Anywhere banking with multi city cheque books

Multi-city cheques can be payable at any Standard Chartered branch in India. Issue cheques without any limitations of location.

Banking from your smart phone

Do more with your precious time. Standard Chartered Mobile Banking lets you transfer funds, pay bills and even book movie tickets using SC Mobile app.

FAQs

  • An NRO account is a bank account opened in India in the name of an NRI, to manage the income earned by him in India. These incomes include rent, dividend, pension, interest, etc.

  • An NRO Savings a/c can be opened by applying through our website or walking into any of our branches in India.

  • The expansion of NRO A/C is Non-Resident Ordinary A/C

  • NRO Savings a/c rate are regularly updated in the below mentioned link : Interest Rates: Domestic, NRO and NRE Savings Interest Rate – Standard Chartered India (sc.com)

  • An NRE account is a bank account opened in India in the name of an NRI, to park his foreign earnings; whereas, an NRO account is a bank account opened in India in the name of an NRI, to manage the income earned by him in India. These incomes include rent, dividend, pension, interest, etc. NRE accounts are exempt from tax. Neither the balance, nor the interest earned on these accounts is taxable in India. The interest earned on an NRO account is however taxable at 30% according to the Income Tax Act 1961.

    •  ID Proof – Photocopy of Valid Passport
    • ID Proof – Copy of Permanent Account Number (PAN)/ Form 60 (in absence of PAN)
    • Proof of NRI Status – Copy of valid visa/ work permit / Overseas Resident Card
    •  Address Proof – The address on the document must be the same as the address mentioned in the application form

  • Yes, The interest earned on an NRO account is taxable at 30% according to the Income Tax Act 1961.

  • NRO a/c is maintained in INR

  • Yes, Funds can be repatriated from NRO a/c upto USD 1 Million per year, provided the required supporting documents are submitted ( 15 CA CB and along with necessary supporting documents which might be requested as per case to case), Current Income can be repatriated without any limit with the supporting documents.