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