Women Savings Account

What’s in store for you?

Key Features of NRO Savings Account

Account Benefits

Seamless Fund Transfers

  • Repatriate funds abroad or transfer to an NRE Account via the Current Income or USD 1 million scheme. 

  • Transfer funds in any freely convertible foreign currency from abroad. 

  • Deposit foreign currency in cash, as well as  traveller's cheques during your visits to India. Click here for more details. 

  • Directly remit funds from your overseas bank to your NRO Account. 

  • Transfer funds from an existing NRE or NRO Account held at another bank in India

Debit Card

  • Conveniently withdraw cash or shop in India with your domestic Debit Card. 

  • Obtain an additional ATM card or domestic Debit Card for Mandate/POA holders to simplify account operations and management in India. 

Quick Payments

  • Conveniently, settle your utility bills or make donations. 

  • Enjoy the convenience of personalised cheque books. 

Repatriation

  • Repatriate up to USD 1 million per financial year from your NRO Account

Ways to bank

  • Bank through NRO Savings Account in a variety of ways, including NetBanking and PhoneBanking

  • Access Your account from a branch in any metro in India with Intercity Banking

  • Stay up to date with your account with free email statements

Eligibility

Account operation

  • Appoint a mandate holder for ease of operation of account

How to add a Mandate Holder for an NRI Account?

  • If you wish to add a mandate holder in your account, you will need to submit the following:

  • Letter of Mandate form duly signed by all the account holders. Click here to download the form. 

  • Mandate holder's photograph

  • Valid photo ID proof

  • Address proof

  • The above documents should be self-attested by the mandate holder and needs to be submitted at any of our Branches in India. The presence of account holder and mandate holder at branch while submitting the request is mandatory. 
Eligibility

Tax Deduction

  • Interest earned on an NRO Savings Account or NRO  Fixed Deposit is subject to Tax Deducted at Source (TDS) at 30%, plus applicable surcharge and cess, effective August 2009. 

  • As per section 206AA introduced by the Finance (No. 2) Act, 2009, individuals receiving income subject to TDS must provide their PAN number to the deducting entity. Failure to do so will result in TDS being deducted at the maximum marginal rate or 30% plus surcharge and cess, whichever is higher, from April 1, 2010. 

  • TDS, when applicable, will be deducted under the Income Tax Act, 1961 provisions and rules currently in effect and recovered from Savings, Current, Or Demand Deposit Accounts.

Features

Double Taxation Avoidance Agreement (DTAA)

  • The Double Taxation Avoidance Agreement (DTAA) is a treaty that India has established with various countries to avoid taxing the same income twice. Under DTAA provisions, customers can benefit from a reduced Tax Deducted at Source (TDS) rate on interest income earned in India. By registering for DTAA, clients can enhance the yield on their NRO Deposits, including both Fixed Deposits and Savings Accounts. 
  • To take advantage of the DTAA benefits, NRIs must provide a 'Tax Residency Certificate' (TRC) to their bank. This requirement has been in effect since April 1, 2012. The TRC is issued by the tax or government authority in the NRI's country of residence. NRIs should consult their local Tax Department, Finance Ministry, or a Chartered Accountant abroad to obtain the TRC. No alternative documents will be accepted in place of the TRC for claiming the DTAA rate for the relevant year. 

Required Documents: 

  • Self-attested copy of PAN Card 

  • Tax Residency Certificate (TRC) Click here   

  • Form 10F* 

*To generate Form 10F electronically on the income tax e-portal: 

  • Log into your account as a Non-Resident Assessee. 
  • Navigate to the 'e File' tab. 
  • Select 'Income Tax Forms' and then 'File Income Tax Forms'. 
  • Choose 'Persons not dependent on any Source of Income (source of income not relevant)'. 
  • Locate and select Form 10F from the list of available forms. 
  • Select the relevant Assessment Year (currently available for AY 2022-23). Option to furnish the same for AY 2023 24 is not available. 
  • Complete Form 10F with the required details, ensuring to attach a copy of the TRC. 
  • Verify or sign Form 10F electronically as per Rule 131 of the Income Tax Rules, 1962, either under a digital signature or through an electronic verification code if the digital signature is not required.
Depositing money to your account

More About NRO Savings Account

  • Repatriate funds abroad or transfer them to an NRE Account using the Current Income or USD 1 million scheme. 

  • Transfer funds internationally in any convertible foreign currency. 

  • Deposit foreign currency or traveler’s cheques during visits to India. 

  • Make direct remittances from your overseas bank to your NRO Account.  

  • Transfer funds from an existing NRE or NRO Account at another Indian bank. 

  • Use your local Debit Card for cash withdrawals and shopping in India. 

  • Get an additional ATM or domestic Debit Card for your Mandate/POA holders to facilitate account management in India.

  • Settle utility bills or make donations with ease. 

  • Receive personalised cheque books for added convenience. 

  • Repatriate up to USD 1 million annually from your NRO account. 

  • Manage your account through user-friendly platforms like NetBanking and PhoneBanking.  

  • Access your account from any major branch in India with Intercity Banking services. 

  • Stay updated with complimentary email statements. 

  • Appoint a mandate holder to simplify account management.

You can open an NRO Savings account online with HDFC Bank, simply click here and fill in the necessary details.

Here is the path for navigating on the official HDFC Bank Website:  

Go to NRI-> SAVE-> NRI Accounts-> NRI Savings Accounts-> NRO Savings Account.

The fees and charges of an HDFC Bank NRO Savings Account are as follows:

  • AMB/AQB charges will be applied in the current month based on the AMB/AQB maintained in the account in the previous month.

  • Service/Transaction charges based on non - maintenance of AMB/AQB (as specified above) do not apply to Imperia, Preferred, Classic Programs & Corporate Salary and Super Saver Accounts

  • The PhoneBanking charges will apply on transaction that are available on the IVR but are done through the PhoneBanking Executive 

  • All fees and charges, mentioned in the FEES & CHARGES SCHEDULE will attract GST @18% effective 01 July 2017.

  • The above-mentioned fees & charges are subject to change time to time. The bank reserves the right to make changes in the fees & services schedule.

Click here to view more details of the fees and charges.

*The (Most Important Terms and Conditions) for each of our banking offerings features all the specific terms and conditions that govern their use. You must go through it thoroughly to fully understand the terms and conditions applicable to any banking product you choose.

Frequently Asked Questions

An NRO Savings Bank Account, provided by Indian banks to NRIs and PIOs residing in India, facilitates the management of income from Indian sources, such as rent, dividends, or pension. It ensures adherence to Indian banking laws and tax regulations.

If you have an NRO Account with HDFC Bank, you can enjoy the following perks:

  • You can conveniently repatriate funds abroad or transfer money in to an NRE Account via the Current Income or USD 1 million scheme.

  • The NRO Savings Account allows you to transfer funds in any freely convertible foreign currency from abroad.

  • You can just as easily deposit foreign currency or traveller's cheques during your visits to India.

  • You can also directly remit funds from your overseas bank account in your country of residence to your NRO Account in India.

  • You may transfer money from an existing NRE or NRO Account held at another Indian bank.

NRE Savings Accounts offers features like tax-free interest and any-time repatriation of account balances while residing abroad, using the International Debit Card provided by the bank. Conversely, NRO Savings Accounts cater to NRIs and PIOs with income sources in India. The interest earnings on NRO Accounts are subject to taxation in India. Like with NRE Accounts, banks provide a Debit Card to NRO accountholders, enabling them to access funds in the account during their visit to India.

You are eligible to open a NRO Current Account if you are an Indian citizen residing abroad or a Person of Indian Origin (PIO).

Click Here for the NRI Account opening form. Click here for details on documentation.

Your NRO Savings Account is maintained in Indian Rupees.

Click Here to know the minimum balance required for NRO 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.

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

There are no restrictions on the debits from NRO Savings Account for within India transactions. 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.

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

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.

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.

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,

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

Please click here to send money to India to your 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.

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

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 nominations 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 single applicant's name.

The interset earned on your NRO savings account  is subject to income tax deducitona at source @ 30% plus application surcharge and cess.