NRO Account SBI
 

Can you provide me the over view of Non Resident Ordinary (NRO) Account available with SBI (State Bank of India)? Also tell me about the documents required for opening of the Account?

Re: NRO Account SBI
 

The over view of Non Resident Ordinary (NRO) Account available with SBI (State Bank of India) is as follows:

• To park India based current income in Rupees in India
• Account can be opened either individually or jointly with other NRIs / PIOs / OCIs
• Account types permissible:
o Savings Bank
o Current Account
o Term Deposit
o Special Term Deposit
o Recurring Deposit

• Funds deposited in the account is in the form of transfer from NRE / NRO / FCNR (B) accounts or fresh remittance from overseas
• Account is opened with resident Indians on "former or survivor" basis
• Account is withdrawn for making local payments in Rupees
• Interest income is subject to deduction of tax at source @ 30.90%. For, depositor is resident of any of those countries with whom India has a DTAA, the tax is deducted as per DTAA (Double Taxation Avoidance Agreement) agreed between India and the respective country
• Rupee loan available against NRO Deposits



Checklist of Documents Required

1.
Proof of Status
Any one of the following:
Valid Visa / Work Permit
Any one of the following for NRIs with Seafarer work profile:
Valid Job Contract
Continuous Discharge Certificate (CDC), if the disembarkation stamp on CDC is not more than 6 months old
Expired contract letter (if the disembarkation stamp on CDC is not more than 6 months old)
Last pay slip evidencing employment with a shipping company (not more than 6 months old)


2.
Proof of Identity
Relevant pages of Passport

3.
Current Address document (Overseas only)
Anyone of the following:
Relevant pages of Passport (mentioning overseas address)
Self-declaration of address with positive confirmation by submitting a copy of anyone of the following:

Government issued National Identity Card at the country of residence
Driving License issued abroad
Utility Bill (Electricity, Telephone, Gas)
Original copy of latest overseas bank account or existing NRE / NRO account statement carrying overseas address
Employer's certificate
Address proof of the blood relative as per point i) to v) above (spouse, father, mother, sister, brother and child) with whom you are staying along with supporting proof of relationship (Passport, PAN Card, Driving License, Voter Identity Card, Aadhaar Card, Marriage Certificate, Birth Certificate)


4.
Proof of Permanent Address (Overseas / Indian)
Any one of the following:
Relevant pages of Passport
Driving License
Voter Identity Card
Aadhaar Letter/Card
NREGA Job Card


5.
Additional proof for applicants who are not visiting our Branch for opening the account (Non-face-to-face)
Any one of the following:
Cheque drawn on the overseas Bank account
Cancelled / Paid Cheque of the overseas Bank account
Proof of Income / Pay Slip / Tax return


6.
Additional requirement
2 Passport size photographs
Provide certified English translated copy of document wherever it is in foreign language