NRO Savings Account
Ideal if you have Indian income from rent, pension, dividends and other sources, and prefer the option to conveniently deposit and manage local rupee funds through the Westpac Non Resident Ordinary Account in Indian Rupees.
- Earn 6% p.a. interest on your savings balance
- Free issuance of pay orders and demand drafts
- Free personalized cheque book
- Joint holding permitted with an Indian Resident or NRI
- Interest earned on NRO savings account is subject to a tax deduction at source in India
- Funds held in the account and interest earned are repatriable up to USD 1 million per financial year for all bonafide purposes after payment of tax
- Average quarterly balance (AQB) requirement of INR 100,000.
Things you should know
This information has been prepared by Westpac Banking Corporation ABN 33 007 457 141, AFSL 233714 ('Westpac'). The exchange rates provided are indicative only as at the time and date shown, are subject to market movements and therefore change continuously; they should not be relied upon as an accurate representation of any final pricing. You should contact Westpac for up-to-date pricing prior to dealing. Transactions may be subject to certain fees and charges.
For further enquiries relating to foreign exchange please visit your local branch, contact your Westpac Relationship Manager or alternatively call our Mumbai Branch on +91 22 6627 1000.
This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to these things, and seek independent specialist advice as necessary. Neither Westpac nor any director, officer, employee or associate of Westpac or of any related entity make any express or implied representation or warranty regarding the accuracy or completeness of this information.