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Experience a unique financial solution to deposit your money earned in India as well as abroad
Low Average Monthly Balance of Rs. 10,000/- only
Higher Yield post tax by availing DTAA benefits
Easy and Economical Remittances into India by Cheque or Wire Transfer
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Preferential Forex rate for transaction above USD 10,000/- or equivalent
List of counties with DTAA facility
Rates of TDS on Interest as per the Double Taxation Avoidance Agreement (DTAA)
(There is no DTAA with countries other than mentioned below and hence with respect to residents of such countries, normal TDS rate will apply)
| Sr. NO. | COUNTRY OF RESIDENCE OF INVESTOR | COUNTRY IN WHICH TAXED/DTAA | APPLICABLE TDS RATES |
|---|---|---|---|
| 1 | Armenia | Article 11 | 10% |
| 2 | Australia | Article XI | 15% |
| 3 | Austria | Article 11 | 10% |
| 4 | Bangladesh | Article 12 | 10% |
| 5 | Belarus | Article 11 | 10% |
| 6 | Botswana | Article 11 | 10% |
| 7 | Brazil | Article 11 | 15% |
| 8 | Belgium | Article 11 | 15% |
| 9 | Bulgaria | Article 12 | 15% |
| 10 | Canada | Article 11 | 15% |
| 11 | China | Article 11 | 10% |
| 12 | Czech Republic | Article 11 | 10% |
| 13 | Cyprus | Article 11 | 10% |
| 14 | Denmark | Article 12 | 15% |
| 15 | Finland | Article 11 | 10% |
| 16 | France | Article 12 | 10% |
| 17 | Germany | Article 11 | 10% |
| 18 | Hungary | Article 11 | 10% |
| 19 | Iceland | Article 11 | 10% |
| 20 | Indonesia | Article 11 | 10% |
| 21 | Ireland | Article 11 | 10% |
| 22 | Israel | Article 11 | 10% |
| 23 | Italy | Article 12 | 15% |
| 24 | Japan | Article 11 | 10% |
| 25 | Jordan | Article 11 | 10% |
| 26 | Kazakhstan | Article 11 | 10% |
| 27 | Kenya | Article 12 | 15% |
| 28 | Korea (South) | Article 12 | 15% |
| 29 | Kuwait | Article 11 | 10% |
| 30 | Kyrgyz Republic | Article 11 | 10% |
| 31 | Luxembourg | Article 11 | 10% |
| 32 | Malaysia | Article 11 | 10% |
| 33 | Malta | Article 11 | 10% |
| 34 | Mongolia | Article 11 | 15% |
| 35 | Montenegro | Article 11 | 10% |
| 36 | Morocco | Article 11 | 10% |
| 37 | Myanmar | Article 11 | 10% |
| 38 | Namibia | Article 11 | 10% |
| 39 | Nepal | Article 11 | 15% |
| 40 | Netherlands | Article 11 | 10% |
| 41 | New Zealand | Article 11 | 10% |
| 42 | Norway | Article 12 | 15% |
| 43 | Oman | Article 12 | 10% |
| 44 | Philippines | Article 12 | 15% |
| 45 | Poland | Article 12 | 15% |
| 46 | Portugal | Article 11 | 10% |
| 47 | Qatar | Article 11 | 10% |
| 48 | Romania | Article 12 | 15% |
| 49 | Russian Federation | Article 11 | 10% |
| 50 | Saudi Arabia | Article 11 | 10% |
| 51 | Serbia | Article 11 | 10% |
| 52 | Singapore | Article 11 | 15% |
| 53 | Slovenia | Article 11 | 10% |
| 54 | South Africa | Article 11 | 10% |
| 55 | Spain | Article 12 | 15% |
| 56 | Sri Lanka | Article 11 | 10% |
| 57 | Sudan | Article 11 | 10% |
| 58 | Sweden | Article 11 | 10% |
| 59 | Switzerland | Article 11 | 10% |
| 60 | Syria | Article 11 | 10% |
| 61 | Tanzania | Article 12 | 12.50% |
| 62 | Tajikistan | Article 11 | 10% |
| 63 | Trinidad and Tobago | Article 11 | 10% |
| 64 | Turkey | Article 11 | 15% |
| 65 | Turkmenistan | Article 11 | 10% |
| 66 | U.A.E | Article 11 | 12.50% |
| 67 | United Kingdom | Article 12 | 15% |
| 68 | United Mexican State (Mexico) | Article 11 | 10% |
| 69 | Uganda | Article 11 | 10% |
| 70 | Ukraine | Article 11 | 10% |
| 71 | USA | Article 11 | 15% |
| 72 | Uzbekistan | Article 11 | 15% |
| 73 | Vietnam | Article 11 | 10% |
| 74 | Zambia | Article 11 | 10% |
Double Taxation Avoidance Agreement (DTAA) allows earning higher yield due to reduced TDS rate applicable for the residence of the country with which Indian government has signed bilateral agreement to avoid double taxation. To avail this facility, you have to provide the tax residency certificate of your resident country along with self-declaration as per bank format.
Subject to nominal foreign currency conversion charges.
You NRO savings account will be maintained in Indian Rupees.
RBI allows repatriation of balances held in NRO savings account up to one million USD or equivalent per financial year for bonafide purposes (For e.g. education, medical expenses, employment etc.) with documentation.
The minimum amount required to open NRO savings account is Rs. 10,000/- or its equivalent in foreign currency. You would be required to maintain an Average Monthly Balance of Rs. 10,000 only.
Average monthly balance is the sum of daily closing balance of all the calendar days in a month divided by the number of days in that month.
As per current guidelines, the principal amount in NRO savings account is exempt from taxes in India. However, the interest earned will be subject to a tax of 30% (plus applicable surcharge and cess).
