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NRO savings account interest rates
August 02, 2023
Many non-resident Indians (NRIs) handle their savings or income received in India, such as dividends, pensions, rent, etc., using Non-Resident Ordinary (NRO) Accounts. You can receive money with this account in both Indian and international currencies. This account helps NRI to manage their income earned in India. Additionally, moving money between your current NRE and NRO accounts is very simple. Although Tax Deducted at Source (TDS) is applied to the interest you earn in this account.
However, as NRO Accounts are stored in Indian currency and cannot be freely repatriated into any foreign currency, only Indian currency can be withdrawn.
Here is a look at the latest NRO saving accounts interest rates of leading banks in India, as per their websites.
SBI offers interest rate of 2.70% on balances less than ₹10 crore and 3% on balances ₹10 crore and above.
HDFC Bank offers interest rate of 3% on balances less than ₹50 lakh and 3.50% on balances of above ₹50 lakh.
ICICI Bank offers an interest rate at 3.5% per annum for end of day balances equal to or above ₹50 lakhs and 3% per annum for end of day balances below ₹50 lakhs.
PNB offers 2.70% interest rate on balances below ₹10 lakh, for balances between ₹10 lakh to ₹100 crore is 2.75%.
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