NRO account in Citibank

September 30, 2013 04:57
 NRO account in Citibank

Overview

If you remit funds in Foreign Currency, these funds are converted on Indian Rupees at the prevailing exchange rate as on the date of the transfer prior to deposit booking.

The minimum Deposit is Rs 80000

Tenurefrom 7 day to 5 years

Interest is computed using a fixed rate.

You can choose between Simple or Compound Interest.

Interest is accrued monthly.

In case of Compound Interest, interest is compounded every

90 days and paid on maturity.

In case of Simple Interest, interest is paid quarterly.

Features and Benefits

The interest earned on this account is taxable in India. Tax is currently deducted at source at 30% + CESS when the interest accrues on your deposit.(1). In addition to the interest taxed in India, the interest earned may also be subject to tax in your country of residence.

You can add both Resident Indians as well as Non Resident Indians as Joint Account Holders.The account can be funded through:

Any legitimate income from India

Funds from any other NRO or NRE Account in any bank in India

Foreign Currency Remittances from overseas

Repatriation needs to be in adherence to the guidelines of the Reserve Bank of India and is limited to equivalent of US$1 million per year for all qualified balances.

Additionally, you will need to provide documents as per the guidelines issued by the Reserve Bank of India depending on the source of the funds in the account.

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