Key Features of the South Indian Bank NRO Account
An NRO account ensures your income earned in India is safely grown in Indian banks. The key features of the South Indian Bank NRO account are:
- Indian Rupee Denomination: South Indian Bank NRO account allows all transactions in the account to be maintained in Indian Rupees, making it easy to manage local expenses and remittances.
- Joint Account Facility: You can open a joint account. With a resident Indian, the account can be opened on a "former or survivor" basis.
- Tax Implications: The interest earned on the account is subject to Indian Income Tax regulations.
- Account Types: The NRO account can be held in various formats, including Savings, Current, or Term Deposits, offering flexibility based on your financial goals.
- Limited Repatriation: The funds repatriation is restricted on how much money can be transferred out of the country from this account, as per the regulatory guidelines.
South Indian Bank NRO Fixed Deposit Account Interest Rates
The South Indian Bank NRO Fixed Deposit account interest rates amounting to less than INR 3 crores are:
| Tenor |
General |
Senior Citizens |
| 1 year |
6.60% |
7.10% |
| Above 1 year to 1 year 6 days |
6.10% |
6.60% |
| 1 year 7 days to 399 days |
6.20% |
6.70% |
| 400 days |
6.30% |
6.80% |
| 401 days to less than 5 years |
6.20% |
6.70% |
| 5 years to less than 66 months |
5.70% |
6.20% |
| 66 months (Green deposit) |
6.00% |
6.50% |
| Above 66 months to up to and including 10 years |
5.70% |
6.20% |
| Tax Gain ( 5 Years ) |
5.70% |
6.20% |
Interest rates are applicable from August 2025. Rates are subject to change.
You may also know about South Indian Bank FD Interest Rates
Eligibility to Open a South Indian Bank NRO Account
The following candidates are eligible to open a South Indian Bank NRO Account
Documents Required to Open South Indian Bank NRO Account
To open an account, you'll need to provide the following:
- A completed and signed application form.
- A valid copy of your passport.
- Proof of your overseas address, such as a recent bank statement from your foreign account or a certificate from your employer abroad.
- Your PAN Card or Form 60.
- Two recent passport-sized photographs.
- Initial remittance, which can be a bank draft from an overseas bank, a cheque drawn on a foreign bank, or a local remittance in INR.
Benefits of the South Indian Bank NRO Account
The benefits of South Indian Bank NRO account are:
- Financial Management: South Indian Bank NRO account acts as a single account for all your earnings in India, eliminating the need to manage multiple accounts.
- Convenience for Local Payments: The account can be used for various payments in India, including utility bills, loan EMIs, insurance premiums, and local investments.
- Investment Opportunities: Link your NRO account to a Demat and trading account to invest in Indian stocks, mutual funds, and other financial instruments, thereby helping you expand your investment portfolio.
- Wealth Appreciation: The funds in your South Indian Bank NRO account earn competitive interest rates, which helps grow your wealth over time.
Conclusion
A South Indian Bank NRO Account is ideal for NRIs seeking to manage and grow their wealth in India. Having versatile features, various account types, competitive interest rates, and seamless opening process, the account simplifies financial management for non-residents. Whether you're receiving rent, dividends, or a pension, South Indian Bank NRO account offers a secure and compliant way to handle your income and invest in India.
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