What is a YES Bank NRO Account?
A YES Bank NRO (Non-Resident Ordinary) account is designed for NRIs (Non-Resident Indians) to manage income earned in India, such as rent, dividends, or pension. This savings or current account allows you to deposit and manage Indian rupees. The interest earned is subject to tax, and the funds can be repatriated (transferred) abroad after fulfilling tax obligations.
YES Bank offers various NRO accounts with easy access to online banking and multiple withdrawal options, ensuring convenience for NRIs.
Types of YES Bank NRO Accounts
YES Bank offers various types of Non-Resident Ordinary (NRO) accounts tailored for Non-Resident Indians (NRIs) to manage their finances in India:
-
NRO Savings Account
A savings account designed for NRIs to manage income from Indian sources like rent, dividends, and pensions.
Key Features and Benefits:
- Maintained in Indian Rupees (INR).
- Partial repatriation allowed up to USD 1 million per financial year.
- Interest rates range from 4% to 6.25% per annum based on the balance.
- Interest subject to TDS at 30.90%, with exemptions under DTAA for residents of certain countries.
- Online banking and mobile app access from anywhere in the world.
- Secure management of Indian income.
- Facilities for nominations and overdrafts.
- Access to over 1.5 million ATMs and various rewards programs.
-
NRO Fixed Deposit Account
This account allows NRIs to invest in fixed deposits while earning interest on their Indian income.
Key Features and Benefits:
- Flexible tenure options ranging from a few months to several years.
- Competitive interest rates, typically higher than savings accounts.
- Interest earned is also subject to TDS.
- Guaranteed returns on investments.
- Option for premature withdrawal with applicable penalties.
-
NRO Current Account
A current account aimed at NRIs who need to manage frequent transactions related to their business or personal finances in India.
Key Features and Benefits:
- Generally does not earn interest.
- Unlimited transactions allowed.
- Operated in INR.
- Ideal for regular business transactions.
- Facilitates easy fund transfers within India.
-
NRO Mariner Account
Specially designed for seafarers, this account provides unique benefits tailored to their needs.
Key Features and Benefits:
- Zero balance requirement.
- Maintained in INR.
- Convenient banking solutions for mariners with flexible access options.
YES Bank NRO Savings Account Interest Rates
YES Bank offers the following interest rates for NRO Savings Accounts:
| Account Balance |
Interest Rate (p.a.) |
| Up to ₹1 lakh |
3.00% |
| Above ₹1 lakh to below ₹5 lakh |
4.00% |
| ₹5 lakh to below ₹10 lakh |
5.00% |
| ₹10 lakh to below ₹100 crore |
7.00% |
*Interest rates updated as of December 2024.
NOTE: Interest rates are subject to change. For the most current rates, please refer to YES Bank's official website.
YES Bank NRO Term Deposit Account Interest Rates
Here are the current interest rates for YES Bank's Non-Resident Ordinary (NRO) Fixed Deposit (FD) accounts:
| Tenure |
Interest Rate |
| 7 days to 14 days |
3.25% p.a. |
| 15 days to 45 days |
3.70% p.a. |
| 46 days to 90 days |
4.10% p.a. |
| 91 days to 120 days |
4.75% p.a. |
| 121 days to 180 days |
5.00% p.a. |
| 181 days to 271 days |
6.10% p.a. |
| 272 days to < 1 year |
6.35% p.a. |
| 1 year to < 18 months |
7.50% p.a. |
| 18 months to < 36 months |
7.75% p.a. |
| 36 months to < 60 months |
7.25% p.a. |
| 60 months |
7.25% p.a. |
| 60 months 1 day to 120 months |
7.00% p.a. |
*Interest rates updated as of December 2024.
NOTE: These rates are applicable for deposits up to ₹2 crore and are subject to change.
Eligibility Criteria to Apply for a YES Bank NRO Account
To open a YES Bank NRO account, applicants must meet specific eligibility requirements that ensure compliance with banking regulations.
- Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) as defined by FEMA.
- Indian seafarers.
- Indian government employees holding Diplomat passports.
- Students studying abroad.
Documents Required to Open a YES Bank NRO Account
It is necessary to gather the following documents for a smooth application process when opening a YES Bank NRO account:
- Passport.
- Address Proof (e.g., utility bill, lease agreement).
- Visa/Permit
- PAN card or Form 60.
- Recent Passport-Sized Photos.
Benefits of Opening a YES Bank NRO Account
The key benefits of opening a YES Bank NRO Account are as follows:
- Convenience: NRIs can easily deposit and manage their funds through online banking and mobile apps, providing access from anywhere in the world.
- Repatriation: The account allows partial repatriation of funds, with a limit of up to USD 1 million per financial year.
- Interest Rates: Interest rates range from 4% to 6.25% per annum, depending on the balance maintained in the account.
- Taxation: Interest earned is subject to a Tax Deducted at Source (TDS) of 30.90%, but this can be reduced under Double Taxation Avoidance Agreements (DTAA) if applicable.
- Nomination Facility: Account holders can designate nominees for their accounts, ensuring a smooth transfer of assets.
- Overdraft Facility: YES Bank offers an overdraft option against the NRO account, allowing easy access to funds without breaking fixed deposits.
- ATM Access: Customers can access over 1.5 million ATMs globally, enhancing convenience for cash withdrawals.
- Rewards Program: YES Bank provides a rewards program where account holders can earn points redeemable for shopping, travel, and more.
Conclusion
A YES Bank NRO account is a convenient solution for managing income earned in India, such as rent, dividends, or pensions, while living abroad. It allows secure repatriation of funds up to $1 million per financial year, subject to RBI rules. With features like competitive interest rates, easy online banking, and tax deduction at source (TDS), it simplifies financial management for NRIs.
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