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NON RESIDENT (ORDINARY)

SAVINGS BANK

Non Resident (Ordinary) Savings Bank

Karnataka Bank provides quick opening and flawless banking experience with our Non Resident (Ordinary) Savings Bank Account to keep your hard earned money out of Indian proceeds/legitimate dues in India safe at home thereby providing you a wonderful start to your saving journey.

  • Funds held in these accounts cannot be repatriated. However, funds representing current income like rent, dividend, pension interest etc, are repatriable based on certification by a Chartered Accountant that the amount proposed to be remitted is eligible for repatriation and that applicable taxes have been paid.
  • Can be utilized for local payments and for other investments on non-repatriation basis.
  • Can be jointly held with Resident Indians.
  • Interest earned on the deposit is subject to tax as applicable.
  • Nomination facilities available.
  • Non-Resident Indians (NRI)

Non-Resident Indians (NRI) is an Indian citizen who stays outside India for:

  • Employment / Carrying out Business/Vocation or for any other purpose for an indefinite period.
  • Indian Citizen working abroad on Assignment with Government Agencies/ Foreign Government Agencies and Public Sector Undertakings agencies/ Indian Diplomatic Missions/ International & Multinational Agencies like UNO/IMF/World Bank etc.
  • Seafarers of Indian nationality / origin employed by overseas shipping companies.
  • Indian students pursuing studies in abroad.
  • PIOs – Persons of Indian Origin / OCI (Overseas Citizen of India)

Person of Indian Origin (PIO) / Overseas Citizen of India (OCI) is an individual holding Foreign Passport other than Bangladesh or Pakistan:

  • A Citizen of India by virtue of the Constitution of India or the Citizenship Act,1955 (57 of 1955) or who belonged to a territory that became part of India after the 15th day of August, 1947.
  • Having Parent/Grandparent as Citizen of India by virtue of Constitution of India or the Citizenship Act,1955.
  • Spouse of Foreign Origin of Indian Citizen/ spouse of an PIO/OCI.
  • Valid Indian Passport/ Overseas Resident Card.
  • Employment Visa/ Work permit / Overseas Resident Card/Student Visa/ Overseas Resident Card.
  • Communication Address Proof - The address on the document must be the same as the address mentioned in the application form.
  • Pan Card / Form 60 to be provided mandatorily.

In case of off-site verification, all photocopies of the above proofs must be attested by any of the following:

  • Authorised officials of overseas branches of Scheduled Commercial Banks registered in India,
  • Branches of overseas banks with whom Indian banks have relationships,
  • Notary Public abroad,
  • Court Magistrate,
  • Judge, Indian Embassy/Consulate General in the country where the non-resident customer resides,