Non Resident (Ordinary) Savings Bank - NRO savings account

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,