Key facts
What the official sources publish
Every value below belongs to this exact product. Select a source marker to check its context.
Deposit typeNRO tax-saving term deposit or special term deposit
Source 1Published tax-saving purposeDesigned to claim the applicable benefit under section 80C of the Income Tax Act, 1961
Source 2Tenure5 years only
Source 3Minimum deposit₹10,000, with further amounts in multiples of ₹1,000
Source 4Maximum deposit₹1,50,000 per financial year
Source 5Five-year NRO deposit rate6.05% p.a. for deposits below ₹3 croreEffective 15 May 2026
Source 6EligibilityNRI, PIO or OCI customer with an Income Tax Permanent Account Number (PAN)
Source 7Premature withdrawalNot permitted
Source 8Loan or pledge facilityNo loan is available and the deposit cannot be pledged as security
Source 9TDR interest payoutPaid quarterly to the requested NRO savings or current account
Source 10RepatriationPrincipal and interest are repatriable within the overall USD 1 million-equivalent financial-year ceiling
Source 11Published interest-tax treatmentSBI states TDS of 30.90% up to ₹1 crore of interest income and 34.608% above ₹1 crore, or the applicable DTAA rate with required documents
Source 12Published funding routesTransfer from NRO or NRE savings, fresh overseas remittance, foreign-account cheque, or eligible foreign cash or travellers-cheque proceeds converted to NRO funds
Source 13Maturity treatmentCredit to the NRO account or renewal into a regular five-year NRO fixed deposit
Source 14Benefits and features
- Structured as a five-year NRO deposit for the published section 80C purpose
- Quarterly TDR interest payout option
- Nomination and limited NRO repatriation treatment are stated
Eligibility
- Applicants must be NRI, PIO or OCI customers with PAN.
- A minor cannot open the account alone but may be a second holder with an adult primary holder.
- The official tax claims and TDS rates should be checked against prevailing tax law before relying on them.
Passing a listed condition does not mean the bank will approve an application.
Documents the bank lists
- Income Tax Permanent Account Number (PAN)
- For a DTAA claim: Tax Residency Certificate, self-declaration and Form 10F