Bank of Baroda DTAA

Can you tell me in detail about the Double Tax Avoidance Agreement (DTAA) for Non Resident Ordinary Rupee Savings Account (NRO-SB) in Bank of Baroda?

[Kiran Chandar]

Detailed to NRI's, a NRO-SB account is opened by release from abroad or by legitimate dues in rupees of the account holder in India.

The existing domestic A/C of the resident converted into NRO A/C on the taking up business/ employment/ immigration abroad.

Overseas Corporate Bodies (OCB) cannot have any non-resident accounts in BOB.

Key Benefits
• Close relatives (resident0 can become joint account holders
• Avail of remittance facilities
• Avail of Cheque Book facility
• Provision for nomination

Terms & Conditions

• The Principal funds are entirely non-reparable while the interest is reparable after deduction of tax at source.

• NRO FD/SB:
30.90% withholding tax plus applicable surcharge is applicable in NRO FD/SB accounts where DTAA is not applicable or the NRI depositor is not in a position to provide required documents/formalities for availing rebate in withholding tax.

Surcharge is applicable @2.5% of TDS/Tax amount to Foreign Company if the Company has net income exceeding Rs.1/-crore.

Bank of Baroda DTAA