- Banking
- Wealth
- Privileges
- NRI Banking
- Treasures Private Client
from Dubai UAE
At a Glance
The city of skyscrapers and man-made islands, Dubai, in the UAE, is a land of opportunities. 30% of the UAE population comprises Indian expatriates. Non-Resident Indians with families in India can continue to manage their finances and expenses in the motherland with DBS Treasures NRI Accounts. By choosing to open NRO Accounts from Dubai UAE, you can deposit your UAE and Indian income and earn higher returns.
Open NRO Account for Indians staying in Dubai UAE
Sky-high structures, colossal artificial islands, deserts, as far as the eye can see, are only some of the reasons why the United Arab Emirates is the land of the superlatives. Primarily surrounded by the Arabian Peninsula, UAE has allowed for international trade via waterways to proliferate. Ties between UAE and India date back many centuries due to trade links between the two countries. With time, the Indian community in UAE has evolved from blue-collar workers to securing higher management level posts.
For NRIs in this rich gulf city, an NRO Account for Indians in Dubai, UAE is an excellent means to place their UAE and Indian earnings and earn high returns. You can deposit both UAE Dirhams and Indian Rupees in the NRO Account seamlessly. Furthermore, you get access to emergency medical assistance for your loved ones in India, along with 40+ exclusive lifestyle privileges when you open NRO Savings Account with DBS Treasures.
Features and Benefits
- Enjoy competitive interest rates of up to 3% per annum on your NRO Savings Account deposits.
- DBS maintains your Indian as well as UAE earnings in Indian Rupees.
- Repatriate funds of up to USD 1 million (or equivalent in AED) per financial year under the Liberalised Remittance Scheme.
- Interest earnings on an NRO Account are taxable in India.
- Get international debit cards with NRO Savings Accounts
- Enjoy exclusive benefits and 40+ bespoke privileges with your Debit card linked to your NRO Account.
- Access to Dedicated Relationship Managers for all banking needs
- Preferential exchange rates on international fund transfers
- Open NRO Savings Account from Dubai UAE jointly with another NRI or RI.
Double Taxation Avoidance Agreement (DTAA)
To prevent NRIs from paying double taxes on their income earned in India (source country) and their country of residence (UAE, in this case), the governments of the two countries have entered into a tax treaty known as the Double Taxation Avoidance Agreement. Under the DTAA, you have to pay taxes on your Indian income sources, capital market gains, and other investments in India. You also have to pay taxes to the UAE government for your income and assets in Dubai. However, you do not have to pay taxes on your Dubai earnings in India, nor do you have to pay taxes to the Dubai government for Indian income sources. The DTAA aims to reduce the tax burden on NRIs while preventing tax evasion.
That said, NRIs have to pay the Tax Deducted at Source. NRIs can obtain the DTAA benefit by virtue of exemption of Tax Deducted at Source (TDS) or part exemption or tax refund. As per the DTAA, NRIs pay taxes only once at a fixed rate, and for UAE, that rate is 12.50% TDS.
Fees and Charges of NRO Account in Dubai UAE
Get the detailed schedule of charges for the NRO Savings Account here.
Eligibility Criteria
The following individuals can open NRO Account:
- Non-Resident Indians
- Indian citizens residing in the UAE for employment, studies, or business purposes
- Individuals posted in the UAE to undertake diplomatic missions
- Indian national mariners or seafarers working with the merchant navy, oil rigs, or registered foreign airlines
- Persons of Indian origin (PIO) /Overseas Citizens of India (OCI)
- who have held an Indian passport at any point in time
- whose parent/grandparent/great grandparents were citizens of India under the Constitution of India or India Citizen Act 1955
- who is a spouse of an Indian national or the spouse of a PIO
Documents Required
NRIs can open NRO Savings Account by providing these documents
- Copy of valid passport
- Proof of NRI status – valid work visa, residence visa, employment visa, or residency permit
- Proof of UAE and Indian Address per Customer Identification Policy (CIP)
- Copy of Indian PAN card or Form 60
- Passport size colour photograph
NRI seafarers must provide all the above documents along with their current work contract, copy of CDC, the last page of disembarkation stamp & FEMA declaration
PIO can open NRO Savings Account by providing these documents
- Copy of valid passport
- Copy of valid PIO/OCI card or any other PIO status proof, per CIP
- Proof of UAE and Indian address, per CIP
- Duly signed and filled-in PIO declaration
- Copy of Indian PAN Card or Form 60
- Passport size colour photographs
How to Apply for NRO Account in Dubai UAE?
Open NRO Savings Account online from USA by filling a form on the DBS Treasures website.
A DBS Treasures Relationship Manager will contact you shortly.
Frequently Asked Questions
You should open NRO Savings Account from Dubai UAE to deposit sums earned in India, for example, rent from Indian owned properties, pension, mutual fund dividends, fixed deposit interests, to name a few. You can also fully repatriate the interest income on NRO Savings Accounts and Fixed Deposits back to Dubai.
Yes, you can access your NRO Account from any part of the world, regardless of the time, via the digibank mobile banking app on your smartphone or through our internet banking portal. You can make remittances, pay utility bills, or open an NRO Fixed Deposit at any time.
digibank by DBS pays interest on deposits at quarterly intervals. i.e., on 31st March, 30th June, 30th September, and 31st December of every year. The payment rests are subject to changes in RBI and bank policies.
Seafarers are individuals employed by shipping companies for reasons such as ship servicing, operations, maintenances, repair work etc. They may also be engaged in merchant navy jobs.
