NRO Account Minimum Balance Requirements

NRIs need to open an NRO (Non-Resident Ordinary) account if they are earning income in India in the form of a pension, dividends or rental income. When looking for a bank to open an NRO account, there are a lot of options available in India. However, when deciding a bank to open an NRO account, you should look at important parameters like NRO account minimum balance requirements, interest rates, presence of the bank, among others. 

Apply for NRO Account

NRO Account Minimum Balance Requirements

You can check out the Minimum Balance Requirement for NRO Account for top banks in India as under: 

NOTE: 1. AMB is Average Monthly Balance

            2. AQB is Average Quarterly Balance

Top 10 NRO Account Minimum Balance Requirements

1. Axis NRO Account Minimum Balance Requirement

The average minimum balance requirement in an Axis Bank NRO account is- 

• Average Monthly Balance for Easy Savings Account is Rs. 12,000 for metro and urban areas and Rs. 10,000 for other areas. 
• Average Monthly Balance for Prime Savings Account is Rs. 25,000
• Average Monthly Balance for Mariner Account is Rs. 10,000
• Average Quarterly Balance for Priority Account is Rs.2,00,000
• Average Quarterly Balance for Burgundy Account is Rs.10,00,000 

Penalty for not maintaining average minimum balance in an Axis Bank NRO account- 

• In the Easy Savings Account, 7.5% of the shortfall from Average Monthly Balance requirement or 600 whichever is lower.
• For Prime Savings Account, 7.5% of the shortfall from Average Monthly Balance requirement or 600 whichever is lower.
• In the Mariner Savings Account, 7.5% of the shortfall from Average Monthly Balance requirement or 600 whichever is lower.
• For Priority Savings Account, 7.5% of the shortfall from Average Quarterly Balance requirement or 600 whichever is lower.

2. HDFC Bank NRO Account Minimum Balance Requirement

The average minimum balance requirement in an HDFC Bank NRO account is- 

• Rs. 10,000 for Metro and urban branches
• Rs. 5,000 for Semi-urban branches
• Rs. 2,500 is the Average Quarterly Balance (AQB) for Rural branches. 

Penalty for not maintaining average monthly minimum balance in an HDFC Bank NRO account- 

Penalty for not maintaining average quarterly minimum balance in an HDFC Bank NRO account-

3. IndusInd Bank NRO Account Minimum Balance Requirement

The average minimum quarterly balance requirement in an IndusInd Bank NRO account is- 

• Rs. 10,000 for A & B Category Branches

• AQB- Rs. 5,000 for C & Rural Category Branches

Penalty for not maintaining average minimum balance in an IndusInd Bank NRO account- 

• 10% of the shortfall subject to maximum of Rs. 750. 

4. ICICI Bank NRO Account Minimum Balance Requirement

The average minimum monthly balance requirement in ICICI Bank NRO account is- 

• Rs. 10,000 for Metro & Urban locations

• Rs. 5000 for Semi-urban locations

• Rs. 2000 for rural locations

Penalty for not maintaining average monthly minimum balance in an ICICI Bank NRO account-

• Charges for Non-maintenance of average monthly balance- 6% of the shortfall in required MAB or Rs. 500, whichever is lower in all locations. 

5. Yes Bank NRO Account Minimum Balance Requirement

The average minimum monthly balance requirement in Yes Bank NRO account is- 

• NRI customers having an NRO savings account in Yes Bank branches need to maintain an average monthly balance (AMB) of Rs. 10,000. 

Penalty for not maintaining average monthly minimum balance in YES Bank NRO account- 

6. Kotak Bank NRO Account Minimum Balance Requirement

The average minimum monthly balance requirement in Kotak Bank NRO account is- 

• NRI customers having an NRO savings account in Kotak Bank need to maintain an average monthly balance (AMB) of Rs. 10,000. 

Penalty for not maintaining average monthly minimum balance in Kotak Bank NRO account- 

• 5% of the shortfall in required Average Monthly Balance (AMB) per month. 

7.  RBL Bank NRO Account Minimum Balance Requirement 

The average minimum monthly balance requirement in RBL Bank NRO account is- 

• A DBS NRO account requires a low minimum monthly balance requirement of Rs. 10,000. 

Penalty for not maintaining average monthly minimum balance in RBL Bank NRO account- 

• If balance maintained is greater than 50% of the required amount then 5% of the balance shortfall will be charged as non-maintenance charges/month.
• If balance maintained is less than or equal to 50% of the required amount then 10% of the balance shortfall will be charged as non-maintenance charges/month.
• Maximum amount of non-maintenance charges charged per month is Rs. 500

8. State Bank of India NRO Account Minimum Balance Requirement

The average minimum monthly balance requirement in SBI NRO account is- 

• Rs.3,000/- for metro/urban branches
• Rs. 2,000/- for semi urban areas 
• Rs.1,000/- for rural branches.

9. Bank of Baroda NRO Account Minimum Balance Requirement

The average minimum monthly balance requirement in BOB NRO account is- 

• NRI customers having an NRO savings account in Bank of Baroda need to maintain an average monthly balance (AMB) of Rs. 1000. 

Penalty for not maintaining average monthly minimum balance in Bank of Baroda NRO account- 

• Rs. 200 + GST every quarter for metro and urban locations
• Rs. 100 + GST every quarter for semi-urban and rural locations. 

10. SBM NRO Account Minimum Balance Requirement 

The average minimum monthly balance requirement in SBM NRO account is- 

There is no minimum balance applicable for the SBM NRO account.

Contact SBNRI

Due to lots of information and documentation required to apply for NRO accounts, NRO account opening process is lengthy and cumbersome elsewhere but you can download SBNRI App to apply for an NRO account with nominal documentation in just 10 minutes.

You can also click on the button below to open an NRI account. Also visit our blog and YouTube Channel for more details.

Open NRO Bank Account Now