NRO Account

Features

• An NRO account can be a savings account, a current account, a term deposit or a cumulative deposit.
• The NRO account is maintained only in Indian rupees.
• Remittance of funds from abroad is permitted through normal banking channels.
• Transfer of funds from an existing Non-Resident Account.
• Any balances in the account can be repatriated to India, up to a maximum of USD $1 million per calendar year, for any purpose, subject to the payment of taxes.
• Sale proceeds of immovable properties can be credited to NRO accounts.
• The lock-in period for the sale proceeds of the immovable property, credited to the NRO account to be eliminated, provided the amount being remitted in any financial year does not exceed US $1 million.
• Interest on these deposits is subject to Income tax.
• Local funds generated in Indian rupees can be credited to these accounts.
• Interest earned on NRO accounts can be fully repatriated.
• Provision for a nominee for this account.
• NRO account can be held by an NRI jointly with a resident Indian
• Current incomes of NRIs including rent, dividend, interest, pension etc., excluding taxes applicable, can also be credited to this account