A non-resident ordinary (NRO) account can be a savings, current, term deposit or a cumulative deposit account. As an NRI, your local income or funds generated in India can be credited to this account, which can be held jointly with resident Indians as well.Apply
- 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
- The NRO account can be opened by a Non-resident Indian (NRI) or a Person of Indian Origin (PIO). However if an Indian, Nepalese or Bhutanese has offices and/or branches situated in Nepal or Bhutan for any business or partnership firm established in one of these three countries he/she is not permitted to hold an NRO account.
- In addition to this, Pakistani, Bangladeshi or Chinese nationals (individuals or entities) require prior approval of the Reserve Bank of India to open an NRO account
- All the requisites for complying KYC norms
- Attested copies of Passport and stamped work permit /visa
- Two photos
- Original documents to be verified while opening an account