Any Indian resident outside India, including NRI's; Or a person of Indian origin residing outside India can open an NRO account. The account and be funded by remittance from outside India, or by travelers cheques/currency notes while on visit to India or through Indian Rupee funds.
NRO account can be opened as savings/current/recurring/fixed deposit account.
Accounts are denominated in Indian Rupees
are non-repatriable however remittance upto USD 1 million per financial
year calendar year is permitted provide certain applicable conditions
Joint accounts are permitted with Resident / Non-Resident Indians.
Fixed Deposits can be maintained for terms varying from 15 days to 10 years
Interest on Savings Account accrued on monthly minimum balance basis & credited to the account half-yearly
Interest is repatriable subject to payment of tax
Statement issued on monthly basis or as per customer's request or Register for E-Statement services
Nomination facility available.
by residents under power of attorney available for local payments and
permitted investments. However, power of attorney holder cannot open or
close NRO accounts nor make gifts or facilitate loans.
Rupee loans in India can be granted to account holder and 3rd party against security of these deposits.
Transfer is permissible in account holder’s other NRO accounts.
Interest is taxable in India at applicable rates.
Gifts made to close resident relatives are exempt from income tax liability applicable in case of the recipient done.
Online banking application for
personal banking users