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Home >> Services >> NRI Services  >> >> Types of Accounts  >> >> Non-Residence Ordinary
Non-Residence Ordinary

Non-Resident Ordinary Account (NRO)

When a Resident acquires the status of NRI, all existing domestic accounts become NRO Accounts. NRO Account can also be opened by remittances from abroad wherein legitimate dues in Rupees of the account holder in India can also be credited. Funds cannot be repatriated without prior permission of RBI. 

 

NRO accounts may be opened jointly with resident Indian on former or survivor basis only. Interest earnings are subject to Tax deductible at source. All types of accounts viz. Current, Savings and Term Deposits are opened. On application, repatriation of the entire interest income (Net of taxes) earned on the account is permitted. NRIs can remit upto USD 1 million or its currency equivalent, every financial year out of the funds held in NRO accounts Nomination facility available. 

 

NRO account can also be opened by person of non-Indian Origin (other than individual / entities of Bangladesh / Pakistan nationality / ownership). Opening of accounts by Individuals / entities of Bangladesh / Pakistan nationality / ownership require RBI approval.