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NRO Account » FAQs

Who can open an NRO Account?
Any person/entity resident outside India may open NRO account with an authorised dealer or an authorised bank for the purpose of putting through bonafide transactions denominated in Rupees.
Opening of accounts by individuals/entities of Bangladesh/ Pakistan nationality requires prior approval of Reserve Bank.

In what form can the NRO Account be maintained?
NRO accounts may be opened/maintained in the form of current, savings, recurring or fixed deposit accounts

Whether Joint Accounts are allowed?
Yes. The accounts may be held jointly with residents and/or with non-residents.

What types of funds can be credited or deposited in the NRO Account?

  • Remittances sent outside India through normal banking chanels
  • Foreign currency brought into India during temporary visits of the Account holder. However, if you plan o bring in more than USD 5000 or its equivalent in cash, then do remember to mention the same in the Currency Declaration Form at the time of Customs clearance at the Airport.
  • Transfer from rupee accounts of non-resident banks
  • Any sums received by the Accountholder in India. These could be in the form of income such as rent, interest, dividend, pension etc. or in the form of assets like sale of immoveable property etc.

What are the payments allowed from the NRO Account?

  • Any type of local payment in Rupees
  • Remittance outside India for current income mentioned above (rent, interest, dividend, pension etc.)
  • Remittances of upto USD 1 million per year for all bona fide purposes

What happens to the status of the Account when the NRI returns to India and becomes a resident?
NRO accounts can be re-designated as resident rupee accounts on the return of the account holder to India for taking up employment, or for carrying on business or vocation or for any other purpose indicating his intention to stay in India for an uncertain period. Where the account holder is only on a temporary visit to India, the account continues to be treated as non-resident during such visit.

What happens to the balance in the NRO Account on death of the Accuontholder?
The amount due/payable to non-resident nominee from the NRO account of a deceased account holder shall be credited to NRO account of the nominee with an authorised dealer/authorised bank in India.The amount payable to resident nominee from the NRO account of a deceased account holder shall be credited to resident account of the nominee with a bank in India

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