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Home > Accounts / Deposits > NRO

Non Resident Ordinary (NRO) Account

Accounts & Deposits
NRE

NRO

FCNR (B)
FCNB Premium Account
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Overview:

  • To park India based current income in Rupees in India
  • Account can be opened either individually or jointly with other NRIs / PIOs / OCIs
  • Account types permissible:
    • Savings Bank
    • Current Account
    • Term Deposit
    • Special Term Deposit
    • Recurring Deposit
  • Funds deposited in the account will be in the form of transfer from NRE / NRO / FCNR (B) accounts or fresh remittance from overseas
  • Account can be opened with close resident relatives on "former or survivor" basis
  • Account can be withdrawn for making local payments in Rupees
  • Interest income is subject to deduction of tax at source @ 30.90%. In case, depositor is resident of any of those countries with whom India has a DTAA, the tax will be deducted as per DTAA (Double Taxation Avoidance Agreement) agreed between India and the respective country
  • Rupee loan available against NRO Deposits
ELIGIBILITY FOR NRO ACCOUNT OPENING
PERMISSIBLE CREDITS
TYPES OF NRO ACCOUNTS & DEPOSITS
TENOR OF DEPOSITS (TDR/STDR/RD)
INTEREST RATES
PREMATURE WITHDRAWALS
TAX IMPLICATIONS
LOANS AGAINST NRE DEPOSITS
OTHER FACILITIES
FUNDS TRANSFER
PROCEDURE TO OPEN AN NRO ACCOUNT
JOINT ACCOUNT BETWEEN RESIDENTS AND NON-RESIDENTS
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