Non Resident Ordinary (NRO) Account

NRO account is maintained in rupees.

Depositor can open Savings Bank/ Current Account, Fixed Deposit, Cash Certificate, Recurring Deposit.

Interest earned is subject to Indian income tax which is deducted at source. Interest earned is repatriable fully from 1996 onwards. Accounts can be held jointly with resident Indian.

The balance held in the non-resident ordinary rupee account is ordinarily non repatriable. However amounts representing current income like pension, dividend, rent, interest, cost of education, medical expenses, sale proceeds of immovable property etc. upto an overall limit of USD 1 million per calendar year will be permitted to be repatriated outside India. The existing prohibition regarding repatriation of assets to a citizen of Pakistan, Bangladesh, Sri Lanka, China, Afghanistan, Iran, Nepal and Bhutan shall continue.