NRO (Non-Resident Ordinary) FAQs

Yes, the NRI can remit in any currency. Bank will convert that currency into Indian rupees and open the NRO Account. NRO account will be maintained in only Indian Rupees thereafter.

You can authorize an Indian Resident to operate your NRO account. You will have to execute the completed Power of Attorney application form on a stamp paper for this purpose.

No. You can open an NRO account with the assistance of any of bank's authorised centres located across the world. In case of any difficulty, you can get in touch with the bank through phone or email and the bank will guide and assist you in opening your account.

No. Transfer between NRO accounts is not permitted.

Yes, there is no restriction to maintain multiple accounts NRO accounts.

Yes. You can open account from abroad by sending duly attested, completed and signed Account Opening along with attested copies of passport and Visa, etc.

Banks need to follow the rate of TDS specified in the Finance Act, every year and deduct tax at source accordingly.

Presently, TDS is made at following rate :
Interest earned up to Rs. 10 lakh: TDS @ 30.90%
Interest earned beyond Rs. 10 lakh: TDS @ 33.99% inclusive of surcharge.

If the nominee is specified under the NRI account, whether resident or non-resident, and if he/she plans to use the funds locally, then the payment will be made by the banks in Indian Rupees. If the nominee is an NRI who wishes to repatriate the amount, then the nominee needs to comply with LEG formalities.

  • All local payments in rupees.
  • Remittance outside India of current income like rent, dividend, pension, interest in India of the account holder net of applicable taxes.

Repatriation of current income is allowed up to USD 1 million each calendar year for any purpose from the balances in NRO accounts subject to payment of taxes. This limit also includes sale proceeds of immovable properties held by NRIs/ PIOs.

Yes. A foreign national of non-Indian origin visiting India can open an NRO (current/ savings) account with funds remitted from outside India through banking channel or by sale of foreign exchange brought by him to India.

NRO Account can be of types Current Account, Savings Account, Recurring Deposit and Fixed Deposit.

Yes. You can open an NRE Account jointly and the joint account holder can either be an NRI or a resident Indian.

Yes. Any interest on funds kept in an NRO account is taxable and subject to TDS.