Nro Account: Smart Solution for Nris to Deposit Their Indian Income

While non-resident Indians reside, study, or work abroad, they may still have income sources in India. These may include rental income from a property they own in India, dividends from Mutual Funds, interest income from Fixed Deposits in India, and more. Hence, they need a Bank Account to deposit all their income that originates in India conveniently. This is when a Non-Resident Ordinary or NRO Account can be valuable.

What is an NRO Account?

It is an NRI Bank Account that allows you to deposit, access, and manage the earnings that arise in India. This account also allows you to deposit your foreign currency earnings in it. The bank automatically converts it into Indian Rupees and maintains the account in the same currency.

Features of an NRO Account

The important highlights of this NRI Account include the following:

You can open an NRO Account online from anywhere and manage it remotely.The funds NRIs deposit in this account can earn interest at a competitive NRO interest rate determined by your bank.NRIs can transfer up to USD 1 million from this account each year.The interest you earn on the sum deposited in an NRO Account is taxable in India.You can open this account jointly with a resident Indian on a former or survivor mode of operation. You can also open an NRO Account jointly with another NRI.While you can deposit foreign currencies into this account, you can only withdraw funds from this account in INR.

Eligibility requirements

The following people are eligible to open an NRO Account online:

NRIsIndian citizens living outside India on business, employment, or student visasPersons of Indian OriginOverseas Citizens of IndiaSpouses of Indian citizens or PIOsIndividuals posted in the UNIndians deputed abroad by the Indian Government or public sector undertakingsPeople who have had an Indian passport at anytimeA person whose parent or grandparent was an Indian citizen by the Constitution of India or under the Indian Citizenship Act of 1955Indian nationals employed in the merchant navyIndividuals who work on oil rigsIndividuals employed with airlines overseas

How to open it?

Opening NRI Account is extremely easy today, and you can conveniently do it online from the comfort of your home. However, if you are unsure about the steps, fill out a simple form online, and wait for a relationship manager to reach out.

How to fund this account?

You can fund an NRO Account in the following ways:

Remit money from overseas to the accountTransfer money from another NRO AccountDeposit your income originating from IndiaDeposit proceeds from the sale of a property or investmentBorrow money from a resident Indian