NRO Account

 

NRO Account

 

NRO accounts provide a practical solution for NRIs to manage their Indian Rupee holdings, offering flexibility in terms of funding sources and catering to various scenarios. The account can be opened based on legitimate dues in India owed to the NRI. Existing domestic accounts held by individuals who subsequently become NRIs (due to business, employment, or immigration abroad) can be converted into NRO accounts.

 

Documents:

 

  • Identity Proof: Passport Indian or Foreign.
  • Proof of NRI Status: Valid visa / Work permit / Overseas Resident Card depending on the country of residence etc.
  • Address Proof (Indian): Driving license, Voter’s ID issued by the Election Commission of India, proof of possession of Aadhaar number, job card issued by NREGA, letter issued by the National Population Register, Passport.
  • Address Proof (Overseas): Utility bill or a rental agreement in your foreign country of residence not more than three months old.
  • Proof of Indian Origin: Copy of your Person of Indian Origin (PIO) card, an Overseas Citizen of India (OCI) card or PIO declaration along with the documents to prove your connection to India.
  • Proof for Seafarer:
  • Valid Job Contract
  • Continuous Discharge Certificate (CDC), if the disembarkation stamp on CDC is not more than 180 months’ old
  • Expired contract letter (if the disembarkation stamp on CDC is not more than 180 days’,
  • Old Payslips evidencing employment with a shipping company (not more than 6 months old).
  • Tax related: Pan Card or Form 60, FATCA and CRS declaration.

                              

Features & Benefits:

  • Interest: Interest earned on NRO accounts is taxable in India.
  • Repatriation: Not freely repatriable, Up to USD 1 million can be remitted abroad annually (April to March), Remittance is subject to conditions, including submission of forms 15CA and 15CB, along with other required documentation.
  • Investment Options: Choose from a variety of account types, including savings, current, term, and recurring deposits, to suit your investment goals.
  • Convenient Banking: Access a suite of banking services with international and domestic debit/ATM cards including online & mobile banking and lockers etc.
  • Loan Options: Loans are available against NRO deposits.
  • Peace of Mind: Secure your funds with nomination facilities and the option for joint accounts with resident Indians.