NRO Account

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International Banking > NRI Banking > NRI Banking Saving Account > Non Resident Ordinary NRO Account

Salient Features:

  • NRO Savings accounts are denominated in Indian Rupees.
  • Joint Account: The account can be held jointly with other Non-resident Indian (s) or jointly with a resident individual provided first account holder is an NRI on former or survivor basis.
  • Account can be operated by a Power of Attorney Holder.
  • As per the prevailing FEMA norms, balances held in NRO accounts, can be repatriated outside India with an overall limit of USD one million per financial year including current income arising in India in the form of rent, dividend, pension, interest, etc. as also sale proceeds of assets including immovable property acquired out of rupee / foreign currency funds or by way of legacy / inheritance as per rules framed by RBI/ IT Dept in this regard. The interest in the said account can be repatriated after deduction of the applicable taxes.


You are eligible to open an NRO account if

  • You are a Non-resident individual of Indian nationality or Indian origin..
  • In case, you are an individual of Indian origin, but of Pakistani or Bangladeshi nationality, prior approval of the Reserve Bank of India would be required for opening the account.

How do I open an NRO account?

  • By redesignating an existing resident account, on attaining NRI status.
  • With funds remitted from abroad through normal banking channels.
  • By surrender of Foreign Currency (FC) / Foreign Currency Travellers Cheque (FCTC) to the bank by the Account holder in person while on a temporary visit to India subject to CDF rules. 
  • Third party FCTC not permitted.
  • By transfer of funds from an existing Non-Resident Account. (NRO/NRE/FCNR accounts)
  • For our list of foreign exchange branches (‘B’ category) please Click here
  • For our list of Overseas (NOSTRO) Accounts please Click here
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