• Repatriable upto 1 million USD per annum subject to conditions.
  • Flexible Term Deposit tenure from 15 days (Above 5 lacs 7 days) to 10 years.
  • Loan against deposit available.
  • Interest is taxable.
  • Nomination facility available.
  • HUF account can be opened.
  • Operation through POA holder subject to condition.

Permissible Credit: Inward remittances from outside India, Legitimate dues in India and transfers from other NRO accounts are permissible credits to NRO account.
Rupee gift/ loan made by a resident to a NRI/PIO relative within the limits prescribed under the Liberalised Remittance Scheme (LRS) may be credited to the latter's NRO account.

  • Repatriability: Not freely repatriable. Balances in a NRO account of NRls/ PlOs are remittable up to USD 1 (one) million per financial year (April to March along with their other eligible assets subject to submission of form 15CA, 15CB and other formalities.
  • Cheque facility: Available, a distinct mark - "NRO Account" is to be made on the cheque leaves.
  • Loan/Overdraft facility- Available. Loan proceeds are not eligible for remittance abroad.
  • Taxability- Taxable.
  • Change in Residential status: NRO accounts should be designated as resident accounts immediately upon the change in the residential Status.
  • NRO Account Holders can effect remittances abroad at the comfort of their home through FX4U, an Electronic Document Solution for handling FOREX transactions through Internet Banking.
  • Important Guidelines:
    • Foreign tourists visiting India with valid VISA may open NRC) account subject to conditions: period of accounts not exceeding 6 months; permitted credits to the account are remittances in convertible foreign currencies from abroad in an approved manner or by sale of foreign exchange brought by them into India; and accounts should be closed at the time of departure of the tourist from India, etc.
    • The balances in NRO account and the interest earned thereon are NOT exempted from Income tax.
    • E-mail and Fax Messages should NOT be treated as authenticated mode of communication for fund transfer and Branches/Offices should not act on such messages unless they get independent confirmation from the Depositor and are fully satisfied about the genuineness of the E-Mail Message.
    • NRI clients may be advised to open and maintain a NRO account only if the client has local credits by way of rental income or interest/ dividend accrued on investments, etc.
    • NRIs/PIO may remit an amount up to USD I Million per financial year Out of the balances held in NRO accounts/sale proceeds of assets/the assets in India acquired by him by way of inheritance/legacy or settlement on production of documentary evidence in support of acquisition, inheritance or legacy or settlement for all bonafide purposes to the satisfaction of the branch and on production Form 15 CA and CB.
  • NRO account can be opened by:
    • Any person resident Outside India for putting through bonafide transactions in rupees viz., NRls, PIO’s, Foreign Students & Foreign Tourists etc, subject to conditions.
    • Individuals/ entities of Pakistan nationality/ origin and entities of Bangladesh origin require the prior approval Of the Reserve Bank Of India.
  • Joint Account condition: NRO account may be held jointly in the names of two or more NRls/PlOs (subject to a maximum of four).
    Joint account can be held with resident close relative on former or survivor basis.
  • Operations in the account:

      Operations on an NRO account may be allowed in terms of Power of Attorney or other authority granted in favour of a resident by the non- resident account holder, provided such operations are restricted to withdrawals for local payments or remittance to the account holder himself through normal banking channels.

  • Account opening form - IF (GEN) 1845 DOWNLOAD ACCOUNT OPENING FORM FROM HERE.
  • ID Proof - Photocopy of Valid Passport/ OCI-PIO Card.
  • ID Proof – PAN Card/ Form 60 (in absence of PAN).
  • Proof of NRI Status - Copy of valid visa/ work permit / OCI/PIO.
  • Address Proof.
  • photographs.
  • FATCA declaration.

  • NRO account is maintained in Indian currency and cannot be freely repatriated or converted to foreign currency.
  • The interest from an NRO FD is taxable, according to the Income Tax Act, 1961.
  • Other Terms and conditions of the Bank as applicable on NRO Deposit. For more details, please visit your nearest branch.
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Last updated on 25-09-2023 12:06 AM

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