An NRO account is a type of current or savings account that is held by NRIs in India to manage the income that is earned in India. Know its benefits, eligibility, etc. Non-Resident Ordinary ( NRO) Account is a bank account for NRIs in India to deposit their Indian income like rents, dividends, and interest. An NRO account is a rupee account that can be opened by a non-resident in India with prior approval of the Reserve Bank of India. It is not repatriable except for current income and up to USD 1 million per financial year. When Should You Choose NRE or NRO Account ? Choosing between an NRE and NRO account depends on where your money comes from and how you plan to use it. - Go for an NRE Account if you: - Earn and save abroad - Want to invest in India using your foreign income - Need full repatriation flexibility - Prefer tax-free interest - Opt for an NRO Account if you: - Have income sources in India (rent, dividends, pension) - Need to make payments within India - Don’t mind limited repatriation - Want to ...
