(For Non-Resident Indians/Persons of Indian Origin)
- Accounts can be opened by remittances from abroad deposit of foreign exchange brought into India transfer from existing self NRE/FCNR accounts.
- Accounts can be opened jointly with any other Resident Indian.
- Non-Resident Indians can appoint Residents to operate their NRO accounts for local payments through a power of attorney/letter of authority.
- Withdrawals for local payments allowed without Reserve Bank of India’s approval.
- Standing instructions can be undertaken for periodic payments of insurance premia, school fees, etc.
- Loan/overdraft facilities are available against the deposit.
- Nomination facility is available.
- Interest on the deposit is taxable under Indian Income Tax
- Funds in these accounts can be repatriated upto USD 1 milion after payment of applicable taxes.
- Transfer to NRE account is permitted up to USD 1.00 mio per Financial Year within the overall ceiling of USD 1.00 mio after payment of applicable taxes and production of CA certificate.
( Last modified on May 31, 2018 at 12:05:48 PM )