Learn more about the Non Resident Ordinary Rupee Account from TMB.
- The existing resident accounts can be converted as NRO account when the status of the account holder changes to Non-Resident.
- These accounts can be maintained in Savings / Current or Term Deposit accounts.
- The accounts may be held jointly with residents on ‘former of survivor’ basis. NRIs and PIOs may hold an NRO account jointly with other NRIs and PIOs also.
- Interest earned are subject to Indian Income Tax.
- Legitimate Dues in Rupees of the account holder in India can be freely credited.
- Local disbursements can be freely made.
- Withdrawals for investments in UTI, Govt. Securities and National Savings Certificates can be freely permitted in to the account.
- Nomination facility is available.
- This account can be opened before departure from India or while in abroad.
- All the Domestic Term Deposit Schemes are available under this account type.