Non Resident Ordinary Account

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.