Beti Bachao Beti Padhao

NRO Account


  • You can open Rupee Checking Accounts, namely Rupee Savings Account or Rupee Current Account and Rupee Fixed Deposit Accounts. This account will be maintained in Indian Rupees.
  • Non-Resident Indians and Persons of Indian Origin can open this type of account.
  • When you become non-resident, the Rupee accounts held by you prior to your becoming non-resident get designated as Non-Resident Ordinary accounts. These accounts are for Non-Resident Indians who need an account to credit local dues like rent from property etc.

Types of Accounts

All types of accounts can be opened under the scheme such as Current, Savings, Recurring and Term Deposit.

Joint accounts:

Joint accounts can be opened by two or more NRIs and /or PIOs or by an NRI/PIO with a resident relative(s) on ‘former or Survivor’ basis. However ,during the life time of the NRI/PIO account holder, the resident relative can operate the account only as a Power of Attorney holder.

Account Opening:

The account can be opened by the following funds:

  • Remittance from abroad,
  • Proceeds of Foreign Currency/notes/travellers cheques during the temporary visit of the account holder,
  • Proceeds of Drafts/personal cheques,
  • Transfer from existing FCNR/NRE accounts of same person and
  • oFunds from local sources representing bonafide transactions in Rupees.

Repatriation of Funds:

  • Remittance up to USD one million, per financial year (April- March), for all bonafide purposes, to the satisfaction of the Authorised Dealer bank.
  • Transfer to NRE account of NRI within the overall ceiling of USD one million per financial year subject to payment of tax, as applicable.

Permitted Credits

Proceeds of remittances received from outside India through normal banking channel or foreign currency notes tendered by the account holder during his temporary visit to India or transfers or legitimate dues in India of the account holder.

Permitted Debits

  1. All local payments in Rupees including payments for investments, subject to compliance with RBI regulations
  2. Remittance outside India of current income in India net of applicable taxes.

Interest Rates

Interest Rates on these accounts are the same as domestic rates.

Income Tax

Interest earned on these deposits shall be subject to at source deduction of Income tax at prevailing rates.