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Sujai Adithya
Business Development and Banking & Financial Services Expert
Asked a question last year

What is a Non-Resident Ordinary Rupee (NRO) Account?

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Sujai Adithya
Business Development and Banking & Financial Services Expert

Tourists from abroad during their short visit to India are entitled to open a Non-Resident (Ordinary) Rupee (NRO) account with any authorized Dealer bank dealing in foreign exchange. Such an account can be opened for a maximum period of six months. Tourists can easily make local payments through the NRO account.

All payments to residents more than an amount of 50,000 can be made only through cheques or pay orders or demand drafts. NRO accounts may be opened or maintained in the form of current, savings, recurring or fixed deposit accounts. Interest rates offered by banks on NRO deposits cannot be higher than those offered by them on comparable domestic rupee deposits. Account should be denominated in Indian Rupees. 

Non resident Indians or any person of Indian origin may remit from the balances held in NRO account containing an amount which shall not exceed 1 million dollars every financial year, subject to payment of applicable taxes. The limit of 1 million dollars every financial year includes sale proceeds of immovable properties held by NRIs and PIOs.