-
Legitimate dues in rupees, of the
account holder can be deposited in the
account.
-
Tax is deducted at source on the
interest earned at a flat rate of 30%.
-
Nomination facilities are available
for these accounts.
-
These accounts can be held as joint
accounts with other NRIs or other
resident Indians.
-
For NRO fixed deposits, the interest
rate is the same as that for domestic
deposits.
-
Undertaking to be given while opening
NRO. All stating therein that foreign
currency against reimbursement will
not be parted to any person residing
in India.
-
All local payment e.g. elect e.g.
electricity charges, Municipal taxes
etc., can be made from this account
-
The balances in the a/c cannot be
converted into foreign currency.
-
You can also open the account while on
person visit to India by simply
surrendering foreign exchange in the
form of traveler's cheque/currency
notes and on producing your passport.
DOCUMENTATION
REQUIRED:
| Introduction
Documents |
Initial
Pay-in |
-
Copy of Passport*
-
Copy of Visa*
-
Power of Attorney
(optional)
-
Two Photos
|
- Funds
transferred from
existing NRE Account
- Remittance
from abroad
- Foreign
Currency Travelers
Cheques
- Foreign
Currency notes/ coins
- Cash
in Indian Rupees
|
Copies
of Passport and Visa must be
attested by the Branch Manager
(overseas)/Notary Public or an
official of the Indian Embassy in
the country of residence or
Employer. In case of attestation by
employer, latest overseas bank
statement in original
Undertaking
to send intimation about returning
to India from permanent residence
immediately on arrival.
Opening
of ordinary Non-Resident Account in
any form by the nationalities of
Bangladesh, Pakistan or South Africa
requires approval from the RBI.
