Particulars

Non-Resident Ordinary Rupee Account Scheme (NRO Account)

Who can open an account

Any person resident outside India (other than a person resident in Nepal and Bhutan ,individuals / entities of  Pakistan nationality / ownership as well as erstwhile OCBs require prior approval of RBI).Individuals of Bangladesh Nationality can open NRO account.

Joint account

May be held jointly with residents

Nomination

Permitted

Currency in which account is denominated

Indian Rupees

Repatriable

Not repatriable except for the following in the account -

1)     current income

2)     up to USD 1 million per financial year (April- March), for any bonafide purpose out of the balances in the account / sale proceeds of assets in India acquired by way of inheritance / legacy inclusive of assets acquired out of settlement subject to certain conditions.

3)     Up to USD 1 million per financial year can also be transferred to NRE account subject to certain conditions.

Type of Account

Savings, Current, Recurring, Fixed Deposit

Period for fixed deposits

As applicable to resident accounts.

Rate of Interest

Please refer Interest Rate table

Operations by Power of Attorney in favour of a resident by the non-resident account holder

Operations on the account in terms of Power of Attorney are restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels.

Loans

     In India

              To the Account holder

              To Third Parties

Permitted

Permitted

    Abroad :

             To the Account holder

              To Third Parties

Not Permitted

Not Permitted

Foreign Currency Loans in India

            To the Account holder
            To Third Parties

Not Permitted
Not Permitted

Purpose of Loan

In India

i) to the Account holder

 Personal requirement and / or business purpose

ii) to Third Party

Personal requirement and / or business purpose