NRO Bank Accounts
Exhcange Rate: Current value of 1 USD is 49.155 Indian RupeesNRI Bank Accounts & Deposits - NRO Accounts
Features of NRO Bank Accounts
- Repatriable: NRO bank accounts are partially repatriable which means that NRIs putting their money in NRE accounts can transfer only a limited amount to foreign currency.
- Currency: NRO bank accounts are maintained in Indian Rupees.
- Funding: NRO accounts can be opened in INR with the funds received as remittances in convertible currency or from income generated in India through means like dividend/ rent/ interest.
- Taxation:NRO accounts are subject to deduction of tax by the bank as per Income-Tax rules.
Major Banks providing NRO accounts
| Name | Minimum Balance (in INR) |
Other Features |
|---|---|---|
| Axis Bank | 5000 | Tax Advisory Services from our empanelled consultants Assistance to obtain Income Tax PAN Card to make you compliant with the tax regulations of India Mandate or Power of Attorney facility available so that in your absence from the country you can |
| Kotak Mahindra Bank | 10000 | Access India debit card Global debit card Phone & Online banking |
| ICICI Bank | 15000 | Mandate card for your family in India, giving them anytime, anywhere access to your account. International ATM-cum-debit card Access your money at over 4764 ATMs in India and more than 1443 branches |
| HSBC Bank | 25000 | International ATM / Debit Card: Withdraw money at over 1 million HSBC / VISA / Plus ATM's worldwide You can appoint any of your family member as Power of Attorney for the account. |