Non Resident Ordinary Account

NRI Services > NRI Deposits > Features of NRI deposits > Non Resident Ordinary Account (NRO)

Non Resident Ordinary Account (NRO)

An NRI, PIO, or foreign national may open and maintain a Non-Resident Ordinary (NRO) Rupee Account with an Authorized Dealer to carry out legitimate transactions denominated in Indian Rupees that do not involve any violations of the FEMA's rules and regulations.

The funds in an NRO account are maintained in Indian rupees. NRIs can deposit their Indian income into the NRO account and use it for various purposes like making payments, investments, or for meeting expenses in India.

If they spend money and have a source of income in India, NRIs may choose to open this account.
Earned income in India, such as dividends, rent, pension, etc., may be credited to this account.
NRIs are permitted to open NRO Current Accounts, NRO Term Deposit Accounts, NRO Recurring Deposit Accounts, and NRO Savings Accounts.
The balance in this account is not freely repatriable.
NRO Accounts may be held jointly. If held jointly with Resident Indian, the joint account holder should be a close relative of the primary account holder (NRI) as per RBI guidelines and the operation in such joint account shall be ‘Former or Survivor’ only.
If held jointly with another NRI/PIO/OCI, the joint account holder may or may not be a close relative of the primary account holder (NRI) and the operation in such joint account shall be as per choice of the account holders.
NRO accounts can be operated through Power of Attorney granted in favour of a resident by the non-resident individual account holder (for restricted use).
The tenure of a fixed deposit ranges from 7 days to a maximum of 10 years.

Non Resident Ordinary Account (NRO)

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