Non Resident Ordinary (NRO) Accounts are opened for Non Resident Indians. A Non Resident Indian (NRI) is an Indian citizen or foreign national of Indian origin resident outside India for purposes of employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period. A person of Indian origin (PIO) is a citizen of any country other than Pakistan, Bangladesh or Sri Lanka, who
When an Indian national or a person of Indian origin residing india leaves India for taking up employment, business or vocation or for any other purpose, indicating his intention to stay outside India permanently or for an indefinite period, he becomes a person resident outside India. His bank accounts india are designated as Non-resident Ordinary (NRO) Accounts. NRO accounts can also be opened with funds remitted from abroad.
Resident Indians by inward remittances from abroad.
If credits are received in a foreign currency, the amount is converted into Indian Rupees at prevailing exchange rates.
Balances can be repatriated for any bonafide purpose upto a maximum of US dollar one million per calendar year subject to payment of taxes.
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