ProductsAccounts & DepositsNRO Rupee Account

General Information

  • Accounts maintained in Indian Rupees for routing bonafide local remittance like rent.
  • Joint accounts are permitted.
  • Interest earned in the account is subject to Indian Income Tax.
  • Account can be maintained in the form of  Savings ,Current or Term Deposits.
  • Restricted repatriation is  offered.   
As per the latest RBI guidelines, NRO accounts jointly with residents can be opened only on ‘Former or Survivor’ operational clause. Existing NRO accounts which are jointly held with residents with other operational clauses have to be changed to ‘F or S’ with immediate effect. Customers holding such accounts are requested to contact the branch where their NRO account is maintained and submit a request (click here to download) signed by both the NRI and the resident joint holder to change the mode of operation clause to F or S at the earliest. Henceforth the operational clause in these accounts will be automatically converted to ’F or S’ and can be operated only by primary NRI holder. Joint resident holder may operate the NRO account only as a POA (Power Of Attorney)/Mandate holder of primary NRI holder.

Documents Required for Opening NRO account