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All You Want To Know About An Nro Account

By Author: Samantha Kennedy
Total Articles: 1

An NRO account becomes a necessity when you are an NRI to carry out banking transactions here in India. These special accounts have their importance and advantages. But before you decide to open NRO account, it would be wise to understand it thoroughly. And this post will help you get the essential knowledge regarding an NRO account.

What does an NRO account mean?

An NRO account is a bank account that works similar to a savings account. However, these accounts provide certain features to the account holder. For instance, the account holder can submit currency from India obtained from some sort of interest, rent, dividend or other sources. It also allows the holder to create cheques to make all the local payments and investments.

Having such account allows an NRI to obtain payments in Indian rupee and transfer it to an account that is outside the country. This helps in making capital transactions achieved through sales, investments, and other ways.

Why should an NRI open an NRO account?

First of all, it is a mandatory task provided by the guidelines of the Reserve Bank of India. Plus, it is obvious that Indian residents use Indian currency in all financial aspects such as mutual funds, savings, and other investments. So, when an Indian is converted into an NRI, it presents a currency confusion in front of him or her.
To resolve the problem, the NRO or Non-Resident Ordinary account can be opened. These accounts allow the holder to not only deposit Indian currency, but also let them submit foreign currency as well.
In some cases, NRIs require these accounts to obtain their income from India. These incomes can include rents, stock incomes, and others. These incomes come in the form of Indian currency. Hence, the NRO account allows the holder to obtain the money and transfer them smoothly according to the guidelines.

How can you open an NRO account?
There are certain steps that you can take to open such account.

1. Get your documents ready

There are certain document requirements to obtain an NRO account. You should consult an expert, but the basics surely include copies of your passport and visa, foreign address proof, photograph, and other documents.

2. Select an account provider

The banks offer different terms and requirements for such accounts. So, you need to go through the criteria of the account provided by different options. Then, you can choose one that suits your purpose and desires.

3. Talk to the consultants

It would be wise to discuss your requirements with a consultant. They can recommend you the right choices and help in completing all the process smoothly.

So, now you have all the information required for an NRO account. Its importance, meaning, and the process of opening, you have it all. So, start the process today if you are planning to become an NRI.

If you are an NRI residing outside India, then it makes total sense to open NRO Account with a bank here. Hopefully, this article has been helpful in clearing your doubts and will help in obtaining an NRO account easily.

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