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Are You An Nri? Check Out The Perks Of Opening An Nro Account In India!

By Author: Samantha Kennedy
Total Articles: 2

Any NRI (Non-resident Indian) can open an NRO Bank account in India. NRO accounts are offered at RBI-authorized banks and other NBFCs.
Wondering what this account is and how it benefits you? No worries! Here, you can find all that you need to know about the NRO – its features, highlights, eligibility, benefits and more.
First things first,

What is an NRO Bank Account?

Simply put, the Non-Resident Ordinary Account or NRO in short is a savings account, available for NRIs. It lets you maintain and manage the funds you earn in India in rupees.
Say, you have some earnings in India from rental properties, dividends from business partnerships, pensions, etc., then the NRO account lets you park this fund in Indian rupees in the country.

Who can Open It?

This account is available to NRIs, PIOs (Person of Indian Origin) and seafarers. To open this account, you’ll have to submit copies of passport, visa/work permits, address proofs, PAN card and more.
Coming to the big question,

Why should NRIs consider opening an NRO Bank Account?

● Higher Yield Post Taxation – The NRO Bank account lets NRIs enjoy higher returns on their earnings in India. This is because these account holders can avail the DTAA (Double Taxation Avoidance Agreement) facility. Meaning, the interest earned from this account is taxed only once.

● Low Minimum Balance – NRO accounts let account holders maintain a low monthly balance. Generally, the minimum balance required is just 10,000 INR.

● Hassle-free Access – Accessing your NRO bank account is super easy. You can log into your account, just like a regular banking account and transfer funds or do other transactions as and when required. Most banks provide you with a mobile banking app, to access and manage your account. Additionally, several banks offer debit cards for NRO account holders. These debit cards provide you with convenient access at ATMs all over the country and can be used for international purchases and more.

● Excellent Interest Rates – The interest rates for these accounts is similar to that of regular resident savings accounts. It ranges from 3.5% to 4% per annum.

● Joint Holding – NRIs can open an NRO bank account along with other NRIs (partner, children, etc.) or even with an Indian resident (parents, siblings, etc.)

● TDS – The interest earned on the deposits in the account is Tax deducted at source. Meaning, you don’t have to pay any tax for this amount in your resident country. Additionally, you can earn higher returns by availing the DTAA facility.

● Easy Repatriation – The amount you have saved in your account is easily repatriable to your resident country. You can transfer funds from your NRO bank account to your savings bank account (held in the country of your residence) with just a few clicks. However, remember that you can only send funds up to 1 million USD every financial year.

To Conclude

These are just a few of the top benefits of NRO accounts. Apart from these, banks offer special services and exclusive offers to NRO account holders. Loans, fixed deposits, etc. are some of the other perks of opening a Non-resident Ordinary account in India. Additionally, you can easily convert your NRO bank account to resident savings account if you were to change your resident status.
Simply put, the NRO bank account offers you easy management of the funds you earn back home.

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