NRO Account
The Non-Resident Ordinary Account (NRO Account) allows customers to hold the money they have earned in India such as rent, dividends, pensions etc. They can open the account and can fund it in any permissible currency and is later converted into Indian Rupees. NRO account offers attractive exchange rates upon conversion of foreign currency into Indian Rupees. This account to offers high returns and liquidity. However, the interest earned on the principal amount in the account can be sent back after the deductions of tax in India.
Advantages Of NRO Account:
• Attractive interest rates
• Free money transfers.
• Easy access to the money for individuals and their family
• Free mandate facility for loved ones in India
• Low minimum balance of Rs.10,000
• Free online bill payment of the utility bills in India.
The Non-Resident Ordinary Account (NRO Account) allows customers to hold the money they have earned in India such as rent, dividends, pensions etc. They can open the account and can fund it in any permissible currency and is later converted into Indian Rupees. NRO account offers attractive exchange rates upon conversion of foreign currency into Indian Rupees. This account to offers high returns and liquidity. However, the interest earned on the principal amount in the account can be sent back after the deductions of tax in India.
Advantages Of NRO Account:
• Attractive interest rates
• Free money transfers.
• Easy access to the money for individuals and their family
• Free mandate facility for loved ones in India
• Low minimum balance of Rs.10,000
• Free online bill payment of the utility bills in India.