non resident ordinary account

Learn more about the Non Residential Ordinary Rupee Account from TMB.

The main difference with this account is that while interest earned is higher than domestic deposits, the principal cannot be repatriated back abroad.

Account Highlights:

  • The existing accounts / account opened in the name of Non-Resident, where repatriation is not permissible.
  • These accounts can be maintained in Savings / Current or Term Deposit accounts.
  • Joint account with non-resident and operation thereon by the resident is permissible.
  • Interest earned are subject to Indian Income Tax.
  • Proceeds of legitimate Dues in Rupees of the account holder in India can be freely made.
  • Local disbursements can be freely made.
  • Withdrawals for investments in UTI, Govt. Securities and National Savings Certificates can be freely made.
  • Nomination facility is available.
  • This account can be opened before departure from India or from abroad.

Schemes available under NRO Account:

All the Domestic Term Deposit Schemes are available under this account type.

Download the Application Form: