- It can be held jointly with other non-residents or residents.
- The deposit can be opened in Savings Bank, Current Accounts, Fixed Deposits and Special Term Deposits.
- Accounts can be withdrawn for making local payments in rupees.
- Investment in shares / securities / immovable properties on non repatriation basis with general or specific permission from the RBI.
- Premature withdrawals permitted (conditions apply)
- Interest earned in NRO a/c is repatriable fully. The principal amount is entirely non-repatriable.
- Banks are permitted to allow remittance up to $1 million USD per calendar year out of the balances held in NRO account, from current year earnings including proceeds of sale of immovable property, acquired in India out of the rupee or foreign currency funds or by inheritance.
Inherited Assets
- Sale proceeds of the assets acquired through inheritance can be remitted, without any lock in period, subject to the satisfaction of authorized dealer.
- Assets acquired in India out of rupee / foreign currency funds.
- Immovable Property: NRIs and PIO can remit sale proceeds of immovable property, acquired by them when they were resident or out of rupee funds as NRI or PIO. Subject to a minimum lock in period of 6 months.
- Other Financial Assets: The sale proceeds of other financial assets can also be remitted outside India without any lock in period.
- Remittance of assets by person resident outside India other than NRI / PIO out of NRO account.
- Remittance of assets out of a NRO account are permitted in case of a foreign national who is not a citizen of Pakistan, Bangladesh, Nepal or Bhutan and who has retired as an employee in India; has inherited assets from a resident Indian; or is a widow residing outside India and has inherited assets of her deceased husband who was a resident Indian. An amount up to $1 million USD per calendar year can be remitted on production of evidence to support the claim by way of inheritance or legacy of assets to the authorized dealer
- The above facility of repatriation is not extended to citizens of Pakistan, China, Bangladesh, Sri Lanka, Afghanistan, Iran, Nepal and Bhutan. Remittance of sale proceeds from other financial assets is also not extended to citizens of Pakistan, Bangladesh, Nepal and Bhutan.
- Funds lying in the NRO Account on the death of an account holder can be credited to the NRO account of his non-resident nominee
- Rupee loans can be taken in India against the security of the deposit.
- By the depositor(s)
- By third parties
Your income in India can be credited to NRO accounts.
Operation In Accounts
The operation in the accounts will be through
POA Holder can make withdrawals from the account only for local payments. The POA Holder is permitted to operate the Account to make investments on behalf of the account holder, if the account holder or the bank designated by him has been permitted by RBI.
However, the POA Holder is not allowed:
- To repatriate funds held in the account outside India;
- To make payment by way of gift to a resident on behalf of the account holder; or
- To transfer funds from the account to another NRE Account.
A letter of Authority Holder can make withdrawals from the account only for local payments. The letter of Authority Holder is not permitted to operate the Account to make investments on behalf of the account holder
However, the letter of Authority Holder is not allowed:
- to repatriate funds held in the account outside India;
- to make payment by way of gift to a resident on behalf of the account holder; or
- to transfer funds from the account to another NRE Account.
Details of documents to be enclosed Click here to download Application Form 
Details of documents to be enclosed Click here to download details of documents to be enclosed 
