NRO or Non-Resident Ordinary is an account opened by NRI to manage the income earned in India.
Non-residents may have different sources of income in India such as dividends, rent, pension, etc. NRI should open an NRO account to manage such earnings in Indian currency.
NRO account Features
- NRO account allows NRIs to deposit Indian as well as foreign earnings.
- Unlike the NRE account, money from the NRO account is not fully-repatriable.
- An NRI can repatriate or transfer a maximum of USD 1 million abroad in a financial year.
- Interest earned on NRO account can be repatriated fully but is subject to TDS.
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NRO Vs NRE account differences