An NRO account is a non-resident ordinary account. It lets you park your rupee funds gathered from earnings in India. It also offers free money transfer at a competitive rate structure. You could also add an Indian resident as a joint holder to your NRO account so that he/she can operate your account. There would also bea free mandate card and chequebook for your family in India and this would give then anytime and anywhere access to your account.
Now let us have a deeply detailed look into what an NRO account actually is.
A non-resident ordinary account or an NRO account is a savings account essentially where you can maintain and manage your income earned in India for instance, the rent collections, the dividends, pension etc. Whenever you choose an NRO account you can be assured of and efficient management of your rupee earnings in India while you are staying abroad. There is also the facility of an easy redesignation of your account when your status is changed from resident Indian to a non-resident Indian.
There are a lot many benefits when you are going in for an NRO or a Non-residentordinary account. These benefits are enlisted below
You will get a higher yield post-tax: this can be done by availing the DTAA benefit facility.
You can also avail the benefits of low cost and hassle free money transfer which can be made available through various online and offline modes at extremely competitive exchange rates.
Very low balance is required in order to keep the account in the up and running status. The minimum account balance to be maintained is as low as Rs 10,000 only. If this balance is maintained, the account will be in the running status.
You will be able to access your account anytime and anywhere with domestic ATM cum debit cards, you will also have convenient and access to over 11000 ATMs, in the branches all over India and the phone and internetbanking as well.
You could also be benefitted from the interest rates that are calculated on daily closing balances at 4% per annum. The interest is paid half-yearly in June and December.
The interest that you earn in the current financial year is completely repatriable but only after the tax is deducted.
You can also avail simple and convenient money transfer tracking service with anonline transfer to more than a 100 banks in India.
The mandate holder would get a free chequebook and an ATM card so that he/she can access your account from anywhere and at anytime
Now let us have a deeply detailed look into what an NRO account actually is.
A non-resident ordinary account or an NRO account is a savings account essentially where you can maintain and manage your income earned in India for instance, the rent collections, the dividends, pension etc. Whenever you choose an NRO account you can be assured of and efficient management of your rupee earnings in India while you are staying abroad. There is also the facility of an easy redesignation of your account when your status is changed from resident Indian to a non-resident Indian.
There are a lot many benefits when you are going in for an NRO or a Non-residentordinary account. These benefits are enlisted below
You will get a higher yield post-tax: this can be done by availing the DTAA benefit facility.
You can also avail the benefits of low cost and hassle free money transfer which can be made available through various online and offline modes at extremely competitive exchange rates.
Very low balance is required in order to keep the account in the up and running status. The minimum account balance to be maintained is as low as Rs 10,000 only. If this balance is maintained, the account will be in the running status.
You will be able to access your account anytime and anywhere with domestic ATM cum debit cards, you will also have convenient and access to over 11000 ATMs, in the branches all over India and the phone and internetbanking as well.
You could also be benefitted from the interest rates that are calculated on daily closing balances at 4% per annum. The interest is paid half-yearly in June and December.
The interest that you earn in the current financial year is completely repatriable but only after the tax is deducted.
You can also avail simple and convenient money transfer tracking service with anonline transfer to more than a 100 banks in India.
The mandate holder would get a free chequebook and an ATM card so that he/she can access your account from anywhere and at anytime
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