The Non Resident Ordinary (NRO) Account is a savings account held in India, in Indian rupees. The NRO account can be funded through NRI income in India. Only the interest in an NRO account is repatriable. Interest income on this account is liable for Indian Income Taxes. See similar questions...

Yes, the interest on NRO Savings Account is subject to tax deduction at source as per the applicable tax rates. See similar questions...

Balances held in NRE accounts can be repatriated abroad freely, whereas funds in NRO account cannot be remitted abroad but used only for local payments in rupees. Consequently, funds remitted from abroad or local funds which can otherwise be remitted abroad to the account holder can only be credited to NRE accounts. Funds which do not qualify, under the Exchange Control regulations, for remittance outside India are required to be credited to NRO accounts. See similar questions...

The minimum amount required to open an NRO Savings Account is INR 10,000 or its equivalent in foreign currency. You would be required to maintain an Average Quarterly Balance of INR 10,000/- only. See similar questions...

You can repatriate upto USD 1 million, for bonafide purposes, per calendar year from balances in NRO accounts subject to payment of applicable taxes. The limit of USD 1 million per year includes sale proceeds of immovable properties held by NRIs/PIO (Person of Indian Origin) for a period of 10 years. In case a property is sold after being held for less than 10 years, remittance can be made if the sale proceeds have been held by the NRI/PIO for the balance period in eligible investments. See similar questions...

You can access your NRO Savings Account through NetBanking & PhoneBanking. Please click here to know more. See similar questions...

Non-Resident (External) Rupee (NRE) account can be opened by any NRI with authorized dealers and with banks authorized by the Reserve Bank to maintain such account. For opening these accounts, the funds are required to be remitted to India through any bank from the country of residence of the prospective account holder. The accounts may be maintained in any form e.g. savings, current, recurring or fixed deposit account etc. See similar questions...

Yes. You can hold an account jointly with resident or non-resident Indian(s). Alternately, you can authorize an Indian resident to operate your account by submitting a mandate letter. Travellers Cheques can be used to credit/open the account. See similar questions...

Funds from NRO account cannot be transferred to an NRE / FCNR account since funds in an NRO account cannot be repatriated outside India See similar questions...

Ans: Balances held in NRE accounts can be repatriated abroad freely, whereas funds in NRO account are not generally repatriable. Repatriation of balances held in NRO accounts is allowed subject to certain conditions. Funds remitted from abroad or local funds which can otherwise be remitted abroad to the account holder can be credited to NRE accounts. See similar questions...

There are no restrictions on the debits from NRO Savings Account. Credit of funds representing legitimate dues of the account holder from local sources for e.g. current income in India like rent etc. and proceeds of remittances received from abroad through normal banking channels can be freely credited. See similar questions...

The interest is subject to income tax deduction at source @ 30% plus applicable surcharge plus education cess. See similar questions...

With HDFC Bank's Payment Services, you can bid goodbye to queues and paper work. Our range of payment options makes it easy for you to pay for a variety of utilities and services. Please click here to know more about Payment Services. See similar questions...

Yes. Authorised dealers may allow such overdrawings up to Rs. 1,000/- subject to the condition that the overdrawings together with the interest payable thereon are cleared within a period of two weeks. See similar questions...

Yes. except for the purpose of relending, carrying on agricultural/plantation activities or for investment in real estate business. Loans against NRE fixed deposits can, however, be utilised for investments in India on non-repatriation basis, in certain specified areas and for acquisition of flats/houses subject to prescribed conditions. See similar questions...

A Debit card is valid globally and can be used to withdraw funds from your NRE savings account. NRO Account holders receive only an ATM card, as per RBI regulations. See similar questions...

Quickremit - Our completely online remittance service that enables you to remit funds to a beneficiary in India from the US, UK and Singapore. IndiaLink - A fast and efficient way to send remittances to India through Exchange Houses in the Gulf. Telegraphic transfer - SWIFT money transfers into your account from any of our correspondent banks overseas. See similar questions...