The Non-Resident Ordinary Savings Account (NRO Savings Account) is a Savings bank account held in India, in Indian Rupees. The NRO account is best suited for you if you have earnings in India (such as rent income, dividend, pension, etc). To deposit money into your NRO account, you can either convert foreign currency into Indian Rupees (USD to INR, GBP to INR, CAD to INR, AUD to INR, etc) by transferring money to your NRO account in India or deposit your earnings in India. You need NRO savings account to deposit your earnings in India (such as rent income, dividend, pension, etc). You can open either NRE Savings or NRE current account in India. The Government of India allows you to repatriate funds from your NRO savings account up to USD 1 million per financial year abroad. The NRO savings accounts may be held jointly with residents and/or with non-resident Indian (NRI).
Compare at nriDealExpert.com to find out the best NRO Saving Accounts in India.
Compare at nriDealExpert.com to find out the best NRO saving accounts in India. Click on the link to visit the bank's website. Complete an application form online or by downloading it. Then, send a printed, signed copy of the form with attested required documents to an address provided by the bank on their website. Alternatively, you can visit the bank's overseas branch or a branch in India on your next visit. When in doubt, contact us at contactus@nridealexpert.com
Yes, you can transfer funds from any bank account including your existing NRE savings accounts, NRE fixed deposits, FCNR deposit or your other NRO savings accounts and NRO fixed deposits.
Interest earnings and remittance(s) up to USD 1 million per calendar year from balances in NRO savings account subject to payment of applicable taxes is allowed for any purpose up to an aggregate value of USD 1 million.
In order to do an outward remittance from your NRO savings account, you have to walk into any of the branches of the bank in India where you are maintaining NRO savings account and initiate the outward remittance by completing a request letter specifying the necessary details and submitting below documents:
- Account holder's Letter giving details of the purpose of remittance and certifying the same
- Cheque or debit authority if the same is not contained in the letter in item (i)
- Application in Form A2
- A certificate from a Chartered Accountant in Form 15CA and 15CB
- FEMA Declaration
Form 15 CB needs to be certified by a Chartered Accountant. To download the form please visit the following link: (http://www.tin-nsdl.com/downloads/Form15CB.PDF). On the basis of this certificate, Form 15 CA has to be filled in online at the following link: (https://onlineservices.tin.nsdl.com/TIN/JSP/tds/Form15CAHome.jsp). The printout generated from this site has to then be signed by the remitter and submitted along with Form 15CB at the branch from where the remittance is being made. The detailed process of filling up the form is also available at the above-mentioned site. The filled up form then needs to be produced along with the 15 CB to the branch.
