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ARTICLE · 19 DECEMBER 2022

Requirement Of Non-Resident Ordinary Account In India

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Non-Resident Ordinary Account is an account held by a Non-Resident Indian which allows him/her to deposit the saving and earnings earned from Indian sources in the NRO account.

IndiaFinance and Banking
Apalka Bareja
Apalka Bareja
Vidhi Oberoi
Vidhi Oberoi
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Non-Resident Ordinary (NRO) Account is an account held by a Non-Resident Indian (NRI) which allows him/her to deposit the saving and earnings earned from Indian sources in the NRO account. NRO Account allows the holder to repatriate the Indian earnings to his/ her country of residence. In simple words, NRO account allows to efficiently manage the earnings earned in India such as rental income, dividend, pension etc.When a person resident in India leaves India for taking up employment in another country, or for carrying on business or vocation outside India or for any other purpose indicating his intention to stay outside India for an uncertain period, his/ her existing account should be designated as an NRO account. After an individual becomes an NRI, he/she cannot continue with his/her saving/ current account in India and is required to convert the same to an NRO Account to do any banking transaction in India.

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