Open NRO Account & Grow Your Indian Investments

A non-resident ordinary account (NRO) is a rupee-denominated bank account that is used by an NRI, Person of Indian Origin (PIO), and Overseas Citizens of India (OCI), to deposit their income earned in India, such as a pension, dividend, rent, gift, sale prices of immovable property and more. According to the Foreign Exchange Management Act, FEMA, once you obtain an NRI status, you need to mandatorily convert your existing current or savings account to an NRO. 

However, it is permitted to hold multiple NRO accounts, so an NRI can also open a new NRO account if desired. 

Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) are eligible to open an NRO account. 

An NRO account enables NRIs, PIOs, and OCIs to manage their income earned in India through various pursuits, such as rent, dividends, and proceeds from the sale of property.

Key Purposes of an NRO account are:

1: To manage Indian Income

2: Local Payments and Expenses in India

3: To make investments in Indian

4: To repatriate a limited amount of money

5: Tax implications and more

Yes, the interest earned on an NRO account is taxable in India as per the Income Tax Department of India.

Yes, the funds from the NRO account can be repatriated abroad, but with specific limitations. However, repatriation is only possible after taxes are deducted from the income, and the annual repatriation limit is USD 1 million. 

Yes, you can transfer money from NRO to an NRE account, but with certain conditions, which are as follows:

A CA certificate (Form 15CA and 15CB) is required, and your taxes must be paid up to date.                                       

You can only make an NRO to NRE transfer of up to USD 1 million annually, as per the Reserve Bank of India.                                                     

Another common question that many NRIs have is how to transfer money to NRE account. Or, how to transfer money to NRE account from the USA? 

So, if you have your NRE NRO accounts both in the same bank, here is the process you need to follow:

Step one: Get the CA Certification (Form 15CB)

Step Two: Fill Form 15CA                                                

Step Three: Submit both Form 15 CA and CB to the bank

Step Four: The bank will then verify your documents and forms. Once approved, the funds will be credited to your NRE account.

Yes, Savetaxs can help you with opening and managing your NRO account. NRIs, OCIs, PIOs can open their NRO account with Savetaxs to manage their Indian income. Right from the process of applying for your NRO online account to managing each transaction under it, our CAs will help you through it all.