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NRO Rupee Savings Account
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NRI’s – Non-Resident Indians
PIOs – Persons of Indian Origin
* Citizens of Bangladesh and Pakistan do not qualify as PIOs even if they satisfy the above conditions
You NRO savings account will be maintained in Indian Rupees.
RBI allows repatriation of balances held in NRO savings account up to one million USD or equivalent per financial year for bonafide purposes (For e.g. education, medical expenses, employment etc.) with documentation.
The minimum amount required to open NRO savings account is Rs. 10,000/- or its equivalent in foreign currency. You would be required to maintain an Average Monthly Balance of Rs. 10,000 only.
Average monthly balance is the sum of daily closing balance of all the calendar days in a month divided by the number of days in that month.
As per current guidelines, the principal amount in NRO savings account is exempt from taxes in India. However, the interest earned will be subject to a tax of 30% (plus applicable surcharge and cess).
