How to Open an NRO/NRE Account in India

✅ What is an NRO Account?

An NRO Account is a savings or current account opened in India by a Non-Resident Indian (NRI) to manage income earned in India like rent, dividends, pension, or any other Indian source.

📋 Eligibility to Open NRO Account

You can open an NRO account if you are:

A Non-Resident Indian (NRI)
A Person of Indian Origin (PIO) or Overseas Citizen of India (OCI)
Working, residing, or staying abroad for over 182 days in a financial year

📝 Documents Required

Personal Documents (self-attested):

Passport (copy of first and last page)
Valid Visa / Work Permit / Residence Permit
Indian PAN Card (or Form 60 if PAN not available)
Recent Passport Size Photograph
Overseas Address Proof (any one):
- Utility bill (electricity/water/gas)
- Driving license
- Overseas bank account statement
- Rent agreement
Indian Address Proof (optional, if available)

🧾 How to Apply (Application Process)

🔹 Online Mode:

Visit the website of your preferred Indian bank (SBI, ICICI, HDFC, Axis Bank, etc.)
Go to the NRO/NRI Banking section.
Fill the NRO Account Opening Form online.
Upload scanned documents or courier them (depending on bank policy).
Schedule a verification call or video KYC (if required).

🔹 Offline Mode (If in India or sending documents):

Download the NRO account opening form.
Fill it manually and attach required documents.
Send documents via courier to the bank’s NRI cell in India or visit a branch (if in India).
Wait for account activation (usually 5–10 working days after verification).

💼 Types of NRO Accounts

Savings Account
Current Account
Fixed Deposit Account

🎁 Key Benefits of an NRO Account

Manage Indian Income – Easily collect rent, dividends, pension, etc.
Joint Account Option – Can be held jointly with another NRI or resident Indian.
Repatriation of Funds – Up to USD 1 million per financial year can be repatriated after taxes.
Fixed Deposit Options – Attractive interest rates for longer tenures.
Tax Compliance – Interest income is taxable, but you get proper documentation for Indian tax filing.

⚠️ Tax Implications

Interest earned in an NRO account is taxable in India (TDS of 30% generally).
You may claim refund or benefit under Double Taxation Avoidance Agreement (DTAA) if applicable.

NRO Account Opening – FAQ

🔹 1. What is an NRO account?

An NRO (Non-Resident Ordinary) account is a bank account for NRIs to manage their income earned in India like rent, pension, dividends, etc.

🔹 2. Who can open an NRO account?

Anyone who is:

An NRI (Non-Resident Indian)
A PIO (Person of Indian Origin)
An OCI (Overseas Citizen of India)

🔹 3. What is the difference between NRO and NRE accounts?

Feature	NRO Account	NRE Account
Purpose	Manage income from India	Deposit foreign income
Repatriation	Restricted (up to USD 1 million/year)	Freely repatriable
Taxability	Interest taxable in India	Interest is tax-free
Joint Holder	With resident Indian or NRI	Only with NRI/OCI

🔹 4. Can I transfer money from an NRE to NRO account?

✅ Yes, you can freely transfer funds from NRE to NRO, but not vice versa.

🔹 5. Is there a minimum balance requirement?

Yes. It depends on the bank. Typically:

₹10,000 for urban branches
₹5,000 for semi-urban/rural

🔹 6. Can I open an NRO account jointly with someone?

✅ Yes:

With another NRI, or
With a resident Indian (on ‘former or survivor’ basis only)

🔹 7. Can I repatriate (send abroad) funds from my NRO account?

✅ Yes, up to USD 1 million per financial year, after paying applicable taxes and submitting Form 15CA/15CB.

🔹 8. Is interest earned in an NRO account taxable?

✅ Yes. Interest is taxed at 30% (plus surcharge and cess) under Indian tax laws.

🔹 9. Do I need a PAN card to open an NRO account?

✅ Yes, a PAN card is mandatory. If not available, you can submit Form 60, but it’s highly recommended to get a PAN.

🔹 10. Can I convert my existing savings account in India to an NRO account?

✅ Yes. As soon as your residential status changes to NRI, you are required to convert your resident savings account to an NRO account.

🔹 11. What currencies can I deposit in an NRO account?

You can deposit:

INR (Indian Rupees)
Foreign currency, which will be converted to INR at prevailing rates.

🔹 12. Can I hold both NRE and NRO accounts?

✅ Yes, most NRIs hold both for different purposes.

🔹 13. How can I open an NRO account from abroad?

Most Indian banks allow online application. You can:

Fill the form online.
Upload or courier self-attested KYC documents.
Do video KYC or in-person verification at embassy or bank partner.

Learn how to open an NRO bank account in India as an NRI. Check eligibility, required documents, step-by-step application process, tax rules, and benefits.