{"id":2060,"date":"2022-02-04T05:20:03","date_gmt":"2022-02-04T05:20:03","guid":{"rendered":"https:\/\/bioswikis.net\/?p=2060"},"modified":"2023-07-21T13:13:41","modified_gmt":"2023-07-21T07:43:41","slug":"importance-of-having-nro-account","status":"publish","type":"post","link":"https:\/\/bioswikis.net\/importance-of-having-nro-account\/","title":{"rendered":"Importance of Having NRO Account"},"content":{"rendered":"

Are you a Non-Resident Indian (NRI) earning regular income in the form of rent, pensions, dividends etc., in India? If yes, then you might want to open a bank account to manage these finances. However, doing so is impossible with a regular savings account used by Indian residents according to the current RBI regulations. Instead, you can open an NRO (Non-resident Ordinary) account to perform any banking transactions within the country. Curious about what these accounts are and why opening one is important? Read on.<\/span><\/p>\n

What is an NRO Account?\u00a0<\/b><\/p>\n

With an NRO account (savings\/current), you can deposit money in both Indian and foreign currency, and withdraw it in INR whenever required. You can also easily repatriate the interest earned on this account. Moreover, since you can jointly <\/span>apply for an NRO account with an Indian resident<\/span><\/a> on a Survivor basis, it is wise to open one, especially if you have family members residing within the country. Like most regular bank accounts, these accounts also have a minimum balance requirement. However, the NRO account minimum balance is usually different for different banks.\u00a0<\/span><\/p>\n

Benefits of Having an NRO Account<\/b><\/p>\n