BANKING AFFAIRS

Detailed explanation-1: -NRO accounts allow NRIs to manage income earned in India, in the form of rent, dividend, pension, interest etc. NRE accounts are ideal for inward remittances (foreign earnings) and freely repatriable.

Detailed explanation-2: -Non Resident Ordinary Account. Meaning. It is an account of an NRI to transfer foreign earnings to India. It is an account of an NRI to manage the income earned in India.

Detailed explanation-3: -This account allows you to receive funds in either Indian or foreign currency. However, only Indian currency can be withdrawn as NRO Accounts are kept in Indian currency and cannot be freely repatriated into any foreign currency.

Detailed explanation-4: -An NRO (Non-Resident Ordinary) savings account can be opened to maintain and manage your income earned in India such as dividends, pension or deposit your existing savings.

Detailed explanation-5: -Features of NRO Account You can deposit the funds in INR and foreign currencies. Any foreign currency deposited into the account is automatically converted at INR at the applicable currency conversion rates. You can freely repatriate or transfer the interest income earned on your NRO Account deposits whenever you like.