NRI Products/Services
Non Resident Ordinary Account (NRO)
On conversion of status from resident individual to NRI, their existing accounts are renamed as NRO account
Maintained as Savings Bank, Term Deposit, Recurring Deposit and Current Deposit accounts and can be maintained in rupees only
All local receipts such as rent and other income can be credited to this account
Rate of interest and period of deposit same as that for domestic deposits (as per separate sheet attached)
Repatriation up to USD 1 million per financial year (April to March). As per recent liberalization the lock-in-period of ten years for remittance of sale proceeds of immovable property has been dispensed with but the same has to be within the over all ceiling of USD 1 million as mentioned above
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