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WHAT IS NRO (NON RESIDENT ORDINARY ACCOUNT)?

Monday, 28 September 2009 10:01 Raghwendra Nath Pandey
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• NRIS both Indian nationals and persons of Indian origin.
• Entities situated outside India.
• Account should be opened for bonafide transactions in rupees not involving the violations of provisions of FERA. For routing investements/disinvestements through the account, RBI permission is a must. (Note: - no account should be opened in the names of Pakistanis and Bangladeshis though of Indian origin.
• Nepalese, Bhutanese or Indian residing there or Firms corporations etc run by them either in Nepal/Bhutan can open resident rupee account with ADS on completion of(QA 22) formalities.
• Post offices can also have NRI savings account.

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