NRI Banking: Home >> ICICI Bank Financial Educational Zone >> NRO Account

NRO Account

NRO stands for Non Resident Ordinary Account

Account Opening
  • NRO accounts may be opened / maintained in the form of savings, recurring or fixed deposit accounts.
  • These are Rupee accounts opened for the purpose of depositing income earned in India.
  • These accounts can be held jointly with NRI / resident Indians.
  • 30.9% TDS is levied on the interest earned on NRO accounts.
  • Customers can avail of DTAA benefits on their NRO accounts thereby lowering the TDS on their interest earned (valid Tax Residency Certificate (TRC) for the current year, Form 10F ,PAN & DTAA application letter need to be submitted every financial year)
  • Permissible credits to NRO account are transfers from rupee accounts of non-resident banks, remittances received in permitted currency from outside India through normal banking channels, permitted currency tendered by account holder during his temporary visit to India, legitimate dues in India of the account holder like current income like rent, dividend, pension, interest, etc., sale proceeds of assets including immovable property acquired out of rupee/foreign currency funds or by way of legacy/ inheritance.

Eligible debits include all local payments in rupees including payments for investments as specified by the Reserve Bank and remittance outside India of current income like rent, dividend, pension, interest, etc., net of applicable taxes, of the account holder.

  • NRI/PIO may remit from the balances held in NRO account an amount not exceeding USD one million per financial year, subject to payment of applicable taxes.
  • Funds in this account can be repatriated subject to documentation upto USD 1 mio per financial year.

Click at the links below to know about ICICI Bank NRO accounts :

Other Account
  • Update your Contact Details regularly
  • Use Internet Banking
  • Transact regularly

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Safe Banking

Latest RBI Regulations

Master Circular on Non-Resident Ordinary Rupee (NRO) Account

Master Circular of instructions relating to deposits held in FCNR (B) Accounts

Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits

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Disclaimer :

The information on this webpage is not tax, legal or investment advice, and no member of ICICI Bank Group has given you any advice.
Nothing in this document is intended to constitute legal, tax, securities, or investment advice, or an opinion regarding the appropriateness of any investment, or a solicitation of any type.

Deposit Accounts

Fixed Deposit Rupee Accounts
Fixed Deposit Foreign Currency Accounts
Recurring Deposit Rupee Accounts

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