The NRO account is mainly used for:
- Receiving income earned in India such as rental income, income from property or dividends from investments.
- Paying expenses: The account can be used to pay for expenses in India, such as utility bills, EMIs, or family maintenance.
- Investments: NRIs can use the NRO account to invest in Indian stock markets, mutual funds, F&O and much more.
Key Features of NRO Account:
- The account operates in Indian Rupees (INR).
- Funds can be deposited in Indian or foreign currency (converted to Indian rupees at the time of deposit).
- Withdrawals from the NRO account are allowed only in Indian Rupees.
- Repatriation of funds from the NRO account is subject to certain limits and conditions. NRIs can remit up to USD 1 million per financial year after providing necessary documentation and obtaining approvals from the Reserve Bank of India (RBI).
