Finance glossary

What is NRO account?

A rupee bank account for NRIs to manage income earned in India, such as rent, dividends or pension.

Interest on NRO accounts is taxable in India, and TDS is deducted at a higher rate than for residents, which may be reduced under a tax treaty. Repatriation abroad is allowed up to US$1 million per financial year, after taxes, with supporting documents.

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