You are eligible only if you are a Non-Resident individual of Indian nationality or of Indian origin.
Upon change of status from NRI to RI the responsibility of informing the bank remains with the customer.
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NRO account can be held in Rupees only.
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NRO accounts can be held jointly with Residents.
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In case of change of status of a person from Resident to Non-Resident, his existing Resident Account has to be designated as an NRO Account.
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You need to maintain an Average Quarterly Balance of Rs. 25,000/-. If you do not maintain this amount, you will be charged a fee of Rs 750 per quarter
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Funds Transfer charges:
Remittances upto Rs.50,000/- per day-Free
Above Rs.50,000/- per day Rs.0.40 per Rs.1,000/- or part thereof of the entire amount.
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Taxes
Interest earned on the NRO Account is liable for 30% tax + surcharge as applicable, which is deducted at source.
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