NRO (Non-Resident Ordinary) Accounts in India: Purpose, Eligibility, Rules & Operating Procedures

Deposits

NRO (Non-Resident Ordinary) deposits are rupee-denominated accounts that allow NRIs/OCIs to hold and manage income accruing in India (such as rent, dividends, pension, interest), with repatriation of current income permitted and repatriation of principal subject to limits and documentation. These deposits can be opened as savings/current/term deposits, are subject to Indian taxation, and follow FEMA/RBI…

Opening of FCNR(B) Deposits in India: Rules, Procedures, and Conditions

Deposits

Foreign Currency Non-Resident [Bank] deposits, commonly called FCNR(B) deposits, are term deposits maintained in designated foreign currencies with Indian banks by eligible non-residents, offering full repatriability of principal and interest and insulation from INR exchange risk during the tenor. These deposits can generally be opened for tenors from 1 to 5 years, with interest payment/compounding…

Closure of FCNR(B) Deposits in India: Rules, Procedures, and Conditions

Deposits

Closing a Foreign Currency Non-Resident [Bank] [FCNR(B)] deposit in India is governed by RBI’s FCNR(B) Scheme and bank-specific policies, with distinct rules for premature closure, closure at maturity, repatriation, and treatment upon return to India for permanent settlement. The key principles are: premature closure is permitted with penalties and, if closed before one year, no…