Medical Visa
The NRO full form is Non-Resident Ordinary. This type of account is specifically designed for Non-Resident Indians (NRIs) and only deals in Indian Rupees. The NRO a/c provides banking services in India for NRIs, managing income earned within the country or from Indian sources. This income can include rent, interest, pensions, or earnings from business returns and investments.
NRO accounts can be opened in various formats, such as savings accounts, fixed deposits, or recurring deposit accounts. NRIS need to open an NRO account because, upon gaining NRI status, they cannot open a regular savings account in India. They must either convert their existing account or open a new NRI account. Additionally, an NRO account means higher interest rates compared to standard savings accounts, which can help in building more savings.
There are many features that an NRO (Non-Resident Ordinary) account provides. They are listed below:
Use your account to pay bills: Even if you are living in a foreign country, you may still need to take care of your loved ones financially in India. So, with an NRO account, you can pay the utility bills directly from your bank account.
Open a Joint account: You can also open a joint account with another person who is a resident of India or also an NRI.
Carry out other transactions: This account also allows you to make other transactions, which could be paying the rent or the home loan repayments.
Appoint a nominee: It is an important feature of an NRO account that you can appoint a nominee. If something happens to you, all your deposits will be given to the family member whom you have made the nominee.
24/7 banking services: The banking services for an NRO account are available 24/7. You can check your transactions and access any other banking services at all times.
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