An NRO-CA account can be opened by remittance from abroad, or by legitimate dues in rupees of the account holder in India. The existing domestic A/C of the Resident converted to NRO A/C on their taking up business/employment/immigration abroad. Joint A/C with resident close relative is allowed. These accounts are useful for business transactions for Individuals and Institutions.
- No interest applicable on deposits
- Funds are entirely non-repatriable
- Avail of Cheque Book facility
- Provision for nomination
- Free of interest rates
- Only NRI's can open this account.
- Overseas Corporate Bodies cannot open this account w.e.f.16.09.2003.