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NRO ACCOUNT SCHEME
What does NRO stand for in the context of bank accounts?
NRO stands for Non-Resident Ordinary, a rupee-denominated account held by non-resident Indians to manage income earned in India.
Can an NRO account be converted to an NRE account upon re-emigration of the account holder?
No, NRO funds are not freely repatriable like NRE funds.
Who is eligible to open an NRO account in India?
Any person resident outside India, including NRIs and PIOs (Persons of Indian Origin), is eligible to open an NRO account.
What is the maximum repatriation allowed from NRO account per financial year for current income?
Current income like rent, pension is fully repatriable.
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