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What is an NRO account?

Are you an NRI, going abroad for work or business? An NRO account should probably be on the top of your to-do list.

Non-resident ordinary (NRO) accounts are maintained in Indian rupees. They can be opened as a savings, fixed deposit, or recurring deposit account.

Here are some of the key things to think about if you're planning to open an NRO account.

NRO account meaning

An NRO account refers to a bank account that caters to the banking needs of non-resident Indians (NRIs) who have an income source in India.

This includes income from rent, a pension, interest, or dividends earned from sources such as investments and business returns. 

Why open an NRO account?

Once you declare NRI status, you're no longer eligible to hold a regular savings account in India. Instead, you must convert your account or open an NRI account.

Opening an NRO fixed or recurring deposit account is a great way to deposit your domestic revenue and save for the future. You can also increase your savings as you get higher interest rates for these accounts compared to a savings account. 

Learn more about NRI services and how to open an NRI account online.

NRO accounts offer 100% safe and assured returns of your money.

Features of an NRO account

Open a joint account

You can open and hold an individual NRO account with HSBC Bank. You can also open a joint account with another NRI or a resident Indian who is a close relative.

Use your account to pay bills

Even if you're living abroad, you may still have to take care of the expenses of your loved ones in India. With an NRO bank account, you can pay the monthly utilities, such as electricity, telephone and mobile bills. 

Carry out other transactions

An NRO account also allows you to make transactions like paying rent or home loan repayments.

Enjoy phone banking services

24/7 phone banking facility ensures a quick and efficient banking experience.

Appoint a nominee

This is an important part of your NRO account. You can appoint any of your family members as a nominee for your NRO account through online banking or phone banking. Should anything happen to you, the deposit in your account will be given to the appointed nominee. 

Access round-the-clock banking

Online banking services enables you to access your NRO account anytime you want. This removes the restrictions of having to bank at certain times of the day.

Transfer funds easily

With an HSBC NRO account, you can transfer funds to your other bank accounts where you reside. You can also send money to anyone and to any bank account without restrictions.

Other services

An NRO account with HSBC comes with a range of online and other services. You can: 

  • Request a new cheque book
  • Print out your bank account statement
  • Repatriate up to USD1 million per financial year, post paying taxes
  • Set up standing instructions to manage payments

An NRO account is very useful if you're an NRI with an income source in India. It lets you put your savings in Indian currency and enjoy a hassle-free banking experience. 

How to choose between an NRO and NRE account

A non-resident external (NRE) account is used for NRIs to deposit their overseas income in a rupee account. You won't be able to deposit income earned in India in Indian rupees in the account. 

If you'd like to deposit funds earned in India as well as overseas, then you'll need to open an NRO account. 

Need help?

Visit our contact page to speak to us over the phone, to email, or to make an online enquiry.

Contact us

Apply for an NRO rupee account

Open an NRO saving or current account to deposit your income in India or your foreign currency earnings in rupees.

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Disclaimer

This publication has been issued by The Hongkong and Shanghai Banking Corporation Limited (HSBC), India, Incorporated in Hong Kong SAR with limited liability, for the information of its customers only. This publication does not constitute investment advice or an offer to sell, or a solicitation of an offer to purchase or subscribe to any product / investment. The information herein is derived from sources believed to be reliable and the concerned Information Provider(s) have duly authorized HSBC to use such information provided by them. Whilst every care has been taken in compiling the information, HSBC and the concerned Information Provider(s) do not guarantee, or make any representation or warranty and accept no responsibility or liability as to its accuracy or completeness and shall not be liable for damages arising out of any person's reliance upon this information or any action taken or not taken as a result of any material contained in the publication. Expressions of opinion are those of HSBC and the Information Provider(s) only and are subject to change without notice. HSBC has not independently verified any information provided by the Information Provider(s) or that has been derived from the sources believed to be reliable by HSBC. Opinions expressed herein do not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this publication. This document is for circulation in India only. No part of this publication may be reproduced or stored in a retrieval system without the prior written permission of HSBC. Any liability is accordingly expressly disclaimed by HSBC, its officers, directors and employees.