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in Eure Scrolls und Lineages 09.03.2020 09:00von siteboard • 147 Beiträge
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Any NRI (Non-resident Indian) can open an NRO Bank account in India. NRO accounts are offered at RBI-authorized banks and other NBFCs.
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First things first,
What is an NRO Bank Account?
Simply put, the Non-Resident Ordinary Account or NRO in short is a savings account, available for NRIs. It lets you maintain and manage the funds you earn in India in rupees.
Say Cheap Anthony Brown Jersey , you have some earnings in India from rental properties, dividends from business partnerships, pensions, etc., then the NRO account lets you park this fund in Indian rupees in the country.
Who can Open It?
This account is available to NRIs, PIOs (Person of Indian Origin) and seafarers. To open this account, youl have to submit copies of passport Cheap Taj Gibson Jersey , visawork permits, address proofs, PAN card and more.
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Why should NRIs consider opening an NRO Bank Account?
?Higher Yield Post Taxation ?The NRO Bank account lets NRIs enjoy higher returns on their earnings in India. This is because these account holders can avail the DTAA (Double Taxation Avoidance Agreement) facility. Meaning, the interest earned from this account is taxed only once.
?Low Minimum Balance ?NRO accounts let account holders maintain a low monthly balance. Generally, the minimum balance required is just 10,000 INR.
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?Excellent Interest Rates ?The interest rates for these accounts is similar to that of regular resident savings accounts. It ranges from 3.5% to 4% per annum.
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To Conclude
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