What is difference between NRO saving account and ordinary saving account?

What is an NRO account: An NRO account is like your regular bank savings account but has certain restrictions. In this account you can deposit your rupee earnings from India such as rent, interest, dividends etc. You can also deposit funds from abroad that are in the form of freely convertible foreign currency.

What is the difference between NRI and NRO account?

An NRE account is a bank account opened in India in the name of an NRI, to park his foreign earnings; whereas, an NRO account is a bank account opened in India in the name of an NRI, to manage the income earned by him in India. These incomes include rent, dividend, pension, interest, etc.

What is resident and non-resident bank account?

A non-resident Indian can open three types of accounts in India as authorised by the Reserve Bank of India (RBI). A non-resident Indian (NRI) is an Indian citizen or a person of Indian origin residing outside India. A resident is a citizen who stays in India for at least 182 days in a financial year.

What is resident account?

Savings, Current and Fixed Deposit accounts opened by resident individuals can include Non-Resident Indian (NRI) close relative(s) (relatives as defined in Section 6 of the Companies Act, 1956) as a joint holder(s) in their resident savings bank accounts on an Either or Survivor (E/S) basis.

What is non-resident ordinary account?

A Non-Resident Ordinary (NRO) Account is a popular way for many Non-Resident Indians (NRIs) to manage their deposits or income earned in India such as dividends, pension, rent, etc. This account allows you to receive funds in either Indian or foreign currency.

What is a non residence account?

It’s basically an account for you to receive foreign payments into. You can however make local payments yourself e.g. pay DSTV or some local account. The account is not cheap.