Nro account: An NRO account is a

An NRO account is a rupee account that can be opened by a non-resident in India with prior approval of the Reserve Bank of India. It is not repatriable except for current income and up to USD 1 million per financial year. An NRO account is a type of current or savings account that is held by NRIs in India to manage the income that is earned in India. Know its benefits, eligibility, etc. When Should You Choose NRE or NRO Account ? Choosing between an NRE and NRO account depends on where your money comes from and how you plan to use it. - Go for an NRE Account if you: - Earn and save abroad - Want to invest in India using your foreign income - Need full repatriation flexibility - Prefer tax-free interest - Opt for an NRO Account if you: - Have income sources in India (rent, dividends, pension) - Need to make payments within India - Don’t mind limited repatriation - Want to ... NRE and NRO are two types of accounts for NRIs to manage their finances in India. Learn the meaning, taxation, repatriability, and holding structure of each account , and how to choose the best one for your needs.