Any person / entity resident outside India may open NRO account for the purpose of putting through bonafide transactions denominated in Rupees. Opening of account by individuals / entities of Bangladesh / Pakistan nationality / ownership require prior approval of Reserve Bank. Accounts can be opened either in operative SB a/c or as Term Deposit (cumulative or non-cumulative)

Term deposits can be opened for periods ranging from 7 days to a maximum of 10 years.

Current income like rent, dividend, pension, interest etc; in India of the account holder, net applicable taxes, is eligible for repatriation. Remittances from the NRO account of NRI/PIOs is allowed up to USD one million, net of applicable taxes, for all bonafide purposes per financial year.

Term deposits under the scheme can be renewed on maturity for further periods.

Interest earned on NRO deposits are subject to Income Tax and deducted at source.

The bank also provides the nomination facility and can be registered in favour of residents / non-residents.