What are the payments allowed from the NRO Account?
• Any type of local payment in Rupees • Remittance outside India for current income mentioned above (rent, interest, dividend, pension etc.) • Remittances of upto USD 1 million per year for all bona fide purposes What happens to the status of the Account when the NRI returns to India and becomes a resident? NRO accounts can be re-designated as resident rupee accounts on the return of the account holder to India for taking up employment, or for carrying on business or vocation or for any other purpose indicating his intention to stay in India for an uncertain period. Where the account holder is only on a temporary visit to India, the account continues to be treated as non-resident during such visit. What happens to the balance in the NRO Account on death of the Accuontholder? The amount due/payable to non-resident nominee from the NRO account of a deceased account holder shall be credited to NRO account of the nominee with an authorised dealer/authorised bank in India.The amount payable
