Features and Benefits of an NRO Account
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Key Takeaways: An NRO account is a must-have if you are an NRI earning income in India from rent, dividend, interest, etc. Read on to know more about an NRO account benefits.
NRO accounts are savings, deposits or current accounts that allow individuals residing abroad to manage their Indian income seamlessly.
Benefits of NRO account
These accounts help you manage your investments, deposits or income earned in India. Here are a few benefits of an NRO account:
- Deposit rupee earnings: As an NRI, you might have recurring income sources such as rent and dividends within India. You can deposit these securely in an NRO account and use the funds to manage your rupee expenses.
- Invest with ease: An NRO account makes it easy for you to invest in mutual funds and Indian bonds.
- Get loans: You can use NRO fixed deposits as collaterals against loans. The interest rate on such loans tends to be lower than unsecured loans.
- Hold accounts jointly: You can open an NRO account jointly with, for example, a resident family member, who can manage your Indian financial commitments seamlessly.
- Attractive rates: DBS Treasures offers higher interest rates on NRI savings accounts and preferential rates on remittances.
- Repatriate funds: If you have sold a property or liquidated investments and want to send the money to your country of residence, you can deposit the funds in an NRO account and transfer it abroad (up to USD 1 million a year). You may have to pay income tax in India and fill out repatriation forms.