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Non-Resident Ordinary (NRO) account
This account can hold income earned in India (dividends, pension or rent. NRO helps make payments in rupees and, hence, those with dependents in India. the NRO account does not allow withdrawing the deposited funds.
This, too, is a rupee account like NRE accounts, so currency risk exists. It allows only up to $1 million (~5.5 crore) to be repatriated per financial year. Most banks are paying between seven and nine per cent.
Any remittance done from an NRO account is subject to tax deduction at source (TDS), at 30 per cent. In case of a double taxation avoidance agreement (DTAA) between India and other countries, the TDS rate can be lower, like it is 15 per cent in the case of India and the US. NRO deposits may also be taxed in the NRI's resident country. NRO accounts can be jointly held even with an Indian resident.
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