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NRO Accounts (Current earnings repatriable)
Repatriation from NRO balances
Bank of Bahrain and Kuwait, a authorised Dealer can allow remittance/s upto USD 1 million per financial year (April-March) for bonafide purposes, from balances in NRO accounts subject to payment of applicable taxes. The limit of USD 1 million per financial year includes sale proceeds of immovable properties held by NRIs/PIO.
Accounts can be opened by Non-Resident Indian individuals, OCBs, and can also be held jointly with Resident Indians.
The account opening application form can be downloaded from our website and is also available at our NRI desks at Bahrain / Kuwait / Dubai / Mumbai / Hyderabad / Aluva & New Delhi. The completed form alongwith the support documents as listed here under maybe submitted at any of our NRI counters.
The accounts can be opened by remittances from abroad or by transfer of funds from the your existing NRE/FCNR accounts. It can also be opened by tendering Foreign currency or Travellers cheque during the temporary visit to India. The existing resident account can also be converted to NRO account once the individual leaves the country.
The accounts designated in INR can be of saving bank nature or a term deposit as per the depositors instructions.
|Type of Account||Average Balance per Quarter|
|Savings Account||Rs 5000/-|
The following are eligible to open a Regular Savings account
A minimum deposit of Rs. 1,000/- is required to open an account and thereafter an Average Amount of Rs 5000 per Quarter to be maintained.
Along with the account opening form application, self attested copies of following be forwarded to complete the formalities as per the central bank ( viz Reserve Bank of India ) Know your customer guidelines:
Note : Mandatory to provide Permanent address and telephone number.
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