New Delhi, Dec. 7 -- A Non-Resident Ordinary Rupee account is a savings account for the Indian NRIs who face troubles in managing their earnings in and outside India. For the citizens of India, who have settled outside of the country for an indefinite period, it becomes a challenging task to manage bank accounts in two countries. They also face trouble in repatriation back to their homeland so they basically opt for retaining a part of their income in India or managing their investments in the country.
NRO accounts help in easy conversions between currencies and serve various tax benefits to the NRIs. This type of account can be jointly opened with a resident of India or a close relative or even an NRI. However, there is a restriction on ...