| Eligible Applicants & Requisites | 1. Any person resident outside India may open account.
2. Account can be opened with foreign currency or by converting existing rupee accounts.
3. Account can be opened only in indian rupees
4. Account can be opened in the form of current, savings, recurring and term deposits.
5. Account may be held jointly with residents.
6. Non-Resident Indians can appoint residents to operate their NRO accounts local payments through a power of attorney.
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| Facilities | 1. Standing instructions can be undertaken for periodic payments of insurance premia, school fees,etc.
2. Nomination facility is available.
3. Interest on the deposit is taxable under indian income tax.
4. certain eligible credits in the account can be repatriated upto overall ceiling of USD 1 mio per calendar year subject to payment of applicable taxes.
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