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Opening of NRE, NRO Accounts
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Opening of NRE, NRO Accounts

Intuit assess various banks to determine the best one to suit your needs. Our banking experts also study and help you select which is the best account type based on your transaction and also guide you through the entire process of opening that account. Our Services include form filing, document verification and actual form submission. 

NRIs can open NRO Deposit Accounts for collecting their funds from local bonafide transactions. Since NRO is a Rupee deposit account, the exchange rate fluctuation risk is borne by the account holder himself. NRO Accounts can be maintained as savings, current, recurring or term deposits. The principal of NRO deposits is non-repatriable, but current income and interest earning can be repatriated. A NRI/PIO can remit an amount, not exceeding USD 1 million per financial year, out of balances held in NRO account/sale proceeds of assets/assets acquired in India by him, by way of inheritance or legacy, subject however to, providing evidence of such acquisition, inheritance or legacy as the case may be. There are further additional compliances that need to be met in order to repatriate the proceeds up to the limit stated hereinbefore.

The Non-Resident (External) NRE Account, also known as the NRE Scheme, was introduced in 1970. Any NRI can open an NRE Account with funds remitted to India through a bank abroad. This is a repatriable account and transfer from another NRE Account is also permitted. An NRE Account may be opened as a savings, current or term deposit account. A NRI can use his NRE Account to make local payments also. Since an NRE account is a Rupee deposit account, the depositor is exposed to exchange risk. NRIs and PIOs have the option to credit their current income to NRE Rupee accounts, provided the Authorised Dealer (AD) is satisfied that the credit represents current incomes of the non-resident account holder and such income is credited after giving due effect to tax at source thereon.

S.No Services NRI Service Desk 
1 Opening of NRE, NRO Accounts $50
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