General Awareness Points Related to Non-Resdent Ordinary Rupee Account | NRO

• FEMA Act 1999 says 'A person resident outside India means a person who is not resident in India'. FEMA stands for

               - Foreign Exchange Management Act
Important Point about NRO - 

• Non-Resident Ordinary Rupee Account (NRO Account) can be >> Savings account
    Current account | Recurring Deposit account | Fixed Deposit account 
• In this type of Account - Only Indian rupees are accepted.
• The prior approval of Reserve Bank of India essential for the opening of NRO accounts by individual/ entities of Pakistan and - Bangladesh
• In the savings deposits accounts of NRO accounts, the rate of interest determined by Banks
• The joint account can be held jointly with residents and / or with non-resident Indian also.
• The foreign tourist during their short visit to India can open a Non-Resident Ordinary Rupee (NRO) Account - up to a maximum period of 6 months.
• NRO Account can be used for making local payments -  but payments to residents more than Rs.50,000 can be made only by means of cheques / Demand Drafts etc.
• Can have nomination facility