Can I transfer money from my Bank of Maharashtra NRO Account to an NRE Account?

Yes, you can transfer funds from an NRO account to an NRE account within the specified annual limit of USD 1 million, subject to submission of documents such as a Chartered Accountant’s certificate.

Is the interest on a Bank of Maharashtra NRO Account taxable?

Yes, the interest earned on an NRO account is taxable in India under the Income Tax Act.

Can I open a joint Bank of Maharashtra NRO Account with a resident Indian?

Yes, Bank of Maharashtra allows joint holding of an NRO account with a resident Indian, NRI, or PIO.

Can I repatriate funds from the Bank of Maharashtra NRO Account to my overseas account?

Yes, repatriation is allowed up to USD 1 million per financial year, subject to RBI regulations and required documentation.

What type of deposits are allowed in the Bank of Maharashtra NRO Account?

Deposits can include income from rent, pension, dividends, interest, or foreign remittances in convertible currency.

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Bank of Maharashtra NRO Account

The Bank of Maharashtra NRO Account (Non-Resident Ordinary Account) is specially designed for Non-Resident Indians (NRIs) who wish to manage their income earned in India. Many NRIs continue to have financial interests in India such as rental income, dividend payouts, pension, or any other earnings. The Bank of Maharashtra, one of the most trusted public sector banks in India, provides the NRO account facility to enable NRIs to securely manage, deposit, and withdraw their India-based earnings with ease.

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What is a Bank of Maharashtra NRO Account?

A Bank of Maharashtra NRO Account is a savings or FD interest rate account that allows NRIs to deposit earnings originating within India. These earnings may include:

Rent from property in India
Income from investments such as dividends or mutual funds
Pension or retirement benefits
Any other Indian-sourced income

The account is maintained in Indian Rupees (INR) and is governed by the Reserve Bank of India (RBI) regulations.

Key Features of Bank of Maharashtra NRO Account

Below are the key features of NRO account of Bank of Maharashtra:

Currency: Account maintained in Indian Rupees.
Deposits: Both Indian and overseas income can be deposited.
Repatriation: Non-repatriable beyond certain limits, except for current income and up to USD 1 million (subject to documentation and RBI guidelines).
Taxation: Interest earned is taxable in India as per prevailing income tax laws.
Joint Holding: Can be opened jointly with resident Indians or other NRIs.
Account Types: Available as savings, current, recurring, or fixed deposit accounts.

Benefits of Bank of Maharashtra NRO Account

Convenient Handling of Indian Income: Seamlessly manage any income generated in India while residing abroad.
Wide Network: Access to the extensive branch and ATM network of Bank of Maharashtra.
Flexible Deposits: Accepts income both from India and abroad.
Nomination Facility: Nominees can be added, ensuring hassle-free inheritance.
Banking Services: Internet banking, mobile applications, and remittance facilities enhance banking convenience.

Who Can Open a Bank of Maharashtra NRO Account?

These individuals can open the account individually or jointly, depending on their requirements.

Documents Required for Bank of Maharashtra NRO Account

The list of documents includes:

Valid passport and visa copy
Proof of NRI/PIO/OCI status
Overseas and Indian address proof
Recent passport-sized photographs
Copy of PAN card or Form 60

(Documentation requirements may vary as per RBI and Bank of Maharashtra guidelines.)

How to Open a Bank of Maharashtra NRO Account?

Visit the nearest Bank of Maharashtra branch or access the official website.
Fill out the NRO account application form.
Submit the necessary documents along with photographs.
Complete KYC procedures as mandated by RBI norms.
Once verified, the account will be activated.

Conclusion

The Bank of Maharashtra NRO Account is an ideal solution for NRIs who wish to manage and access India-based earnings efficiently. With features such as multiple account options, convenient deposits, internet banking, and a vast branch network, Bank of Maharashtra offers reliable banking support to the global Indian community. However, it is important to note the taxation and repatriation rules applicable to such accounts in order to plan finances effectively.

FAQs

Can I transfer money from my Bank of Maharashtra NRO Account to an NRE Account?

Yes, you can transfer funds from an NRO account to an NRE account within the specified annual limit of USD 1 million, subject to submission of documents such as a Chartered Accountant’s certificate.
Is the interest on a Bank of Maharashtra NRO Account taxable?

Yes, the interest earned on an NRO account is taxable in India under the Income Tax Act.
Can I open a joint Bank of Maharashtra NRO Account with a resident Indian?

Yes, Bank of Maharashtra allows joint holding of an NRO account with a resident Indian, NRI, or PIO.
Can I repatriate funds from the Bank of Maharashtra NRO Account to my overseas account?

Yes, repatriation is allowed up to USD 1 million per financial year, subject to RBI regulations and required documentation.
What type of deposits are allowed in the Bank of Maharashtra NRO Account?

Deposits can include income from rent, pension, dividends, interest, or foreign remittances in convertible currency.

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*Past 10 Year annualised returns as on 01-08-2025
*All savings plans are provided by the insurer as per the IRDAI approved insurance plan. Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
**Returns are based on past 10 years' fund performance data (Fund Data Source: Value Research).
^Returns as on 10th Jan'25. 18% returns for Tata AIA Life Top 200 for the last 10 years.The past performance is not necessarily indicative of future performance. Source: Morningstar

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