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Indian Bank NRO Account

Non-Resident Indians (NRIs) often need an efficient way to manage their income earned in India, such as rent, pensions, or dividends. Indian Bank's NRO (Non-Resident Ordinary) Account is designed to meet these needs seamlessly, ensuring that NRIs can handle their financial matters in India with ease.

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What is an NRO Account?

An NRO (Non-Resident Ordinary) Account allows NRIs to manage their income earned in India in the form of rent, dividends, pensions, or any other legitimate sources. This NRO account is maintained in Indian Rupees (INR) and is subject to taxation under Indian laws. It supports both savings and fixed deposit options, providing NRIs with flexibility and convenience to handle their domestic financial needs.

Features of Indian Bank NRO Account

Multiple Deposit Options: Offers savings, current, and fixed deposit account variants.
Repatriation Facility: Funds can be repatriated up to the permissible limit after tax deductions.
Attractive Interest Rates: Competitive interest rates on both savings and fixed deposits.
Joint Account Facility: Can be opened jointly with another NRI or resident Indian (close relative).
Internet Banking: Provides seamless access to account management through online banking.
Loan Facilities: Loans can be availed against deposits to meet financial needs.
Tax Deducted at Source (TDS): Income earned is subject to TDS as per Indian regulations.

Types of Indian Bank NRO Account

Indian Bank NRO Account can be opened in the form of:

Current Account
Savings Account
Recurring Account
Term Deposit

Eligibility for Indian Bank NRO Account

Individuals of Indian origin residing outside India (NRIs).
Persons of Indian Origin (PIO) holding valid PIO or OCI cards.
Foreign nationals residing in India temporarily for employment or business purposes (specific conditions apply).

Conclusion

Indian Bank's NRO Account is an efficient financial tool for NRIs to manage their India-based income. With features like repatriation, attractive interest rates, and easy access through digital platforms, it offers convenience and value for global Indians.

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˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

*Past 10 Year annualised returns as on 01-05-2026
*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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