Banking

NRO Account

Also known as: Non-Resident Ordinary

Non-Resident Ordinary account for Indian income, taxable with limited repatriation.

Detailed Explanation

NRO accounts hold income earned in India such as rent or dividends. Interest is taxable in India and repatriation is permitted within limits and with proper documentation.

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Related Terms

NRE Account

Non-Resident External account for foreign income, repatriable with tax-free interest in India.

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TDS

Tax Deducted at Source - Tax collected by the payer before making payment to the payee.

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