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Frequently Asked Questions

In which currency is my NRO current account maintained?

Your NRO current account will be maintained in Indian Rupees.

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Can I repatriate funds held in my NRO current account?

RBI allows repatriation of balances held in NRO current account up to one million USD or equivalent per financial year for bonafide purposes (For e.g. education, medical expenses, employment etc.) with documentation. However, Indian income earned in the current FY (like rent, dividend) can be repatriable as per the above criteria.

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What is the minimum amount required to open a NRO current account?

The minimum amount required to open NRO current account is Rs. 25,000/- or its equivalent in foreign currency. You would be required to maintain an Average Quarterly Balance of Rs. 25,000/- only.

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How is average quarterly balance (AQB) calculated?

Average quarterly balance is the sum of daily closing balance of all the calendar days in a quarter divided by the number of days in that quarter

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Can I have a joint account holder in my NRO current account?

Yes, you can open NRO current account with Non Resident Indians / Person of Indian Origins / Resident Indian as a joint holder.

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