Nro full form: NRO stands for non-resident ordinary

NRO stands for non-resident ordinary and is a type of NRI account that can be opened with money earned abroad or in India. Learn the difference between NRE and NRO accounts, the tax implications, and the benefits of NRO accounts. What is an NRO Account? An NRO account is a rupee-denominated account for NRIs. If you are wondering what NRO full form is, it’s a Non-Resident Ordinary account. Using an NRO bank account, NRIs can easily manage their income in India, including interest, dividends, and other sources. An NRO account supports money transfers in foreign locations. Moreover, you can deposit money in Indian rupees as well as foreign currency. But withdrawals are only possible in Indian rupees. NRE and NRO accounts are two types of bank accounts available to Non-Resident Indians (NRIs). An NRE account is used to manage foreign earnings in India with full tax exemption, while an NRO account manages income earned in India and is taxable. NRO stands for non-resident ordinary, a bank account for NRIs who have income source in India. Learn how to open an NRO account, what transactions you can do, and how it differs from an NRE account.