Non Resident Ordinary (NRO) SB – Foreign Students

2.       Students of Pakistan Nationality require prior approval from RBI.

2.       Local address proof (rent agreement or letter from the institution/ university allotting place of accommodation) is to be received within 30 days of opening the account.  If not received, further credit to the account will be blocked.

3.       Only Remittance from abroad and grants/scholarships can be credited to the account. Till receipt of local address proof, total credit permitted shall be inward remittance of approx. Rs. 87000/- (equivalent of USD 1000) and total withdrawal permitted is Rs. 50000. Credit of cash remittance and credit of local funds (except grants/scholarship) are prohibited.

4.       Upon receiving local address proof, the account may be enabled with internet/mobile banking/ Debit Card

5.       Funds in the account may be utilized for local payment to meet study and personal expenses; not to be used for business or investment activities

6.       Term Deposit Account are not permissible.

7.       Initially, annual transaction limit in the account will be restricted to Rs.7.50 lakh.

8.       Interest income from NRO accounts is taxable.

9.       Nomination is available

10.   Joint Account is not permitted