An NRO Account or Non-Resident Ordinary Account is an account opened by an NRI in any Indian bank. Funds deposited in foreign currency are directly converted to Indian currency. Interest earned on NRO Accounts is taxable.

This account can be opened as a joint account (with someone who is a resident Indian). Funds in NRO Accounts (principal and interest) can be repatriated only to a certain limit but after payment of Income Tax. An NRO account is a savings account for a non-resident Indian for money earned in India like rental income, Indian investments, etc.