Can I deposit foreign currency directly into my NRO account?

No, you cannot directly deposit foreign currency. Funds must be converted to INR before deposit.

Is the interest earned on NRO accounts tax-free?

No, the interest is taxable under the Indian Income Tax Act.

Can I transfer funds from my NRO account to my NRE account?

Transfers between NRO and NRE accounts are generally not permitted.

Can a resident Indian operate my NRO account?

Yes, you can appoint a mandate holder (a resident Indian) to operate the account.

How can I access my NRO account?

Through various channels, including internet banking, mobile banking, ATM withdrawals (in India), and branch visits.

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Disclaimer: # The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. All plans listed here are of insurance companies’ funds.

Bank of India NRO Account

For Non-Resident Indians (NRIs) with income generated in India, a Non-Resident Ordinary (NRO) account is an essential financial tool. Bank of India (BOI) offers NRO accounts designed to facilitate the management of this income within India.

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What is a Bank of India NRO Account?

A Bank of India NRO account is a rupee-denominated account specifically designed for NRIs to manage income earned in India. This income can include rent, pensions, dividends, interest, and other sources. Unlike NRE accounts, the funds in an NRO account are not freely repatriable, although certain repatriation options exist under specific conditions.

Key Features and Benefits of BOI NRO Account

Rupee Denomination: The account is maintained in Indian Rupees (INR).
Income Management: Facilitates the management of income generated in India.
Ancillary Services: Access to various banking services.
Free Internet Banking: Convenient online account management.
Missed Call Alert Facility: Easy balance checks via missed calls.
Free Utility Bills Payment: Pay utility bills online through E-pay.
ATM-cum-International Debit Card (EMV Chip based): Access your funds through ATMs and make purchases.
Free Fund Transfer: Free fund transfers within Bank of India (self or third party) and free NEFT/RTGS through Net banking.
Joint Account Facility: Can be held jointly by an NRI with another NRI or a Resident Indian.
Mandate Holder Facility: An Indian resident can be authorized to operate the account and provided with an ATM card.
Nomination Facility: Available for easy transfer of funds in case of the account holder's demise.

Repatriation from NRO Account

While not freely repatriable like NRE accounts, the Reserve Bank of India (RBI) allows repatriation from NRO accounts under certain conditions:

Current Income: Repatriation of current income (such as rent, dividends, etc.) is permitted.
Up to USD One Million: Repatriation of up to USD one million per financial year (April-March) is allowed for any bona fide purpose, after the payment of applicable taxes in India.

Interest Rates and Taxation

Interest Rate: Interest rates are determined by the Bank from time to time as per stipulated guidelines and are displayed on the Bank's website.
Taxation: Interest earned on NRO accounts is taxable under the Indian Income Tax Act.

Who Can Open a BOI NRO Account?

NRIs (other than a person resident in Bhutan and Nepal).
Individuals/entities of Bangladesh or Pakistan nationality/ownership, and Overseas Corporate Bodies require prior approval of the RBI.

Opening a BOI NRO Account

The documentation required to open an NRO account typically includes:

Valid passport with NRI status endorsed.
Proof of overseas address.
Proof of Indian address (if any).
PAN card (if available).
Photographs.

It is advisable to contact the nearest BOI branch or visit their website for the most up-to-date information on documentation requirements.

Conclusion

A Bank of India NRO account is a practical solution for NRIs to manage their Indian income efficiently. It offers a range of features and services designed to simplify financial transactions within India. While repatriation is subject to certain regulations, the account serves as a valuable tool for handling Indian income and fulfilling financial obligations within the country. As always, it’s recommended to consult the Bank of India website or contact a branch directly for the most current details.

FAQs

Can I deposit foreign currency directly into my NRO account?

No, you cannot directly deposit foreign currency. Funds must be converted to INR before deposit.
Is the interest earned on NRO accounts tax-free?

No, the interest is taxable under the Indian Income Tax Act.
Can I transfer funds from my NRO account to my NRE account?

Transfers between NRO and NRE accounts are generally not permitted.
Can a resident Indian operate my NRO account?

Yes, you can appoint a mandate holder (a resident Indian) to operate the account.
How can I access my NRO account?

Through various channels, including internet banking, mobile banking, ATM withdrawals (in India), and branch visits.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*Past 10 Year annualised returns as on 01-01-2025
*All savings plans are provided by the insurer as per the IRDAI approved insurance plan. Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 2 Cr. is for a 30 year old healthy individual investing Rs 18,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: 1,06,79,507 @ CAGR 4%; 2,12,15,817 @ CAGR 8%. All plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
**Returns are based on past 10 years' fund performance data (Fund Data Source: Value Research).