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Bank Deposits

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NRO

NRO stands for Non-Resident Ordinary account. It refers to the savings or Fixed Deposit account of a Non-resident Indian in a bank in India. This is a Rupee account. Interest earned in this account is taxable. The account can be jointly held with a resident Indian. The principal and interest in this account are non-repatriable.

Keywords

Bank Fixed Deposits, NRO

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