A common term in the realm of finance, NRO stands for Non-Resident Ordinary account. This account is specifically designed for Non-resident Indians, allowing them to save or invest in a bank in India in Indian Rupees. It is important to note that the interest earned in this account is subject to taxation. Additionally, NRO accounts can be jointly held with a resident Indian, and the funds in this account are non-repatriable, meaning they cannot be transferred outside of India.
