The scheme offers the highest rates of interest. This account can also be opened jointly with a resident in India. The local funds of an NRI viz. Income earned on investments done on non-repatriable basis is to be credited to NRO account. Interest will be charged only on the amount drawn.
Interest is compounded quarterly.
Repayment of the loan can be done in Foreign Currency and Indian Rupees. On maturity of the deposit, loan as well as the deposit can be renewed. Non-Resident Indians holding Indian passport. 2.5 millions whichever is lower. 2.00 lacs upto Rs.