Bank of America NRO Account

Hi buddy will you here tell me about features of bank of America Non Resident Ordinary Rupee (NRO) account, as my cousin want to open this account there ??

[shikha]

Bank of America is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina.

As you asking I am telling Non Resident Ordinary Rupee (NRO) account so I am telling NRO account can be of any type: saving, current or Fixed Deposit. Interest payable on NRO accounts is the same as on resident accounts. NRO accounts may be re-designated as resident accounts when the account holder becomes a resident in India.

Disadvantages of NRO:
Interest earned on balances in NRO Accounts is not exempted from Indian Income tax. Instead income tax is deducted at source (TDS) i.e. at the time of payment of interest by the bank.

Balance held in NRO account can neither be repatriated. No remittance in foreign currency is allowed without prior approval of Reserve Bank as well.

Bank profile

Type Public

Traded as NYSE: BAC

S&P 500 Component

Industry Banking, Financial services

Predecessor Bank America

NationsBank

Founded October 17, 1904; 112 years ago (as Bank of Italy)

February 1930; 86 years ago (as Bank of America)

1998; 18 years ago (current)

Founder Amadeo Giannini

Headquarters Charlotte, North Carolina, United States

Area served Worldwide

Key people Brian T. Moynihan

Chairman & CEO

Products Consumer banking, corporate banking, finance and insurance,
investment banking, mortgage loans, private banking, private equity, wealth
management, credit cards,

Revenue US$82.50 billion (2015)

Operating income US$21.89 billion (2015)

Net income US$15.89 billion (2015)

Total assets US$2.185 trillion (2016)

Total equity US$256.2 billion (2015)

Number of employees 210,516 (2016)

Divisions Bank of America Home Loans, Bank of America Merrill Lynch

Subsidiaries Merrill Lynch

U.S. Trust