Non Resident Ordinary Account (NRO ACCOUNT)

In this blog we will highlight only relevant points on NRO Account and NRE accounts. We will cover which account is suitable for NRI, what are the restrictions on transactions on these two separate accounts and what are the tax implications of operating such accounts.

Non Resident Ordinary Account also called NRO in short is suitable for those NRI’s who wants to let the income earned in India remain in India. By Income it could be rent, dividends etc or in case when NRI wants to open account with resident Indian (close relative).

NRO accounts can be held with NRI and resident Indians (close relatives). Funds in NRO accounts is repatriable however there are certain conditions.

NRO Accounts can be opened in the form of savings, time deposits, or time deposits. NRO accounts can also be opened by people from India (PIO) and foreign citizens of India (OCI). NRO accounts have limited reparability.

This means that an authorized remittance from NRO can be up to US $ 1 million after doing business with a certificate from a certified public accountant, excluding taxes applicable for the fiscal year. For advice, you can contact the CA Service Online.

TAX VIC can help you with same. As far as tax implication is concerned interest earned in NRO account and credit balances are subject to respective income tax bracket and are also subject to applicable wealth and gift tax.

Non Resident External Account ( NRE ACCOUNT)

Non Resident External or in short NRE accounts is suitable for those NRI’s who wants to save in Indian Rupees for income that earned outside India  or in case he/she wants joint account with another NRI as NRE account can be jointly held with another NRI but not with resident Indian , Funds in NRE accounts is freely repatriable.

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An NRE account can be opened in the form of a savings, current or fixed deposit account. Income earned in India such as rent, dividend etc cannot be deposited in NRE account. As far as tax implication is concerned, NRE account is Tax free (no Income tax, wealth tax and gift tax) in India.


  • There can be conversion option for you if you already have an account in India.The non-resident Indian has an option to convert his/her existing  account in India into NRO account or open a brand new NRO account. Documentary proof that the account holder is a non-resident Indian as defined in Indian tax laws is a prerequisite for opening NRI accounts.
  • In case of conversion of resident account into NRO account by NRI, a form needs to be filled and signed by all account holders. Documents like as proof of identity, NRI status proof, proof of foreign address and two passport photographs need to be submitted. For new accounts, NRI will need to fill out a similar KYC document on the new account opening form.

  • Proof of residence abroad could be documents provided by employer of the NRI, student status proof, dependent visa status, or a copy of resident permit in the foreign destination. This proof must be proved by an Indian embassy, ​​notary public, or a branch of an Indian bank with an overseas branch.

  • Banks will also ask for proof of financial transactions abroad, it can be in the form of cheque drawn on an overseas account or credit card statement that is latest that is not older than six months old.

For any help on legal and compliance matter you could write to us at

CA Certificate

Chartered Accountant (CA) Certificate for VISA

Many of us visit foreign countries either to study or for work or for tour. Countries such as Australia, USA, Canada, New Zealand ask for Assets certificate, objective is to make sure that you can cover your study and living expenses in that country. One of the important document required while you apply for visa is CA Certificate.

Chartered Accountant Certificate will have details of your all movable and immovable assets such as Bank balance, Investments in insurance/mutual funds/ FD/bonds, Gold, Your properties/land etc. Value of immovable assets is based on the fair market value of assets. The terms being used for Certificate can be net worth certificate from CA or turnover certificate from CA or CA certificate. Tax Vic helps client get CA certificate quick and easy.

In this blog we will help you find answers to

  • CA Report
  • How to get a net worth certificate
  • Chartered Accountant Certificate for f1 visa
  • Chartered Accountant Certificate format for visa


Que-What Is CA Report or CA Certificate for Visa?

CA report is basically a detail of assets of applicant or his parents in case applicant is a dependent- This is verified by Chartered Accountant that is why it is called a ca report for visa. Several countries are strict about it where in assets are verified to make sure that the visa applicant is able to bear his cost of education or cost of living and is able to get back to the country of origin when the visa period is over.

Que-How Do I Get A Net Worth Certificate?

To get a net worth certificate for visa you can reach out to any Chartered accountant near you. At TaxVic we help you get a net worth certificate from a CA. It can be done online. No need to visit the CA office. We will provide you a legit and valid certificate.

Que-Is CA Certificate Required for F1 Visa?

Yes a CA certificate is required for f1 visa. Chartered Accountant Certificate for f1 visa can be obtained online with help of Tax Vic.

Que-How does Tax Vic help in getting online net worth ca certificate /turnover certificate from CA/ CA certificate for visa?

Tax Vic has already won hearts of clients to hire CA online for their all tax and compliance matters. At TaxVic we assess needs of customers and help them get ca certificate for visa or net worth ca certificate online. Our standard practice of great customer care makes us top choice for Hire CA Online.

Que-What is Net worth Certificate?

Net worth basically means value of assets minus the liabilities of any individual or business. A high net worth means good financial condition. Net worth certificate may come into use for applying for any contract or to provide to specific stakeholders or also in process of applying for visa

In context of visa application, it is possible that for certain countries you will be asked for ca certificate for visa or net worth certificate for visa. To get this you will have to hire CA online or reach to CA near you. At Tax Vic you can avail this facility online – secure and fast.

Que-How Is The Chartered Accountant Certificate Format for Visa?

The format will have details of assets liabilities, it should be in letter head of CA, properly stamped and having detail of CA who verify and certify the details.