NRO Current Accounts typically do not have a minimum balance requirement, but some banks may require a minimum total relationship value to avoid charges. Banks may charge fees for certain transactions on NRO Current Accounts, such as:

• Charges for cash withdrawals at merchant outlets (Cash @PoS) - typically 1% of the transaction amount plus GST.
• Charges for exceeding a certain number of transactions per month.
• Charges for demand drafts, pay orders, and foreign currency transactions.

Yes, there are penalties for not maintaining a minimum balance in an NRO Current Account. These charges are subject to change and may vary depending on the specific bank and account type. It is essential to check the schedule of fees for the NRO Current Account at the specific bank where the account is held.