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Hemant Sachdeva asked on 18/02/2023

Can I deposit cash in my NRO account?

51253 views
SBNRI Team
answered on 20/02/2023

Can I deposit cash in my NRO account?

 

Yes, you can deposit cash in an NRO account after sharing the source of income of the money that you are depositing with the bank.

 

To open an NRO Bank Account or ask any questions related to NRO account, click the button below.

 

Open NRO Bank Account Now

 

 

Can I deposit cash in my NRE Account?

No, you cannot deposit INR cash in an NRE account because NRE accounts are used to maintain the income earned outside India. 

 

 

Can I transfer funds from NRO to NRE Account

Yes. You can transfer funds from NRO to NRE account after providing proper documentation stating that all the taxes are paid on the funds being transferred to the NRE Account because both the principal and interest earned on NRE Deposits are fully and freely repatriable.

 

Also Watch: Best NRI Bank Account to understand the benefits of every NRI Banking Account variant.

Process of repatriation from NRO account

Follow the table below to understand about the process of repatriation of funds from various NRI Accounts:

 

Accounts

Process

Limit

NRE

1. ONLINE: 

  • Internet banking for outward remittance (sending money to your overseas account from your NRE account)

2. OFFLINE: Fill these 2 forms. 

(You can get them at the bank branch or download them online, sign them and send them to the bank branch in India via courier in case you are abroad.)

  • Bank Request Form: Enter foreign currency/inr amount to be repatriated, beneficiary bank details (the beneficiary name can be same or different)
  • Form A2 (Form for remittance)

No Limit

NRO

All the following documents are needed to be submitted at the Bank Branch (in India). You can either submit it when you arrive here or download it online and send the signed copies to bank branch via courier:

  • Form 15CA (The purpose of this document is to ensure that taxes are collected on the funds before they are remitted abroad as it becomes difficult to recover taxes at a later stage) (Fill the form online on NSDL and print the acknowledgement)
  • Form 15CB (Certificate of an Accountant) (The Accountant fills the form and shares it with the account holder. The account holder then sends it to the bank via courier) 
  • Form A2 (Form for remittance)
  • Request Form from the Bank (for details to debit funds from your account)

USD 1 million

FCNR

1. ONLINE:

  • Internet banking for outward remittance (sending money to your overseas account from your NRE account)

2. OFFLINE: Fill these 2 forms. 

(You can get them at the bank branch or download them online, sign them and send them to the bank branch in India via courier in case you are abroad.) 

  • Bank Branch Form: Enter foreign currency/inr amount to be repatriated, beneficiary bank details (the beneficiary name must be same)
  • Form A2 (Form for remittance) which also includes Corresponding bank details (A mediator bank through which the funds will be transferred to the beneficiary bank account)

No Limit

 

 

To open an NRO Bank Account, click the button below.

 

Open NRO Bank Account Now

 

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