Can I deposit rent in my NRE account?
SBNRI Team
answered on 23/03/2020
No, NRIs cannot deposit rent or any other income generated in India for which the taxes are not deducted at source in their NRE account because NRE accounts are used to maintain the income earned from outside India and both the principal and interest earned on NRE Deposits are fully and freely repatriable.
Permissible Credits in the NRE Account
There are certain permissible credits in an NRE Account, which are:
- Inward remittance from outside India
- Interest earned on the money deposited in the NRE account
- Interest on investments made through the NRE Account
- Transfer from other NRE/ FCNR(B) accounts
- Maturity gains from investments (if such investments were made from this account or through inward remittance)
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 NRE account
Follow the table below to understand about the process of repatriation of funds from various NRI Accounts:
Accounts | Process | Limit |
NRE | 1. ONLINE:
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.)
| 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:
| USD 1 million |
FCNR | 1. ONLINE:
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.)
| No Limit |
More questions like “Can I deposit rent in NRE Account?” click here to know whether you can deposit cash in NRE Account?
To get expert advisory at SBNRI, contact us using the button below.
Related Questions
SBNRI Team
answered on 10/03/2023
Can OCI have an NRI account? Yes, OCI can open NRE/NRO/FCNR accounts in India as they are entitled to similar benefits as NRIs. Here is an overview of the accounts for you to choose the best account as per your needs: Factors to consider Non Resident External (NRE) Account Non Resident Ordinary […]
SBNRI Team
answered on 23/03/2020
There are certain restrictions on NRE Accounts. NRIs cannot deposit the following funds in the NRE account because NRE accounts are used to maintain the income earned outside India: Cash in Indian Rupees Gifts received in India Any income generated in India for which the taxes are not deducted at source Along with restrictions […]
SBNRI Team
answered on 30/03/2020
Refer to the following table to understand the process to update a nominee in the top banks in India: Process to update a nominee in the top banks in India All Major Banks Process ONLINE OFFLINE Visit Bank’s website Login and go to “add nominee” option Provide and verify details Submit request Visit Bank Branch […]
SBNRI Team
answered on 16/11/2020
FATCA Details enables you to share your tax details with respect to your country of residence which includes your Tax Identification Number. The motive of FATCA is to prevent individuals from parking their wealth outside their resident country and avoid taxation from such wealth. Click on the button below to connect with our expert […]
