Can I withdraw / repatriate funds from FCNR accounts?
SBNRI Team
answered on 26/02/2023
Yes. Funds in FCNR deposits (both principal amount and the interest earned on the deposit) are fully and freely repatriable outside India. The FCNR Deposit lets you earn tax-free interest on most of the major globally tradable foreign currencies such as USD, GBP, EUR, JPY, AUD, CAD, SGD, HKD, and others.
What is Repatriation?
Repatriation refers to the transfer of funds (both principal amount and the interest earned on the deposit) from any of the NRI Accounts [NRE/NRO/FCNR (B)] from India to the overseas bank account of the NRI in his/her country of residence.
Process of Repatriation from FCNR Account
The process of repatriation of funds from India to abroad through your NRI Accounts is:
Accounts | Process | Limit |
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 | |
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 | |
| 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 |
Related Questions
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