Can I withdraw / repatriate funds from NRO accounts?
SBNRI Team
answered on 27/02/2023
Yes. NRIs can repatriate the balance in their NRO account (only current income such as rent & pension and other income where taxes are not deducted at source).
Although, the funds are not freely repatriable. The Reserve Bank of India (RBI) allows NRIs to remit up to USD 1 million per financial year from their NRO account. The interest earned on NRO Deposits is taxable in India: 30% tax + surcharge + education cess* is deducted at the source of interest earned in India. You can transfer funds from NRO to NRE account after providing proper documentation prepared by a Chartered Accountant stating that all the taxes are paid on the funds being transferred from the NRO Account.
What is Repatriation from NRO Account?
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.
The process of repatriation of funds from India to abroad through your NRO Accounts are:
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 |
More queries on Repatriation from NRO Account? Click here.
Related Questions
SBNRI Team
answered on 26/02/2023
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. The process of repatriation of funds from India to USA through your NRI […]
SBNRI Team
answered on 16/11/2020
We have made a special video on how to select the cheapest medium for remittance. You can find the video below: Keeping in mind the factors mentioned in the video, which are: Final amount received Exchange rate, and Time frame (Urgency) We’d suggest you to go ahead with Transferwise whom we have partnered […]
SBNRI Team
answered on 28/02/2023
Yes, the repatriation of funds in the NRE Account can be done easily. Funds in the NRE accounts of NRIs (both principal amount and the interest earned on the deposit) are fully and freely repatriable outside India. What is Repatriation? Repatriation refers to the transfer of funds (both principal amount and the interest earned […]
SBNRI Team
answered on 30/03/2020
The process of repatriation of funds from NRI Accounts including FCNR account: 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 […]
