What are the permissible credits in an NRE account?
SBNRI Team
answered on 07/12/2021
Credits refer to the money that can be deposited in a bank account. The permissible credits in an NRE account 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)
Transfer funds from NRO to NRE account
Transfer of funds between these accounts are subject to taxation. Only after you have paid all your taxes on the funds in NRO Account, you can transfer it to the NRE Account. To understand the taxation and limits on transfer of funds from NRO Accounts, click here.
Process of repatriation from NRE account
Along with the permissible credits in an 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 |
To get expert advisory at SBNRI, contact us using the button below.
Related Questions
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. […]
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 […]
SBNRI Team
answered on 01/03/2023
No, NRIs cannot deposit rupee in an NRE account because NRE Accounts are used to maintain the income earned in a foreign currency outside India. 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 […]
SBNRI Team
answered on 30/03/2020
Nomination has some essential benefits for any savings or Fixed Deposit account. The benefits benefits of Nominees in an NRI bank account are: Ease of transfer of account ownership to nominee after the death of current owner Settlement of other claims after death of the account owner can be done by nominee No Dues certificates […]
