Will I be able to transfer INR held in my NRE account to a new RFC account upon returning back to India? Will I have to give any reasons for repatriation of funds held in FE in my RFC account?
In your case, it would be preferable to convert your funds from NRE Account to an FCNR Account before you return to India. Doing that will give you the benefit of converting the FCNR into an RFC account post your return to India.
After the conversion of an FCNR Account to an RFC Account, there are no questions asked while repatriating the funds. Therefore, it will serve both your purposes.
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