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.
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