Esha Mathur asked on 24/03/2020

What is the limit to repatriate funds from FCNR?

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SBNRI Team
answered on 24/03/2020

There is no limit to repatriate funds from FCNR accounts as it is fully and freely repatriable from India. The international currency exchange rate for the currency at which you opened the FCNR deposit will be the same at the time of withdrawal/repatriation.

 

limit to repatriate funds from FCNR Account

 

 

What is an FCNR Account?

A Foreign Currency Non-Resident (FCNR) Account is a term deposit account in USD, GBP, EUR, JPY, AUD, CAD, SGD, HKD, and others. The ‘term’ in a term deposit account is a fixed tenure of up to 12 months, 24 months, 36 months, 48 months or 60 months that can be opted by the NRIs at the time of account opening. The interest income is not taxable in India and both the principal amount as well as the interest are completely repatriable. There is no limit to repatriate funds from FCNR accounts.

 

To know more about the different types of NRI Banking Accounts, click here.

 

 

Also Watch: Best NRI Banking Account for OCI

What is the process and limit to repatriate funds from FCNR Account?

The process of repatriation of funds from NRI Accounts are:

 

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 them to the bank branch in India via courier in case you are abroad.)

  • Bank Request Form: Enter foreign currency/inr amount to be repatriated, beneficiary bank details (the beneficiary name can be same or different)
  • Form A2 (Form for remittance)

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:

  • Form 15CA (The purpose of this document is to ensure that taxes are collected on the funds before they are remitted abroad as it becomes difficult to recover taxes at a later stage) (Fill the form online on NSDL and print the acknowledgement)
  • Form 15CB (Certificate of an Accountant) (The Accountant fills the form and shares it with the account holder. The account holder then sends it to the bank via courier) 
  • Form A2 (Form for remittance)
  • Request Form from the Bank (for details to debit funds from your account)

USD 1 million

FCNR

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 them to the bank branch in India via courier in case you are abroad.) 

  • Bank Branch Form: Enter foreign currency/inr amount to be repatriated, beneficiary bank details (the beneficiary name must be same)
  • Form A2 (Form for remittance) which also includes Corresponding bank details (A mediator bank through which the funds will be transferred to the beneficiary bank account)

No Limit

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