What is the limit to repatriate funds from NRO?
SBNRI Team
answered on 24/03/2020
You can repatriate funds from NRO account only up to a maximum limit of USD 1 million per financial year as allowed by Reserve Bank of India (RBI). The funds are not freely repatriable. 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.
Can you transfer funds from NRO to NRE Account?
Yes. 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 the cess charged while we repatriate funds from NRO?
*(Cess: A cess is a tax on tax that you pay to the government for purposes set by the government. The cess is charged till the objective set by the government is fulfilled. Eg: Krishi Kalyan Cess, Swachh Bharat Cess etc.)
Process of Repatriation from NRO Account
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 |
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