Deepika Kumari asked on 30/03/2020

What is the process of repatriation from NRO account?

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SBNRI Team
answered on 30/03/2020

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

 

Ask SBNRI Expert Now

 

What is Repatriation from NRO in terms of NRI Banking

NRI 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 is different for different accounts. The process of repatriation from NRO is explained above.

 

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