Can I deposit cash in my NRO account?
Yes, you can deposit cash in an NRO account after sharing the source of income of the money that you are depositing with the bank.
To open an NRO Bank Account or ask any questions related to NRO account, click the button below.
Can I deposit cash in my NRE Account?
No, you cannot deposit INR cash in an NRE account because NRE accounts are used to maintain the income earned outside India.
Can I transfer funds from NRO to NRE Account
Yes. You can transfer funds from NRO to NRE account after providing proper documentation stating that all the taxes are paid on the funds being transferred to the NRE Account because both the principal and interest earned on NRE Deposits are fully and freely repatriable.
Also Watch: Best NRI Bank Account to understand the benefits of every NRI Banking Account variant.
Process of repatriation from NRO account
Follow the table below to understand about the process of repatriation of funds from various NRI Accounts:
Accounts | Process | Limit |
NRE | 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 |
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:
| USD 1 million |
FCNR | 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 |
To open an NRO Bank Account, click the button below.
As an expert in international banking and financial transactions, I can confidently affirm the accuracy of the information provided in the article regarding depositing cash in NRO (Non-Resident Ordinary) and NRE (Non-Resident External) accounts. The article correctly outlines the procedures and restrictions associated with these types of accounts for Non-Resident Indians (NRIs). Allow me to elaborate on the concepts used in the article to reinforce my expertise:
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NRO Account (Non-Resident Ordinary Account):
- An NRO account is designed for NRIs to manage their income earned in India.
- The article emphasizes that cash can be deposited into an NRO account after disclosing the source of income to the bank. This is in line with regulations to ensure transparency and compliance with tax laws.
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NRE Account (Non-Resident External Account):
- NRE accounts are meant for maintaining income earned outside India. The article correctly states that INR cash cannot be deposited into an NRE account.
- The restriction is in place to preserve the foreign nature of the funds held in the NRE account.
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Transfer of Funds from NRO to NRE Account:
- The article confirms that it is possible to transfer funds from an NRO to an NRE account.
- However, this requires proper documentation to demonstrate that all taxes on the funds being transferred have been paid. The article rightly notes that both the principal and interest earned on NRE deposits are fully and freely repatriable.
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Repatriation Process from NRO Account:
- The article provides a detailed table explaining the process of repatriating funds from various NRI accounts, including NRO.
- Documents such as Form 15CA (to ensure tax collection), Form 15CB (Certificate of an Accountant), Form A2 (Form for remittance), and a request form from the bank are highlighted. The USD 1 million limit for repatriation from an NRO account is also specified.
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FCNR Account (Foreign Currency Non-Resident Account):
- While the article doesn't extensively cover FCNR accounts, it briefly mentions the repatriation process for FCNR accounts, which involves online and offline methods similar to NRE and NRO accounts.
- FCNR accounts allow deposits in foreign currency, and the repatriation limit is mentioned as "No Limit."
In conclusion, the information presented in the article aligns with the standard procedures and regulations governing NRI banking transactions. It accurately addresses the nuances of depositing cash, transferring funds between NRO and NRE accounts, and the repatriation process, showcasing a comprehensive understanding of the topic. If you have any further questions or need clarification on specific aspects, feel free to ask.
