Q&A

Can I transfer money from NRE to normal savings account?

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Can I transfer money from NRE to normal savings account?

YES! NRIs can transfer funds from their NRE (Non Resident External) Account to their NRO (Non Resident Ordinary) Account.

Can NRI have normal savings account in India?

Answer: An NRO (current/ savings) account can be opened by a foreign national of non-Indian origin visiting India, with funds remitted from outside India through banking channel or by sale of foreign exchange brought by him to India.

Can I deposit cash in NRE account?

No, you cannot deposit INR cash in an NRE account because NRE accounts are used to maintain the income earned outside India.

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Can I transfer money from abroad to my savings account in India?

India has not sent any limits on receiving funds from abroad. However, the foreign country you are in might have regulations that limit the amount of money you can send abroad. If you are sending the money to your NRE/NRO account or to the bank account of your close relatives, then it is tax-free.

Can I convert my saving account to NRO?

Yes. You can convert your Resident Account to NRO Account. According to FEMA guidelines, when an individual changes his residential status from ‘Resident’ to ‘Non-Resident’, he must re-designate his resident account as an NRO (Non-Resident Ordinary) account.

How much money can I deposit in my NRE account?

USD 1 million
Process of repatriation from NRE account

Accounts Limit
NRE No Limit
NRO USD 1 million
FCNR No Limit

How much NRI can deposit in India?

NRO Account: – Non-Resident Ordinary Rupee Account or an NRO account can be conveniently used by the NRIs to deposit their money in India. However, it has a limit of 1 million USD and the interest rates are subject to income tax deduction in India. This account should be primarily used to manage your earnings in India.

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Who can open a NRI account?

Should be employed,own a business,or practise some form of trade in a foreign country

  • Should be employed with the Indian Navy,airlines registered with a foreign country,an oil rig,or overseas shipping companies that necessitates that individual to be outside India’s domestic territories
  • Government employees possessing diplomat passports

    • Can a NRI open an account with zero balance?

    The account can be opened either singly or jointly with other NRIs or residents on former or survivor basis. The account can be opened with a zero balance.

    How can NRI’s invest their money?

    Mutual Funds. Mutual Funds are the large pools of different investment type of assets which are actively managed by the fund managers.

  • Real Estate. Making an investment in the property or in real estate has been the topmost favorite thing for the NRI to make their investment in India.
  • Fixed Deposits.
  • Equity.
  • Government Securities.

    • How can NRI invest in NPS?

    Definition of NRI.

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  • Eligibility Criteria for NRIs to Invest in NPS.
  • Procedure to Open NPS Account for NRIs.
  • Features of NPS Account for NRIs.
  • Advantages of NPS for NRIs.
  • List of NPS Service Providers.
  • Allocation of Funds.
  • Tax Benefits under NPS.