Can I transfer from NRO to NRE?
Yes, you can transfer funds from an NRO account to an NRE or Non-Resident External account. The Reserve Bank of India allows the transfer of funds up to USD 1 million a year from an NRO to an NRE account.
Can my friend transfer money to my NRE account?
1 Answer. Yes anyone can credit an NRE account from outside.
Is NRO to NRO transfer allowed?
You can transfer funds from an NRO to another NRO account, but you cannot transfer funds from an NRO account to an NRE account.
Can I transfer from NRO to NRE axis?
Yes! An NRI 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.
Can I transfer INR to NRE account?
You cannot transfer money to a NRE account from a savings account in India. However, you can transfer money from NRO to NRE account. You can also transfer money from one NRE account to another.
Can NRO money be repatriated?
With an NRO Account, you are free to repatriate or transfer the interest you earn on the principal amount deposited. You can also transfer the principal amount within specified limits. The income earned in India, deposited in an NRO Account can include rent, dividend, pension, etc.
Can I transfer money from normal savings account to NRE account?
NRIs manage their expenses in India through two accounts- the Non Resident External (NRE) account and the Non Resident Ordinary (NRO) account. The NRE account is meant for transferring foreign earnings to India. You cannot transfer money to a NRE account from a savings account in India.
Can a resident have an NRE and NRO account?
Residents cannot have either an NRE or an NRO account. In other words, upon informing the bank, both NRE as well as the NRO account(s) of the account holder would be converted to Resident bank accounts. Resident bank accounts do not have the facility of repatriability that an NRE account has.
What is the time limit to close NRE/NRO accounts?
On receipt of this information, the bank will redesignate the NRE/NRO accounts as a ‘Resident’ accounts’. Though the law does not mention any time limit as such, the account holder is expected to discharge this obligation at his / her earliest.
Can I open an NRO account for my father’s gift?
Yes, you will need to open an NRO account for this purpose. The gift from your father cannot be credited to your NRE account. Also, he can be the second holder in this NRO account. Will TDS be deducted from the interest on the NRO account?
What is the TDs on interest earned on NRO account?
TDS will be deducted on the interest earned from NRO account @30% plus applicable cess and surcharge. The TDS rate is 31.2% on interest upto Rs 5 million.