NRO to NRE Transfer Process:
If you hold an NRO & NRE account with a bank , you are permitted to transfer upto USD 1 million/ FY from balances held in NRO account to your NRE account.
- Application form/Cheque
- Form 15 CA(Duly signed by you)
- Form 15 CB (On the letterhead of CA)
- Source of funds proof
- Form A2 (In case of direct outward remittance from NRO account)
Repatriation of Current Income
- Remittance of current income (income pertaining to current financial year viz. rent,dividend, pension,interest etc.)
- Current income can be remitted abroad without any upper limit. This is over and above USD 1 m scheme.
- Interest earned on NRO Savings accounts can be repatriated without collecting form 15 CA & CB.
- Dividend can also be directly to NRE account
- Current income can be credited directly also subject to payment of taxes.
- Dividend can be transferred directly into NRE account provided max limit of 10 lakhs is not breached
- Interest in NRO Savings account and NRO FDs can be transferred to NRE account .
- 15 CA needs to be signed madatorily by customer
- Digital signatures on 15 CB can be accepted by banks.
- Third part funds are not eligible for repatriation
- If you have taken a loan against securities/shares (LAS) , these funds cannot be transferred to NRE
- If you have taken a loan against NRE Deposits/FCNR deposits (OD)in NRO account, such funds cannot be transferred to NRE Account.
- Similarly, loan against LIC etc. cannot be transferred to NRE account
- Loan against property (LAP) cannot be transferred to NRE account
- You should choose only one Authorized Dealer at a time to avail of USD 1 m scheme.
- All documents should be signed by the respective account holder availing this facility.
- Do not breach the yearly 1 M scheme across all banks by transferring more than 1 m USD cumulatively.