3rd party remittances to NRE/NRO account
Can my friend transfer money to my NRO account?
Can my friend deposit money in NRO Account? Yes. Your friend can deposit money in NRO Account as gifts in INR from any resident or NRE/NRO account holder is allowed in an NRO Account.
Can foreign remittance is allowed in NRO account?
Authorised Dealers can allow remittance/s upto USD 1 million, of balances in NRO accounts/of sale proceeds of assets on production of an undertaking by the remitter togetherwith a certificate issued by a Chartered Accountant in Annexure A and B as prescribed by the Central Board of Direct axes (CBDT).
Can someone else transfer money to my NRE account?
Yes anyone can credit an NRE account from outside. Most Banks in Dubai should be able to do this [The charges maybe higher], there are other remittance services offered from leading Indian banks like HDFC, ICICI, SBI, Axis etc.
Can my father transfer money to my NRO account?
Gift received from a close relative (your father qualifies as a close relative of the son) does not attract any tax as per Indian tax laws. Hence, your father can deposit the money directly into your NRO bank account or remit it to your US bank account.
Who can deposit money in NRO?
Indian residents
Savings account for Indian residents to deposit their income or savings. An NRI can open an NRO account jointly with an NRI or Indian citizen. An Indian resident can open a joint account with another Indian resident. The minimum deposit to open an NRO account in India is INR 10,000.
What is the limit for foreign remittance?
There are no restrictions on the frequency of remittances under LRS. However, the total amount of foreign exchange purchased from or remitted through, all sources in India during a financial year should be within the cumulative limit of USD 2,50,000.
Can I transfer money from resident account to NRO account?
Yes, you can transfer money from a normal resident account to NRO account. Funds in a resident account are automatically transferred to an NRO account.
Can I transfer money from abroad to my savings account in India?
No tax is applicable on the money being transferred from abroad to India. None at all. This is because you’d have already paid tax on the income you are earning in the country abroad. India has signed the Double Taxation Avoidance Agreement with 85 other countries.
Can my brother transfer money to my NRO account?
Yes, your friend can transfer money to your NRO bank account. You just need to give IFSC code and account number. But your friend can’t transfer directly to NRE account.
Can I send money to NRO account from India?
Yes, you can open your account with INR or any convertible foreign currency. We will convert your currency into INR and open the NRO Savings Account. Your NRO Savings Account will be maintained in only INR.
Can my wife transfer money to my NRO account?
There is no tax implication for you or for your wife for transferring money from one account to another, as long as your wife does not invest on your behalf. NRIs must convert all their resident bank accounts to non-resident (ordinary) or NRO or non-resident external or NRE account.
How much money can I transfer to my NRO account?
USD 1 million
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. As per rules, you can transfer up to USD 1 million in one financial year post payment of applicable taxes.
Can we do Neft to NRO account?
Ans: Yes, NEFT can be used to transfer funds from / to NRE and NRO accounts in the country. This, however, is subject to the adherence of the provisions of the Foreign Exchange Management Act, 2000 (FEMA) and Wire Transfer Guidelines.
Can any resident Indian deposit cash in an NRO account of a relative NRI?
You can only transfer your income from overseas into this account. You cannot deposit the funds generated in India into this account other than current income or transfers from your NRO account subject to documentation requirements. You can open a joint NRO account with an NRI as well as a resident Indian.
Can I deposit money in NRE account from India?
The money is deposited in Indian rupees. Another question you may have is- can I deposit money in NRE account from India? You cannot transfer money to a NRE account from a savings account in India. However, you can transfer money from NRO to NRE account.
How do I transfer money from overseas to NRE account?
Access your Net Banking account with your Customer ID and IPIN (Net Banking Password). Select ‘Repatriation of Funds’ under ‘Transact’ tab. Select transaction type as Repatriation of Funds from NRE Account OR Repatriation of FCNR Deposit. Select the beneficiary and Proceed with the transaction.