What is NRO account?
NRO (Non-Resident Ordinary) accounts helps to manage Indian rupee income sources such as rent, dividend, or other income like profit accrued through an investment or property sale in India. Here, both the non-resident and resident Indians can be joint account holders. The account also allows you to receive income in any currency, Indian or foreign.
Can NRIs transfer funds from an NRO account to an NRE account?
Yes, you can transfer funds from an NRO account to an NRE (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.
What are the documents required to transfer funds from NRO to NRE account?
A signed cheque for the transfer of funds from NRO to NRE account
*FEMA (Foreign Exchange Management Act) declaration
*Documentary evidence of source of funds
*Form 15CB – It is a form certified by the CA. It contains details regarding the payment like the TDS rate, deductions and the applicability of DTAA(Double Taxation Avoidance Agreement).
(Click here to know more about Form 15 CA CB)
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