An estimated crowd of 12.6 million non-resident Indians / NRIs having an Indian passport are residing in 200+ countries across the globe. The number is the highest in UAE countries. Most of them have plans to hive-off to foreign lands in search of prosperity, education, health, and the reason could be many. Some even opt to stay back and gain residency status. Such crowds often look for repatriation of funds.
You will have an NRE Non-Resident External account to keep your funds. Repatriation of funds could be done in person or through online options. Your amount will be transferred to your account in a foreign country. It is your hard-earned money, so learn inside-out before proceeding any further.
How to repatriate money from an NRE account?
NRE or Non-Resident External account where you can hold your foreign earnings in Indian currency. Good news for you, that if you are an NRE account holder then you can send your entire amount to the foreign account without any restriction on the amount. More happy news, you have tax exemption for the amount parked in this account so save more. Hence repatriation of funds could be beneficial to you too in many ways. Explore a bit more now.
What are the documents required for the repartition of funds thru the NRE account?
- NRI Passport
- PAN Card
- Visa / PIO (Persons of Indian origin) / OCI Card (Overseas Citizen of India)
- Latest Bank Statement
- Bank confirmation about your NRE account in their bank
- Fill the A2 form with the details like the amount of remittance, beneficiary details, etc.
- A written confirmation that you will visit the bank in case of further KYC requirements.
- The transfer will be started once the verification is complete.
It is the most common fact that most of the NRIs invest in bank deposits or in real estate. Being an NRI with a list of sacrifices tagged to your staycation in a foreign land, investments are the major source of the silver line of the cloud. End of the day, you look for assets with which you can live a comfortable life or give a better life to your family. Again you might even get an inheritance which you might decide to sell to buy a home overseas and in all these cases you need to rely totally on a reliable financial institution. It is always best, safe, and recommendable to connect with an authorized dealer of the Reserve Bank of India who can help you in the repatriation of funds to your overseas account without any hassles with complete security.