{"id":16486,"date":"2021-11-17T04:44:46","date_gmt":"2021-11-17T04:44:46","guid":{"rendered":"https:\/\/www.unimoni.in\/blog\/?p=16486"},"modified":"2022-01-06T11:42:31","modified_gmt":"2022-01-06T11:42:31","slug":"transferring-funds-from-nro-account-to-nre-account","status":"publish","type":"post","link":"https:\/\/www.unimoni.in\/blog\/transferring-funds-from-nro-account-to-nre-account\/","title":{"rendered":"Transferring funds from an NRO account to an NRE account"},"content":{"rendered":"<style><\/style><h1><\/h1>\n<h2><strong><span data-preserver-spaces=\"true\">How to transfer funds from my NRO account to my NRE account with the same bank?<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">Going through our previous blog gives you a broad understanding of an NRO and NRE account, the differences between the two, and how to choose between the two depending upon your requirements. This article throws light on how to transfer funds from an NRO account to NRE account with the same bank.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Before going directly into the topic, let me give you a gist of what an NRO account is?<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A Non-Resident Ordinary account helps you manage Indian rupee income sources like dividends, rents, or other incomes such as the profit acquired through an investment or property sale in India. This account allows you to receive payment in any <a href=\"https:\/\/www.unimoni.in\/currency-exchange\/\">currency<\/a>, Indian or Foreign.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">You can only withdraw funds in Indian rupees from an NRO account. The funds in an NRO account are not freely repatriable to any other currency or country, as it will typically be a profit that results in India. Plus, the interest acquired in these accounts is taxable.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Can NRIs transfer funds from an NRO account to an NRE account?<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Sure, an NRI can transfer their funds from an NRO account to an NRE (Non-Resident External) account. The RBI allows the transfer of funds up to $1 million a year from an NRO to an NRE account.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">If you are preparing to transfer funds from an NRO account to an NRE account, here is the list of documents you require:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Evidence for the source of the fund &#8211; (documentary)<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">FEMA declaration<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">A signed cheque for the transferal of funds\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Form 15CB &#8211; form certified by CA, which contains details regarding the payments like TDS rate, deductions, and applicability of DTAA\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Form 15CA\u00a0<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Reasons &#8211; Transferring funds from an NRO account to an NRE account.<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">There are several reasons why an NRI transfers their money from an NRO account to an NRE account. You might need to move the fund in Indian rupees and withdraw to meet your investments and expenses in your preferred country abroad. One of the reasons is that an NRI needs an NRO account only to collect their Indian income and manage all their finances in an NRE account that allows you the flexibility of full repatriation when you want the funds. So, if an NRI needs to access their fund in an NRO account, in any other currency, transferring it into their NRE account might be the best bet.<\/span><\/p>\n<h3><strong><span data-preserver-spaces=\"true\">Benefits &#8211; transferring it into an NRE account.<\/span><\/strong><\/h3>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">Tax benefits: The principal amount in NRE accounts are excluded from taxes. Furthermore, there is no wealth tax, gift tax, or taxes on interest earned in India.<\/span><\/strong><\/li>\n<\/ul>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">No limitations: FEMA does not demand any maximum limit on the amount you can transfer from an NRE account. The money deposited in an NRE account earned outside India is freely repatriable.<\/span><\/strong><\/li>\n<\/ul>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">Preferential rate on remittance: Better currency conversion rates are applicable whether you choose to send money to India or repatriate funds from your DBS treasures NRE account.<\/span><\/strong><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">That is all about transferring funds from your NRO account to your NRE account with the same bank. The minimal procedure explained below can help you successfully move your fund. Also, for any doubts or queries regarding the above, the full-fledged support system and experts of\u00a0<\/span><strong><span data-preserver-spaces=\"true\"><a href=\"https:\/\/www.unimoni.in\/\">UNIMONI FINANCIAL SERVICES<\/a>\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">will help you come out with the best solution. Visit our website to know more about us and arrange a demo call with us. We would be happy to assist you!<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">\u00a0<\/span><\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How to transfer funds from my NRO account to my NRE account with the same bank? Going through our previous blog gives you a broad understanding of an NRO and NRE account, the differences between the two, and how to choose between the two depending upon your requirements. This article throws light on how to&#8230;<\/p>\n","protected":false},"author":3,"featured_media":16493,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[41,55,1],"tags":[210,211],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Transfer Funds From NRO Account to NRE Account | Unimoni.in<\/title>\n<meta name=\"description\" content=\"Get to know how to transfer funds from NRO account to NRE account. 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