Personal Finance

How to transfer money between your NRE and NRO account

Aman Saxena

29.09.21 (updated more than 1 year ago)

Read time 3 minutes

If you have NRI accounts such as NRO and NRE accounts, you may also like to transfer money between them, and learn the implications for doing so.

⚠️ This article is to help be a guide for understanding NRE to NRO transfers. It is not intended to be professional financial advice. It is best to contact a professional financial advisor or tax consultant to get tailored recommendations for you.

An NRO/ Non Resident Ordinary account is funded with income earned in India through earnings, pension, rental income and the like. It can be held jointly with an Indian resident. The interest and principal amount are taxable.

An NRE/ Non Resident External account is funded with foreign earnings but are held in Indian Rupees in the account. The interest on the account is not taxable.

🔖 Read more: Full guide to NRO/ NRE accounts

NRO to NRE transfer

Looking to move your money from an NRO account to NRE account? Here is a closer look at what's possible.

Can I transfer money from NRO to NRE account

Yes, you can. As of 2012, the RBI allows for transfers from an NRO to an NRE account as long as the transfer is below the currency equivalent of $1 million US dollars per calendar year.

An NRO to NRE transfer is also conditional based on payment of appropriate taxes.¹

How to transfer money from NRO to NRE account

You will have to request a transfer with the appropriate signed forms to move the funds. Here are the list of documents you will need to do so:

A signed FEMA declaration
A cheque made out for the amount or signed letter for funds transfer from NRO to NRE savings account
Proof of the source of funds
Form 15CB from a chartered account
Form 15CA (see below)

The signed letter can only be used if your accounts are in the same bank, and approved to do so by the bank. HDFC allows for a signed letter for the transfer.

These documents will need to be submitted to your bank to start the transfer process. Speak to your bank’s NRI services customer service for guidance on having a successful transfer.

Form 15CA

Form 15CA is a specific form that can be found and completed on the Indian income tax website. Here are the steps for getting your Form 15CA:

Head to the Income Tax of India website

Go to the e-filing page to log in

Input your User ID and password (your User ID is typically your PAN)

Once in, click on e-file and select“Prepare and Submit Online Form (other than ITR)

Click on Form 15CA

Complete Parts A-D depending on their relevancy for your request

Once complete, verify and submit the form

Head to My Account from the main page

Click on My Returns/Forms

Click on the Form 15CA which should be there if submitted successfully

Print the form along with the acknowledgement slip

Sign the Form 15CA and submit a copy to the bank with your request.

Before you start the transfer process, it is recommended to talk to your bank or banks first. Each bank may have different requirements when it comes to transferring, so check with them to make sure you have everything you need.²

NRE to NRO transfer

NRE to NRO transfers mean moving money earned abroad to an account holding domestically earned funds.

Can I transfer money from NRE to NRO account

Yes, you can transfer money from an NRE to an NRO account. Interest grows tax fee in a NRE account, so check with your tax consultant before moving your funds into an NRO account.

How to transfer money from NRE to NRO account

Transferring money from an NRE to NRO account is fairly straightforward. Especially with banks that have good online banking services. Check with the bank you hold your NRE account with to find the easiest way to transfer the funds.

Here is a sample of how to transfer funds from your NRE account with ICICI bank:³

Head to the ICICI bank website

Log in to the ICICI internet banking with user ID and password

From the dashboard, click on Funds Transfer

Click on the transfer options

Follow the directions to transfer money to your NRO account

You can transfer money from your existing NRE account to a NRO account that is also in your name.

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Sources used for this article:

All sources checked as of 13 September, 2021

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