How to transfer money between your NRE and NRO account

Aman Saxena

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:

  1. A signed FEMA declaration
  2. A cheque made out for the amount or signed letter for funds transfer from NRO to NRE savings account
  3. Proof of the source of funds
  4. Form 15CB from a chartered account
  5. 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:

  1. Head to the Income Tax of India website
  2. Go to the e-filing page to log in
  3. Input your User ID and password (your User ID is typically your PAN)
  4. Once in, click on e-file and select“Prepare and Submit Online Form (other than ITR)
  5. Click on Form 15CA
  6. Complete Parts A-D depending on their relevancy for your request
  7. Once complete, verify and submit the form
  8. Head to My Account from the main page
  9. Click on My Returns/Forms
  10. Click on the Form 15CA which should be there if submitted successfully
  11. Print the form along with the acknowledgement slip
  12. 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

  1. Head to the ICICI bank website
  2. Log in to the ICICI internet banking with user ID and password
  3. From the dashboard, click on Funds Transfer
  4. Click on the transfer options
  5. 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.

Managing money across borders? Save with Wise

🚀 International transfers are fast, simple, and cheap with the Wise Web/Android/ iOS app

Wise lets you send money directly to local bank accounts in India, and abroad. Wise is FCA regulated, and using smart technology, saves you money on the exchange rate and transfer fee on every transaction.

Open your free Wise account now 🚀

And if you are currently abroad, check out the Wise multi currency account.

Sources used for this article:

  1. NRO to NRE transfer RBI
  2. FEMA declaration for documents
  3. ICICI bank

All sources checked as of 13 September, 2021

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

Money for here, there and everywhere

Find out more
Personal Finance

विदेश से भारत पैसे कैसे मंगाए: अलग-अलग तरीकों के बारे में जानकारी, फीस, और बचत के सुझाव

विदेश से भारत पैसे कैसे पैसा मंगाने के विभिन्न तरीकों के बारे में जानें। आइये इनकी फीस और समय को समझते हैं।

Aditya Shrivastava
24.11.23 4 minute read

Tips, news and updates for your location