Nre account closure

07 February 2018

if one is holding NRE account and wants to close the same and transfer funds to HUF or savings is it possible please advice

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171213 Points)
Replied 07 February 2018

No. Both processes should be seprarately handled. (If at all you wish to gift any amount to third person).

Nimesh Laxman (6 Points)
Replied 07 February 2018

so what would be the best way to close it and what tax is applied if the same is converted to savings straight away

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171213 Points)
Replied 07 February 2018

If you have returned back, give such information to your bank, so that they will convert the same to normal saving account.

Otherwise close the account and repartiate the balance to your overseas account.

In both the cases there will not be any tax liability. (unless it is NRO acc.).

Nimesh Laxman (6 Points)
Replied 07 February 2018

thank you for response what if no repartriation just to convert the same into local advice plse

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171213 Points)
Replied 08 February 2018

Not permitted as such, but better consult your bank for any eligibility.

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