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Transfer of Balance

Gangadhar Rao Yaddanapudi (38 Points)

26 July 2019

Can we trasfer balance from NRO SB Account to NRE SB Account. Please clarify.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (168985 Points)
Replied 26 July 2019

Yes ....

An NRI can transfer funds from NRO to NRE account only if the amount is within USD 1 million in a financial year.
Transfer of funds from NRO to NRE account is subject to payment of applicable taxes. Only if the taxes are clear you can move funds
The source of funds in the NRO account should be transferable/ repatriable
For transfer of funds from NRO to NRE account, NRIs need to submit Form 15CA (online application form) and form 15CB (Chartered Accountant Application) to the bank branch.

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