Blogs Frequently Asked Questions

The general criteria of repatriation include verifying an applicant is eligible to go back to their home country. For this, it often needs documents like citizenship proof or a passport. In addition, in some cases it does require a legitimate reason for leaving the nation, certifying the return is safe and voluntary. Also, it complies with any vital legal process in both the home and host country.

As per banking repatriation means the process of fund transferring from an Indian bank account to a foreign bank account, the conversion of funds to a foreign currency.

Generally the repatriation cost ranges between a few thousand dollars to several thousand euros. The price can vary significantly depending on factors like transport method, distance traveled, and involvement of a person or a body. Also with the repatriation cost, flights are often comparable to the daily fare of a commercial round-trip.

The NRIs can repatriate up to USD 1 million per financial year from their NRO accounts in India.

To repatriate money from an NRO account you need to submit the following documents- a request letter to your bank Form 15CB, 15CA, and A2, an ID card that can be your valid visa or passport, and document proof showing the payment of applicable taxes.

Repatriation of foreign exchange is the process of funds transfer from an Indian bank account to a foreign account by converting the Indian rupees to foreign currency. The Foreign Exchange Management Act (FEMA) governed this process.

To open an NRI account, you need to submit ID proof, a copy of your valid visa, work permit, or OCI, address proof, PAN card or Form 60, Photographs, Proof of Indian origin, utility bills, etc.

Yes, you can open an NRI account from the USA. Several banks like DBS, HDFC, ICICI, and Bank of Baroda offer NRI account opening services. You can open an account in any of these banks. However, make sure to seek professional advice if you are a permanent resident of the US.

To open an NRI account, one has to fulfill certain criteria and submit some required NRI account documents. You need to qualify as an NRI, PIO, or OCI to open an NRI account. Also, you must spend a minimum of 182 days outside India in the preceding fiscal year. You need to be 18 years or older to open an NRI account.

Yes, you can open an NRI account online with several banks. It includes SBI, Yes Bank, ICICI Bank, Axis Bank, South India Bank, Bank of Baroda, etc. You need to fill out an online application form on the bank’s official website to open an NRI account online.

NRIs do not need to pay tax in India if their income is INR 2.5 Lakh in the financial year. However, if it is more than that, then they need to file an ITR in India.

As per Income Tax, an individual is considered an NRI if he/she did not live in India for more than 182 days during the preceding accounting year.

NRIs can avoid TDS by opening a Non-Resident Ordinary Account (NRO), a Non-Resident External Account (NRE), and a Foreign Currency Non-Resident Account (FCNR).

Yes, as an NRI you can claim for tax refund. For this, you are required to reconcile the TDS credit and advance tas as shown in the 26AS form. However, for this, it is compulsory to file the ITR.

According to the FEMA guidelines, there is no penalty if you do not declare your NRI status. However, you should either close your present savings account or convert the following account into an NRO savings account ASAP. If you fail to do so you may face financial and legal penances.

According to this new rule, an NRI visiting India and staying more than 120 days but less than 182 days is treated as a resident but not an ordinary resident (RNOR) if the total income of that person is Rs 15 lakh or more after gross income post deduction - income arising in India.

An NRI can face several disadvantages including financial challenges, tax consequences, and regulatory obstacles. An NRI is not allowed to open new accounts in popular investment options like Public Provident Funds and NSC, they also face the challenge of currency fluctuation, and some banking services in India are restricted for an NRI.

The account you should open depends on the source of your income and financial goals. An NRE account is a good choice for those NRIs who wish to invest in India and repatriate foreign earnings, the interest earned in the NRE account is tax-free and there are no limits on the repatriating funds. On the other hand, the NRO account is good for those NRIs who earn income in India such as rent, dividends, etc. The interest earned in an NRO account is taxable and there is a limit of $1 million per fiscal year for repatriating funds.

Yes, it is mandatory to convert to an NRI account if you wish to move abroad. You need to convert your resident savings account to a Non-resident ordinary or an NRO account to manage your Indian income and to send your foreign earnings to India. It is required by the Foreign Exchange Management Act (FEMA). If you fail to do the same, you may face penalties and may be forced to pay a fine of up to three times the amount in your savings account.

No, you cannot have both a resident and an NRI account simultaneously. This is because the FEMA Act doesn’t allow NRIs to have savings accounts in India. So, you must convert your resident account to an NRI account if you are an Indian resident and became a Non-resident Indian (NRI). You can either close your resident account or get it converted into an NRO account.