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Transfer of Balance
Can we trasfer balance from NRO SB Account to NRE SB Account. Please clarify.
Replies (1)
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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