Can i repatriate funds in the NRI account

Question: Can i repatriate funds in the NRI account?

Answer(s)

Raju Kanumuri: The principal as well as the interest of the funds in an NRI account can be repatriated only if a person holds either an NRE account or an FCNR account. In case of an NRO account, only interest earned on the account can be repatriated.

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Related Questions

Q: Are debits and credits to NRO accounts allowed freely by banks maintaining the accounts?

A: Yes, individual credits beyond rs.10,000 are however supported by documentary evidence to indicate that the funds represent legitimate dues of the account holder.

Q: Are NRIs permitted to maintain accounts in rupees or in foreign currency?

A: Accounts can be maintained by NRIs either in rupees or in foreign currency.

Q: Are the balance held by the non-resident in their NRO account repatriable?

A: The balance held in NRO accounts continue to remain non-repatriable. The deposits representing only current income (like pension, dividend, rent, interest etc.) will be permitted to be repatriated...

Q: What is the penalty for premature withdrawal of an FCNR deposit?

A: Interest in such cases is paid at one percent below the interest rate payable for the period for which the deposit has actually remained with the bank.

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