How Many Types of Repatriable Nri Accounts?

The Foreign Exchange Management Act governs the legal work for the repatriation of funds for the NRIs from India. According to the FEMA Act, NRIs are allowed to transfer funds up to 1 million USD in a fiscal year from their NRo accounts. It makes sure that all the income earned in the NRO accounts is classified as rental income, dividends, or pensions.

Here is the list of documents that you will need for Repatriation according to the Reserve Bank of India under FEMA rules: 

For the FCNR or NRE accounts, you need to submit: 

• A copy of the NRI's passport with their identity and address. 
• For the proof of existence, you can submit your bank statements for the NRE or FCNR accounts. 
• For the smooth funds transfer and to comply with FEMA rules, you need to submit a declaration form for the repatriated funds. 

For the NRO accounts Repatriation, you need to submit: 

• You need to apply for the Remittance Abroad (ARA)form or get a repatriation letter. 
• You need to submit a copy of your passport, visa, or residence permit. 
• For the NRO account, you need to provide a bank statement as proof of existence. 
• Form 15CA, for the remittance of funds from India. 
• You need to get a certificate from the CA  through the Form 15CB for the verification of payment of due tax. 

For the repatriation of funds, I have opened an NRO account in India. It allows me to deposit my earnings from Indian sources, such as rental income, dividends, and pensions. Through this account, I can repatriate funds of up to $ 1 million per financial year. However, the interest you earn on the NRO account is taxable in India.