nri-transfer-fund

Interactive Guide to NRI Fund Repatriation

Your Guide to Transferring Funds from India

This interactive guide simplifies the process of repatriating your funds to the U.S. The rules, steps, and costs depend entirely on the type of Indian bank account you are transferring from. Select your account type below to begin.

Transferring from an NRE Account: The Unrestricted Pathway

Funds in an NRE (Non-Resident External) account are considered foreign earnings held in India. Because of this, the process is simple, fast, and has minimal restrictions. Both the principal and interest are fully and freely repatriable without any monetary limit.

Step-by-Step Online Process

Add International Beneficiary

Log in to your bank's net banking portal and navigate to the international fund transfer section to add your U.S. bank account as a beneficiary.

Enter U.S. Account Details

Provide your full name, address, U.S. bank account number, 9-digit ABA Routing Number, and your bank's SWIFT code. The beneficiary name must exactly match your NRE account name.

Initiate Transfer & Declare Purpose

After a short cooling-off period, initiate the transfer. You will need to select a purpose code (e.g., "repatriation of funds") which acts as a digital FEMA declaration (Form A2).

Documentation: Keep it Simple

The beauty of NRE transfers is the minimal paperwork. For online transfers, the digital FEMA declaration is all that's required. No tax clearance forms like 15CA or 15CB are needed because these funds are not considered Indian income.

Transferring from an NRO Account: The Regulated Process

Funds in an NRO (Non-Resident Ordinary) account are from income earned in India (rent, dividends, property sales). To prevent untaxed capital from leaving the country, these transfers are strictly regulated, capped at **USD 1 Million per financial year**, and require mandatory tax clearance.

The Mandatory Tax Compliance Gateway

Form 15CB

A certificate issued by a Chartered Accountant (CA) in India. The CA verifies the source of funds, calculates the tax liability (e.g., capital gains), and certifies that all due taxes have been paid.

Form 15CA

An online declaration you file on the Income Tax portal. It provides details of the remittance and confirms your tax compliance, referencing the CA's Form 15CB.

Step-by-Step Repatriation Process

Engage a Chartered Accountant (CA)

Provide your CA with all documents proving the source of funds (e.g., property sale deed, inheritance documents).

CA Files Form 15CB

The CA analyzes your documents, verifies tax payment, and electronically files Form 15CB on the tax portal.

You File Form 15CA

Using the reference number from Form 15CB, you (or your CA) file the corresponding Form 15CA on the tax portal.

Submit Document Package to Bank

Provide your bank with the remittance request form, signed copies of Forms 15CA & 15CB, and proof of the fund source.

Interactive Cost Calculator

The advertised "transfer fee" is only a small part of the total cost. The biggest expense is often the hidden foreign exchange (FX) rate markup. Use this calculator to see an estimate of the true cost and how much you'll actually receive.

Amount to Transfer (INR)

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INR

*Disclaimer: This is a simulation. FX markups are estimates. Final received amount does not account for potential intermediary/receiving bank fees. Always get a final quote from the provider.

Regulatory Clarifications: What NRIs Need to Know

Myth: LRS Limit Applies to NRIs

✔ Fact: LRS is for Residents Only

The Liberalised Remittance Scheme (LRS), with its USD 250,000 annual limit, is exclusively for **resident Indians**. It does not apply to NRIs repatriating funds from NRE or NRO accounts. Your NRO transfers are governed by the separate USD 1 million limit.

Myth: TCS is Charged on NRI Transfers

✔ Fact: TCS is Not Applicable

The high rates of Tax Collected at Source (TCS) on foreign remittances are linked to the LRS scheme. Since LRS does not apply to you as an NRI, the associated **TCS provisions also do not apply** to your NRE or NRO repatriations.

Best Practices for a Smooth Transfer

Plan Ahead for NRO

The NRO transfer process, involving a CA and bank verification, can take several days or even weeks. Start well in advance of when you need the funds.

Compare the Final Amount

Ignore "low fee" claims. The only true measure of cost is the final USD amount you will receive. Use online calculators to compare providers.

Maintain Meticulous Records

Keep digital copies of all documents: sale deeds, tax forms (15CA/CB), acknowledgements, and bank receipts for tax purposes in both countries.

Use FinTech for NRE

For simple NRE transfers, FinTech services (like Wise or Remitly) are almost always cheaper and faster than traditional banks due to lower FX markups.

Consider Your Bank for NRO

For complex NRO transfers, using your existing bank might be smoother for submitting compliance documents, even if slightly more expensive.

The NRO-to-NRE Strategy

For flexibility, complete the NRO compliance process to move funds to your NRE account. From there, they are freely repatriable anytime without repeating the process.