Can I transfer money from NRE account to resident account?

One can conveniently repatriate funds, including the interest earned, from an NRE Savings Account. However, the RBI has imposed certain restrictions regarding repatriation from NRO Accounts. NRO Savings Account holders may only be allowed to remit up to USD 1 million during one financial year i.e. April to March.

Can NRI transfer money to parents savings account in India?

No, gifting money to parents in India is not taxable, as long as they are your parents or are relatives. Under the Income tax rules, gifts from NRIs to relatives in India are not taxable.

How can I transfer money from NRE account to savings account in India?

Procedure for placing the remittance request:

1. Please login to your INB account.
2. Click on ‘e-Services’ tab.
3. Click on ‘NRI Services’ appearing in the column on left hand side.
4. Click on ‘Outward Remittance from NRE / FCNR (B) Account’
5. Please select / enter request details and proceed accordingly.

Can I transfer money to my parents?

Transfer of Money from son to Parent (Mother/ Father) M – no tax would be levied on transfer of this money as this is a gift from son to parent. Parent and Child are considered as a specified relative under the Income Tax Act and any gift from them is not chargeable to Tax. M is free to use this money for any purpose.

When can I convert my NRE account to resident account?

You need to convert your NRE account to resident account immediately upon returning to India. You need to convert these accounts to resident accounts within a reasonable period of time. The reasonable period can be assumed as 3 months.

Can I withdraw cash from NRE account?

The account holder can withdraw money from his/her NRE account. The account automatically converts the deposited money into the Indian rupee and it can be easily withdrawn in the Indian rupee (INR). It can be used as a savings account by the NRIs, where they can bask in their earned money in the form of savings.