Can money in NRE account be repatriated?

The NRE funds can be repatriated only to the customers’ own/self account abroad. The beneficiary name has to be the same as the name of the account holder. Repatriation of funds to third party is not allowed under this option.

Which is better FCNR or NRE FD?

Mashruwala adds, “If you are certain that you will repatriate the maturity proceeds, then it is best to invest in the FCNR as you protect yourself against currency risk. Conversely, if you are certain that your investment will remain in India, NRE would be a better choice.”

How do I close a FCNR deposit?

For deposits of amount equal to or greater than Rs 1 million or its equivalent, FD closure request signed by all deposit holders is to be accompanied with self-attested copies of the passports of each deposit holder and a cancelled cheque of a NRE or NRO account held in the same Customer Id as the deposit being closed.

Is FCNR account Repatriable?

In FCNR accounts, both principal and interest are freely repatriable. In other words, the interest earned and the deposit amount on the deposits are repatriable to the depositor’s country of residence sans restrictions. FCNR accounts are offered for not less than 1 year and not more than 3 years.

Are FCNR deposits safe?

The FCNR deposits are one of the safest, secure investment options which NRIs can have and at the same time are also free from exchange rate risk. The FCNR deposits can be booked either by debiting the NRE accounts with any bank in India or remittances received from abroad through normal banking channel.

How do I claim my RNOR status?

The conditions clearly imply that you should have spent at least 7 years abroad, to qualify for RNOR on return. Going by the rules, any returning NRI who has spent more than 7 years abroad, will get to be in this transitional status for at least 2-3 assessment years.