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How to transfer funds from your NRO Account

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Do you have balances in your NRO account and want to transfer abroad? Here is a quick guide related to remit / transfer funds from your NRO account to a Bank Account outside India.

Balances in the NRO account are not freely repatriable. But the RBI does allow NRIs to remit up to USD 1 million per financial year from the NRO account, provided you follow certain procedure.

Balances in the NRE account are freely repatriable  and  you do not need any permission for remittance abroad for any amount.

Procedure to remit / transfer funds from your NRO Account

To transfer funds from your NRO Account, you need to submit documents to ascertain the nature of remittance and to ensure that proper taxes are paid.

1: Chartered accountant’s certificate – Form 15CB

A certificate under Form 15CB is required from CA, certifying that all taxes due in India have been paid. The certificate specifies the nature of remittance and details of tax deducted.

2. Own Undertaking – Form 15CA

You need to visit link at www.tin-nsdl.com and submit the Form 15CA. You need to fill in details like remitter information, beneficiary information, nature of remittance, details of CA certificate etc.  Once you submit the form, you will get an acknowledgement which you need to print, sign and submit with Form 15CB to Bank Branch in India.

3. Remittance request form (if Bank has any such form)

Sometimes different banks might have a remittance request form to be filled to process your request.

Can I transfer funds from my NRO account when I am abroad or I need to be in India ???

Technically, you need not be in India to transfer funds from your NRO Account. But there are some practical challenges.

  • Your CA would need to send you the hard copy of signed Form 15CB
  • You need to sign the acknowledgement of Form 15CA
  • You need to courier both these documents to Bank Branch in India

May be, try to speak to your relationship manager to arrange for the CA certificate. One of my friend got the CA Certificate done through relationship manager. They might charge some fees but will be beneficial in case you donot know any CA in India.

UPDATE on 7-May- 2012 –  RBI has now allowed to transfer funds from your NRO Account to NRE Account. Earlier it was not permissible. See Complete Post

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