- Source of Funds
- By transfer of existing domestic accounts
- By fresh inward remittance by way of TT, DD, Cheque, TC, Foreign currency
- By transfer from existing NRE or FCNR accounts
- Legitimate dues in India of the account holder
Caution
- Travellers cheques and foreign currency should be tendered by the account holder personally.
- If the amount of foreign currency exceeds USD 5,000 and total of FC and TC exceeds USD 10,000 then Currency Declaration Form (CDF) should be obtained from the customer.
- Permitted Credits
- Foreign inward remittance
- Transfer from NRE or FCNR accounts
- All legitimate dues of account holder in India
- Sale proceeds of movable or immovable properties, rentals maturity proceeds of securities, investments, deposits refund of shares or debentures, dividends, etc.
- Permissible Debits
- All local payments
- Subscription or purchase price of investments
- Acquisition of immovable property
- Transfer to other NRO or NRSR accounts
- Repatriation
The principal amount is not freely repatriable, however interest earned on NRO deposits can be repatriated. In case of repatriation of principal, subject to compliance with RBI regulations and payment of all taxes an amount upto USD 1 million can be repatriated.
- Miscellaneous
A Non-Resident Indian can maintain a joint account with a resident Indian. The interest earned on this account is taxable at the rate of 30% + surcharge is applicable.
