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FAQs
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Funding of NRE Savings Account
By transferring funds through HK Branch . For other alternatives, kindly contact our Hong Kong branch.
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Permitted Credits in NRE Savings Account
- Foreign inward remittances including foreign currency and TCs
- Transfer from existing NRE or FCNR accounts
- Maturity proceeds of Indian government securities, Indian NSCs, units of UTI, refund of shares or debentures of Indian Companies, provided the investments were made originally from funds in NRE or FCNR accounts
- Dividends or interest in respect of shares of Indian Companies, debentures taken on repatriation basis provided investment is as per RBI approval
- Refund of shares/ debentures of Indian Companies, if the subscription was paid from NRE or FCNR accounts or remittance from outside India
- Refund of application or earnest money by the house building agencies in India, provided original payment was made out of NRE or FCNR accounts, or from inward remittance
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Permitted Debits in NRE Savings Account
- Transfer to NRO, FCNR or RFC accounts
- For investments in Units of UTI, Indian NSCs, Indian deposits, etc.
- For all local (Indian) payments
- Acquisition of immovable property for bona fide residential purpose
- Remittances outside India (repatriation)
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Permitted credits for funding FCNR Fixed Deposit
- Foreign inward remittance
- Travellers cheques or foreign currency tendered by the account holder personally
- Transfer from existing NEW or FCNR deposits
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Funding NRO Savings Account
- By transfer of existing Indian 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.
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Permitted Credits into NRO Savings Account
- Foreign inward remittance
- Transfer from NRE or FCNR accounts
- All legitimate dues of account holder in India
- Sale proceeds of movable or immovable properties in India, rentals in India, maturity proceeds of securities, deposits held in India, refund of shares or debentures of Indian companies, dividends from Indian companies, etc.
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Permissible Debits from NRO Savings Account
- All local (Indian) payments
- Subscription or purchase price of investments in India
- Acquisition of immovable property in India
- Transfer to other NRO accounts
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Permissible Credits to RFC Account
- Remittance from abroad such as funds in bank account outside India, income such as dividend, interest, profit, rent, etc., sale proceeds of eligible assets abroad
- Pension or other monetary benefits received outside India, arising out of employment outside India prior to his returning to India
- Interest earned on RFC account
- Foreign currency notes or travellers cheques
- Transfer from other RFC accounts
- Balance transferred from NRE or FCNR accounts
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Permissible Debits from RFC Account
- Any bonafide remittance outside India through normal banking channels
- Withdrawals or payments in India (in Indian rupees)
- Transfer to other RFC accounts
- Payment in foreign currency in India can be permitted only with the permission of RBI
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