Money repatriation from India

I am an NRI based in USA. What is the best legal way of repatriating money(earned in India) back to USA(easy and fast process, other than a wire transfer). Which type of bank account is needed?
Do I need both NRE and NRO account ? Or can i just transfer money to USA from NRO account directly.

Hi @sanjana

In order to repatriate money you need any one of the below accounts:

  1. Non-Resident External (NRE) or
  2. Non-Resident Ordinary (NRO) or
  3. Foreign Currency Non-Resident (FCNR)

The prime source of deposit in an NRE account is from abroad, therefore the funds available therein are freely repatriable i.e. you can transfer the money back to your country of residence without any approval or any specific documentation whereas the NRO account has restrictions on repatriation.

Yes, you can transfer or remit Indian rupee (INR) from Non-Resident Ordinary (NRO) A/c to an overseas bank account with certain documentation and restrictions.

Hope this helps :slightly_smiling_face: