No, the funds cannot be transferred to the account of a deceased person.
FAQ Category: Repatriation
Can an NRI give Power of Attorney to a resident of India to repatriate his funds?
An NRI can execute a Special Power of Attorney in favour of a local person for the said purpose.
Why is it essential to have an NRE/NRO account for an NRI?
When a person attains the status of an NRI, he has to change his bank accounts in India from regular accounts to NRE/NRO accounts. These accounts are also helpful in securing many benefits for an NRI, for example, benefits in the repatriation of funds, exemption from tax etc. Having these accounts are mandatory for an NRI, so if an NRI wants to save his earnings from abroad, he needs to have an NRE account, and if he wants to keep his income generated in India, he needs to have an NRO account.
Can the funds still be repatriated if a UK resident has a National Insurance Number and not PAN Card?
PAN card is compulsory for repatriation from India, even if you have a National Insurance Number.
If one Joint account holder (Either or Survivor) dies, can the funds be repatriated to another holder’s account?
Yes, if you have a joint (Either or Survivor) account, in that case, if one holder has passed away, the funds can be repatriated to the surviving holder’s account.
When will the TDS be deducted from the funds which are to be repatriated?
TDS is deducted when the funds are to be repatriated in that account held in the country of residence of an NRI. However, the TDS deducted can be claimed back while filing Income Tax returns.
In the absence of original bank documents, can the repatriation be done?
For repatriation, it is mandatory to have Original Bank Documents to initiate and complete the process of repatriation.
What are the documents required for the repatriation of funds in India?
The documents which may be required for repatriation of the fund are: –
- The Application Form requesting for repatriation – It contains details of payee bank account and source of funds.
- A2 form – FEMA declaration
- Form 15 CA and 15 CB (required for NRO a/c)- These forms certify that the customer has paid the requisite taxes.
- PAN Card
Would you please inform me if an NRI can open his account from abroad also?
Yes, the same can be done by following proper procedures. An NRI has to send duly filled and signed Bank documents. Please note the Indian Consulate should duly attest every document.