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.
FAQ Category: Services
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.
Is there any provision regarding the opening of an NRI’s joint account with local Indian Residents?
An NRI can easily open a Joint Account along with Indian close relatives.
Can joint accounts be held with one or more NRIs?
Yes.
Is there any limitation as to how many accounts an NRI can maintain in India?
No, there is no limitation, and an NRI can maintain multiple accounts with different banks.
What documents are needed from the side of NRI to open an NRO account?
NRIs and PIOs typically require two types of documentation – identity proof and address proof. Valid passports and their address proof abroad and a requirement for income proof such as form 60, along with the PAN card. Further, as part of the procedure, a passport-size photograph and evidence of PIO or NRI status are necessary to ensure that an individual is eligible for an NRO account opening in India. These documents will need attestations at the nearest Indian embassy, notary, or an overseas bank branch of an Indian bank in the individual’s country of residence. Also, the mandatory requirement is that the NRI must be having PAN Card in India.
How much amount can a person repatriate?
There is no such upper transaction limit for an NRI, and he can easily transfer any amount from his NRE and FCNR accounts. However, it is to be noted that an NRI can remit only an amount up to USD one million out of the balances of an NRO account, provided they meet the eligibility criteria.