Sunday, September 2, 2012

How to deposit money in NRE and NRO account -Savings Fixed deposit

How to deposit money in NRE account  -ICICI, HDFC, SBI
You can deposit money in NRE account held with ICICI Bank, HDFC Bank, SBI Banks, Kotak, Axis by using following methods:


1) The best way to deposit money in NRE Fixed deposit or savings account is by remitting foreign currency to your NRE account by using any remittance services like money2India from ICICI, remit2India from HDFC, click2remit from Kotak and SBI Express from SBI. There is no restriction on which service you use to remit money to India, it's up to you. you can even deposit money in HDFC NRE account by remitting money using ICICI money2India services or depositing money on Kotak NRE account by using remit2India service. The Same method can be used to transfer money to your NRO savings account  and FCNR fixed deposit account as well.

2) The second way is by wire transfer if your foreign bank allows you to transfer money directly to your NRE account hold with Major Indian banks like ICICI, SBI or HDFC.



3) Another way to deposit money in NRE savings account by deposit foreign currency by any NRI who is traveling India or by yourself. This requires visiting bank and deposit foreign currency.

4) you can also deposit amount in your NRE  or NRO saving account by using foreign currency cheque drawn on your foreign currency account.This is a slow process and it can take a long time to credit in your NRE saving account.


5) You can also tender traveler's cheque on your visit to India in order to deposit amount in your NRE or NRO savings account or fixed deposits.

6) You can deposit money on NRE recurring deposit or savings account by transferring fund from any other NRE (Non Resident external) or Foreign Currency Non Resident (FCNR) deposit account with any other bank in India e.g. you can deposit money in your SBI NRE account from your ICICI NRE account or your HDFC NRE account.



These were some ways you can deposit money in your NRE, NRO or FCNR savings account or fixed deposit account. One important thing to note is that you can only deposit foreign currency in your NRE savings account, you can not deposit Indian rupees in your NRE account, neither you can transfer Indian Rupee (INR) from your NRO Savings account or any other Resident savings account in India.


51 comments:

  1. I found this post to be very educational. Thank you for broadening my knowledge of this subject. No doubt its a great piece of writing as well. Thanks

    Wire Transfer Services

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  2. Information provided is very helpful !! Thanks.

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  3. please update about axis bank also. how to trandfer money to axis bank nre & nro a/c

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    Replies
    1. You can transfer online by using Axis bank netbanking.

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  4. This information helps a lot to enrich my knowledge abt NRE and NRO

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  5. Thanks for info. Helped me a lot.

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  6. Hi,

    I recently came to Dubai and have question about Transferring Money from Others/Friends NRI account to My NRI account.

    Is there any problem/Tax in future, if Others/Friends Transfer money from his NRI account to My NRI account? if yes? Please suggest what would be the impact in future if Transfer of money from Others/Friends NRI account to my own NRI account. Pelease advise


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  7. Depositing money in Bank has a very beneficial result. It not only protects your money from theft and damage but also increases the principle amount after some predefined time (say, quarterly, six monthly, etc).

    Regards,
    Apoorva

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  8. If I have NRO account in axis bank, can I transfer from this account to yes bank NRO account

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    Replies
    1. @Anonymous, Yes, transferring money form one NRO account to other NRO account is legal and perfectly Ok. It's NRO to NRE transfer which requires approval and tax clearance, but that is also legal.

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  9. Great post ! Keep it up !

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  10. If I transfer money from one NRE account to another NRE account, will it continue to be non-taxable?

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    Replies
    1. @vipin, yes any money in NRE account is non-taxable in India.

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  11. @vipinkauts, Yes if you transfer money from one NRE account to other e.g. from your NRE account in ICICI bank to your wife's NRE account in HDFC bank, it would remain non taxable. Also remember, you can only deposit either foreing currency in NRE account or transfer money form another NRE account.

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  12. Can we transfer money by Money Exchange like western union ?

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    Replies
    1. Yes, you can but these options are more flexible and provide better exchange rates.

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  13. How does money transfer to NRE Account work? The bank representatives say that I can only deposit Foreign Currency. And RemitToIndia says that they will deposit the money in Rupees to NRE account. I am not sure I can use them. Can anyone please help me? I need to transfer money from my UK account to HDFC NRE account, I am not sure how to do this.

    Thanks,
    Sarath

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    Replies
    1. Hello Sarath, that's perfectly ok. You can fund your NRE account by remitting money using any remittance service like Remit2India. You can even use Money2India or HDFC QuicRemit, I would say talk to HDFC folks for better rate, but whatever service you choose for remittance, its fine as longs depositing money to NRE account.

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    2. Thanks Javin for reply, HDFC customer service is very poor in this. They are asking me to use wire transfer from my uk bank or western union, not quick remit. And they gave me some uk bank accounts, not sure why. I am prety much pissed with there service so far.

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  14. what happens if someone tries to transfer inr from local savings account to nre account. transaction was successful at once but money is not credited to the nre account...will it be refunded to the savings account...

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    Replies
    1. Hey did you find the solution to this?

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  15. For my account with Sbi Canada my dad from India wants to deposit some amount from india to my account in Canada ...is it possible?

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    Replies
    1. Hello @Arohi, I assume you have NRE account with SBI Canada and your dad has resident saving account in India and want's to deposit Indian rupees into your NRE account, if that's the case then it's not possible because you can only deposit foreign currency in your NRE account. Your dad can of-course send you money using online forex outward remittance. This link from SBI might be helpful to you.

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  16. How much cash can u deposit in one time in an NRE account visiting personally to the bank?
    Normally 5000 USD is allowed via green channel. If the person sends some money via his relatives who visit him in foregin country and later when he goes to his country takes some with him too. If that amount exceeds 5000 USD, will the bank accept or not? Are there any limits to this deposit?

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    Replies
    1. Even before that you need to clear custom. As you cannot send more than X I think it's 10,000 USD if I am not wrong as cash to India without reporting. I also suspect that individual bank might have their own limit.

      A better way is to use traveler's cheque.

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  17. If I transfer money from one NRE bank account to another NRE bank account by cheque then any problem.
    pl reply !


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    Replies
    1. Hello Ashutosh, money tranfer from one NRE bank account to other is allowed and perfectly legal. You can use your cheque book to transfer money, no issue.

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  18. How to deposit money from NRE account from Singapore?

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    1. Best way to deposit money to NRE account from Singapore is via online money transfer. You can use services like Money2India, DBS India Remit, HDFC QuickRemit, Remit2India or Axis bank Remittance to transfer any amount.

      If you happen to have DBS local bank account then easiest way is to use DBS India remit, just go to DBS iBanking portal and initiate transfer. It's quick, gives better exchange rates and you don't need to create another account which you need if you have to use other online money transfer service like Money2India or HDFC quickRemit. You will see money within 2 hours in your Indian NRE bank account.

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  19. Can I transfer amount from SBT NRO to NRE account of same bank through cheque

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    Replies
    1. hello Sheena, NRO to NE account transfer is subject to permission. Please ask bank authorities if they can accept cheque directly or ask them about where to get the approval.

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  20. Hi Guys, I'm confused a bit re wire transfer to my NRE account and have the following question (thanks in advance for your help):
    1. I am transferring (wire transfer) from my Bank of America (BOA)account to the Indian NRE account. BOA has two options to wire: Wire in $ or wire in foreign currency. The advantage of wiring in foreign currency (Rupee) is that the $ to rupee conversion will be locked at the time of sending, unlike when sending in $ - the exchange rate on the day the transaction is processed in India (2-3 days). So by sending in $, the exact amount is not under your control since the exchange rate from the future (2-3 days) is unknown. I would prefer to send in rupee due to this. Question is can a NRE account accept in rupee? See BOA description in this link: https://www.bankofamerica.com/foreign-exchange/wire-transfer.go

    Thanks, Vivekananda

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  21. Hello Vivek, Yes you can transfer INR to your NRE account given your source of fund is remittance or overseas fund. If you know, when you transfer funds from your existing FCNR or NRE account to other NRE accounts, you transfer INR only. So I don't think there should be any issue while doing USD to INR conversion beforehand. In fact it's better due to the reason you mentioned.

    Just to be on safe side, first try and test the method by transferring a small amount. Nothing beasts actual testing.

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  22. How can I transfer money from saving account in USA to NRE account in SBI? is it possible to receive the amount same day?

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  23. Can I transfer money from DBS or OCBC account in Singapore to NRE account in SBI or HDFC directly without using any online remittance service like ICICI Money2India?

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  24. depositing foreign currency in NRE means .. ??
    when transfer any currency using any exchange service the equivalent amount will be deposited in NRE account in INR ..



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  25. Hi, I opened a new NRE account in Axis bank around 3-4 months back. I have not transferred any amount in that account.
    1. Are there any penalty for not maintaining the account?
    2. Can I do bank transfer in foreign currency?

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    Replies
    1. @Pavan, there is a minimum balance which you have to maintain account wise otherwise penalty would be charged. Every bank has different minimum balance and penalty, depending upon type of account and where is your branch located, you can read more about them here. So, you need to check with Axis bank.

      Yes, you can transfer foreign currency via remittance to fund your NRE account, see here to learn more about how to deposit money in NRE account.

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  26. Hello,

    My question is can I transfer the foreign currency from overseas western union to the NRE account in INR?

    Thank you in advance.

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    Replies
    1. Hello @Unknonw, yes you can transfer the foreign currency from overseas Western union to your NRE account, this is a remittance and legal way to fund your NRE account. You can perhaps use westerunion.com to make an online payment or you can visit their local shops or agent to do the transfer personally, both are ok.

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  27. Hello friends,

    I have a query.
    Can I keep foreign currency in my SBI NRE account and convert it INR whenever the conversion rate is better.
    Thanks in advance!

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    Replies
    1. Hello @Unknown, Sorry you cannot do that because money is kept in INR on NRE account. If you want to keep the foreign currency then just keep the money in your foreign bank account and remit when the exchange rate is better for you. Alternatively, you can deposit them as FCNR deposits with SBI to gain some interest e.g. 1 to 4% depending upon which currency you want to deposit but remember 3 year locking period.

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  28. For international remittance you have to require Swift code for transferring fund from one country to other country. you can find all indian bank Swift code detials here.

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  29. Hello I have a nre account with ubi and one of my relative in indka has to pay me some small amout can they transfer that to. Me on my nre account by online transfer?

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    Replies
    1. He can but only in your NRO account, not in NRE account ,
      Open online in same bank NRO account.

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  30. Hello. Does somebody know if a resident can pay me a debt by transfer from his basic account to my NRE? I do find nothing about this on the net

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    Replies
    1. No, you can transfer mone from NRE to NRE account, well I did transfer 1000 from my nro account to nre pnb account but when I tried to transfer 5000 it just come back to my nro account with charge of 5 rupee.

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  31. Hi i am working in dubai.Is there any limit for depositing money in nre account? I heard that transactions made more than five lakhs has to face official enqueries

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  32. Thanks for this blog. It is very helpful.

    Can we transfer money from NRE/NRO to savings accounts of our blood relatives?

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    Replies
    1. Hello Sachin, Yes you can transfer money from NRE/NRO to savings account of your blood relatives e.g. brother, sister, parents etc.

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  33. dear friends,
    i have an nre account and i have done some consultancy done from other country and they are willing to transfer some amount to me to my nre account for that what should i do how should i manage, is it taxable, they are asking for swift code of my branch but my SBH branch in which i have nre account doesnt have swift code please let me know what should i do.. thanking you..

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