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Can I deposit Indian rupees into NRE account?
Deposit / Withdrawal of Funds Funds originating from a foreign country (foreign currency) can be deposited in both NRE and NRO accounts. However, funds originating in India i.e. in Indian Rupees or INR can be deposited only in NRO Accounts and not an NRE Account.
What happens if I transfer INR to NRE account?
Money transferred to a NRE account in any foreign currency is converted to INR and permits NRIs to hold and maintain foreign currency earnings in INR. It allows you to repatriate all funds including interest earned at any point of time.
How much do banks charge for international money transfer India?
From ₹1,00,001 to ₹10,00,000: ₹1000 plus 0.5\% of the gross amount of currency exchanged for an amount of rupees exceeding ₹1,00,000 and up to 10,00,000. Above ₹10,00,000: ₹5,000 Plus 0.10\% of the Gross amount of currency exchanged for an amount of rupees exceeding ₹10,00,000 subject to Maximum amount of ₹60,000/-
Can I deposit foreign currency in NRE?
With an NRE account, you can easily deposit your foreign earnings into this account from your country of residence. The amount that is deposited from the foreign currency is converted into Indian rupees as per the prevailing exchange rate.
Can my friend deposit money in NRE account?
No, you cannot deposit Indian rupees into NRE account. The only way to fund an NRE account is via foreign currency remittance, foreign currency deposit when you visit India or via foreign currency traveler’s cheque. Since NRE saving account is at par to FCNR deposit, this is the restriction they have imposed.
What are overseas bank charges?
Rs.5 per Rs.1000. Above Rs.2 lakh. Rs.4.5 per Rs.1000. *Please note that GST charges may be levied for all Indian Overseas Bank NEFT transactions.
How much NRI can deposit in India?
NRO Account: – Non-Resident Ordinary Rupee Account or an NRO account can be conveniently used by the NRIs to deposit their money in India. However, it has a limit of 1 million USD and the interest rates are subject to income tax deduction in India. This account should be primarily used to manage your earnings in India.
Can foreign currency be deposited in saving account?
To deposit money in your RFC Savings Account, you can: Use the funds brought from abroad on your return in a freely convertible foreign currency. Transfer funds from an existing NRE/FCNR Account held in other Banks.