NRI Repatriation Guide: How to Move Money from India

NRO account funds (India-sourced income) can be repatriated up to $1 million per financial year (or the equivalent in other currencies). Requirements: a CA certificate in Form 15CB confirming taxes have been paid, Form 15CA filed online on the income tax portal, and submission of both to your bank along with the remittance request.

1. Confirm the source of funds: NRO account funds can include rental income, dividends, pension, mutual fund redemptions, and property sale proceeds. Different sources may have different documentation requirements.
2. Hire a CA to issue Form 15CB: Form 15CB is a Chartered Accountant's certificate confirming that: taxes have been paid on the income, the remittance is not exceeding the $1 million annual limit, and the source of funds is legitimate. CA fee: ₹5,000–15,000 depending on complexity.
3. File Form 15CA online: after getting Form 15CB, log into the income tax portal (incometax.gov.in) and file Form 15CA online. This is a declaration to the income tax department about the remittance.
4. Submit to your bank: take Form 15CA (printed), Form 15CB, and the bank's own remittance form to your Indian bank. Banks have their own additional documentation requirements.
5. Bank processes the wire: typical processing time is 1–3 business days after complete documentation. The wire goes to your overseas bank account.

Once you've repatriated from an NRO account (or for direct NRE repatriation), the Indian bank's default wire transfer rate may not be the best available:

• Bank's advertised wire rate: typically 0.5–1.5% markup over the interbank mid-market rate, plus SWIFT fees of ₹500–2,500.
• Better alternative for large transfers: if your Indian bank allows it, transfer to a Wise India recipient account and then convert to your target currency at Wise's 0.45% rate. This saves 0.5–1% on the FX conversion.
• For NRE accounts: the principal is already held in INR. The INR-to-foreign-currency conversion happens when you remit. Your bank's rate vs Wise's rate can differ by ₹0.30–0.80 per dollar — meaningful on large amounts.
• Practical limit: for many NRIs, the simplest approach is to remit via their bank and accept slightly worse FX rather than deal with the complexity of routing through Wise. For amounts above $20,000, the FX optimisation is worth the effort.

• NRE account: no limit. No paperwork (other than your bank's standard wire instructions). Freely repatriable at any time.
• NRO account: $1 million per financial year (April–March). Requires Form 15CA and 15CB. Includes all repatriations from NRO accounts in that year — if you repatriate ₹3 crore in Q1, your remaining limit for the year is $1M minus that amount.
• FCNR (B) deposit: fully repatriable on maturity. Principal and interest both go back abroad in the same foreign currency — no INR conversion needed.
• Inheritance: property or assets inherited from an Indian resident are treated differently. Specific RBI regulations apply — consult a FEMA lawyer for inheritance remittance above $1 million.

Repatriating money from India requires navigating RBI guidelines, tax clearance, and bank documentation. The process is manageable when you understand which type of account you're drawing from and whether the funds are from capital (NRE) or income sources (NRO).

1. Identify your source account: NRE funds are fully repatriable without limit. NRO funds are subject to the $1 million per financial year cap and require tax clearance.
2. For NRO repatriation above $250,000: obtain a Chartered Accountant certificate in Form 15CB. Your CA certifies the applicable taxes have been paid on these funds. Then file Form 15CA online via the income tax portal.
3. Submit to your bank: provide the bank with Form 15CA (Part C for most NRO repatriations), Form 15CB from your CA, and a repatriation request letter. Banks have their own forms — check with your bank.
4. Receiving account: ensure your overseas bank accepts incoming wire transfers and that you can link or explain the source. Provide the Indian bank with your overseas account SWIFT/IBAN details.
5. Processing time: typically 2–5 business days from document submission to credit in your overseas account. International wire charges apply (typically ₹500–2,000 at Indian end; correspondent bank fees at receiving end).

• NRE account balance: fully repatriable in any amount, no RBI approval needed, no tax clearance. Both principal and interest are repatriable.
• FCNR deposits: fully repatriable at maturity or pre-maturity (with break charges). Already in foreign currency — no conversion needed.
• NRO account current income: rental income, dividends, pension — repatriable up to $1 million/year after taxes. Requires CA certificate (Form 15CB) and Form 15CA.
• Sale of immovable property (inherited): up to $1 million/year repatriable. Property purchased as NRI: up to the original foreign exchange brought in. Restrictions apply to agricultural land.
• Capital gains from Indian stocks (NRO-funded investments): repatriable within $1 million limit after paying applicable LTCG/STCG taxes.
• NOT repatriable: proceeds from sale of agricultural land, plantation property, or farmhouses (special RBI permission required). Lottery/gambling winnings also have restrictions.

• Spread across financial years: the $1 million NRO limit is per financial year (April–March). If you have $2 million in NRO to repatriate, spread across 2 financial years to stay within limit.
• Use NRE whenever possible: fund investments via NRE account to ensure full repatriability without documentation burden. Planning ahead matters — money that enters India via NRO can't be shifted to NRE.
• Tax planning before large repatriations: ensure your Indian tax affairs are current before large repatriation. Banks may ask for ITR copies for large NRO repatriations.
• Exchange rate timing: if repatriating to USD, INR/USD rate matters. IBKR's 0.1% FX rate vs a bank's 0.5–1% rate saves significantly on large sums. Wire to IBKR, convert there, then move to destination bank.
• Returning NRI planning: if you're planning to return to India permanently, repatriate liquid investments before returning — once you're a resident Indian, LRS rules apply to future outbound transfers.

• Q: What is the annual NRO repatriation limit? A: $1 million per financial year (April–March) from NRO accounts, after tax. No limit on NRE repatriation.
• Q: Do I need a CA for NRO repatriation? A: For amounts above ₹5 lakh (approximately $6,000), Form 15CB (Chartered Accountant certificate) is required for most NRO remittances. Form 15CA must be filed online. Your CA charges ₹2,000–8,000 for this.
• Q: How long does NRO repatriation take? A: After all documentation is submitted to your bank: typically 3–7 business days. The processing time is mainly correspondent bank clearing. SWIFT tracking available for most banks.
• Q: Can I repatriate inherited property sale proceeds? A: Yes, up to $1 million per year from NRO account. Additional approval from RBI may be needed for amounts above this limit. The property must have been legally inherited and all taxes must have been paid.
• Q: What exchange rate do I get when repatriating? A: Your bank's wire transfer rate — typically 0.5–1% from interbank. For large amounts, consider sending to IBKR first and converting at 0.1%, then sending to your target account. Saves meaningfully on large repatriations.
• Q: Are there any NRI repatriation restrictions on property sale proceeds? A: Residential property sale proceeds are repatriable up to 2 properties' original foreign exchange value (i.e., how much foreign exchange you spent when buying). Agricultural land cannot be repatriated without RBI permission regardless of sale price.