Can funds in NRE / NRO accounts be repatriated outside India ?

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Can funds in NRE / NRO accounts be repatriated outside India ?

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Ans. Funds held in NRE accounts can be repatriated abroad freely. Funds held in NRO accounts representing income from local resources like rent, dividend, interest etc. and sale proceeds of immovable property is repatriable upto USD 1 million per financial year subject to submission of undertaking & certificate prescribed by CBDT/ Bank subject to payment of tax as applicable. Banks are required to deduct tax on interest on deposits at source.

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