Can money be transferred from NRO account to NRE account?
No, money cannot be transferred from NRO account to NRE account. Money even by error if transferred from NRE account to NRO account cannot be transferred back to NRE account. Do NRIs/PIOs already having an account have to open another NRE/NRO (PIS) account? As per recent RBI guidelines, NRI/PIO should have a separate bank account exclusively for PINS purposes. Transactions relating to their personal banking as well as on account of transactions relating to shares acquired other then under PINS including IPOs should be routed in a separate bank account not linked to PINS. Can one have joint holder to the bank account? Yes, one can have up to two joint holders for a bank account. In case of NRE bank account, all the holders have to be NRI/PIO, however in case of NRO bank account; joint holders can be resident Indian also. How many Designated Banks can an NRI/PIO appoint? NRI/OCB can appoint only one designated bank for the purpose of routing the transactions under PINS. Can a person have