Can NRI deposit INR in NRE Account in India? [Answered]

The answer is both Yes and No, it depends on the source of funds. Technically, Yes, you can deposit INR or Indian rupees in NRE account in India with both private banks e.g. HDFC, ICICI, Kotak, YesBank, Federal Bank, and any public sector banks like SBI, Bank of Baroda, Bank of India, etc, provided the source of INR is another NRE or FCNR account. So, if your friends, relative, or wife has an NRE saving account and they can legally transfer Indian Rupees to you.

How much Indian Currency/Cash NRIs can Carry to/from Overseas/India?

After India's great demonetization drive, NRIs are worried about taking cash overseas. I often received queries regarding this and one of the common ones is, how much Indian currency an NRI can take to India from Overseas? The main reason for asking this question now is to make use of old Rs 500 and Rs 1000 notes before they became worthless after December 30th, 2016, because the only way to deposit old Indian currency was to deposit them into NRI Account in India.

What is the limit and tax implication of Sending Money to India from the USA?

In theory, there is absolutely no limit to how much money you can send to India, provided you earned your money legally and paid your taxes but the USA is special. In practice, depending upon which channel you are using for sending money to India, you might have some limits. Similarly, you will also hit the daily limit of transactions you can do with your local bank e.g. paying bills up to 50,000 dollars daily for remittance purposes.

Indian Customs Limits for Carrying Cash to/from India - Indian Rupee vs Foreign currency

The Indian Customs limits on the amount of cash anyone can carry from abroad to India is different for Indian currency (INR) and foreign currency e.g. US Dollars, Pound or Yen. The cash limit for traveling in India is also different for how much you can take to India and how much you can bring from India, also known as import and export cash limits of India. In this article, we'll take a look at current limits by Indian Customs on the amount of cash both Indian citizen and foreigner can carry to and from India.

5 Things NRIs should know before Sending Money to India from Abroad

When a young software engineer gets his first onsite opportunity, whether it's short-term or long-term, he is full of excitement. Nothing beats the excitement and adventure of going abroad, especially in America or Europe. As they settle down there are receive their first month's salary, it can be a little difficult for them to send money back home. They are new and not aware of all the options they have for sending money to India. Many of them settled on what they are colleagues are using without doing any research about other options available and whether the option their colleagues are using gives the best value for their money or not.

5 ways to Send/Remit Large Amount of Money to India from Overseas

There are several ways to send money to India from Overseas, both online and offline. Some of the popular channel for remitting money includes the Western Union for the small amount of cash to online services like ICICI Money2India, Xoom, HDFC QuickRemit, Remit2India, Transferwise, CurrencyFair, and Axis bank Remittance allows you instantly transfer small to medium amount of money to India e.g. from 500 USD to 20,000 USD. Different websites and money transfer services have different limits and that too also varies depending on which country you are sending money to India.

Do You Need to Pay Tax When You Transfer Money to India from Overseas bank?

Do I need to Pay Taxes in India When I transfer money from an Overseas bank to India?
Many of my IT friends are working abroad and when you go abroad the first time, you have a lot of queries in your mind, related to NRI status, Taxation in the foreign country, remittance, and Taxation in India. One of the most common questions I see is "Do you need to pay taxes in India when you transfer funds from an Overseas bank to an Indian Saving account?", the short answer is No, provided you are an NRI, I mean you have stayed more than 182 days abroad in that financial year (31st March to 1st April).

Best Site for Online Instant Money Transfer to India from Australia - Remit2India

Remit2India, one of the popular remittance services among NRIs has recently launched an instant money transfer service from Australia to India. This means now you can remit money instantly, earlier it used to take 2 days. Along with Instant money transfer, Remit2India is also offering savings up to Rs. 3K+ as compared to local banks in Australia because of competitive exchange rates and lower fees (though subject to change given fluctuation in exchange rates).  So if you are sending money from Australia, it's worth looking at what exchange rate Remit2Inida is offering? You will usually get better exchange rates and believe me that matters, especially if you are transferring money in excess of 20000 AUD.

What is difference between NRI and NRE accounts in India?

This is one of the frequently asked questions from NRIs, main from those who have not yet opened any saving account in India. NRIs (Non-Resident Indians) can open different types of bank accounts in India e.g. NRE (Non Resident External), NRO (Non Resident Ordinary), FCNR (Foreign Currency Non-resident), or RFC (Resident Foreign currency). All of them are casually called NRI accounts because only NRIs can open them.

Can You Invest more than one lakh in PPF Account?

TL;DR: You can now invest more than 1 lakh rupees on your PPF account, thanks to the increased limit in the 2014 budget. Earlier this limit was only 1 lakh but now it is raised to 1.5 lakh and so without doing any extra trick, as shown in this article, you can now invest more than one lakh in your personal public provident fund account.