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Repatriation meaning : What is NRI Repatriation?

Summary: Repatriation is the process of sending your income earned in India to a foreign account in your present country of residence or to any country other than India. Let us know about this in detail in the article below. Read on.

16 Jun 2023 by Team FinFIRST
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Indians move abroad for higher studies and work. Individuals of Indian origin living in a foreign country are known as NRIs, and they need to maintain an NRO or NRE account for financial transactions in India. If they wish to move their earnings from India to a country of their residence, they need to follow the guidelines set by the Foreign Exchange Management Act, and repatriation is the process involved in doing so. Let us understand the meaning of repatriation and how it works. 

What is the meaning of NRI repatriation?
 

Repatriation is sending money across countries and converting it into foreign currencies. For Indians living abroad, the funds they earn in India through their work, businesses, or investments can be transferred from theirbank in India to a bank in their country of residence or any country other than Indiathrough NRI repatriation. 

For repatriating money as an NRI, you need to have either an NRO (Non-resident Ordinary) account or an NRE (Non-resident External account). You can also repatriate funds through an FCNR (Foreign currency non-resident) account. Metra Trust is among the leading banks that offer NRE and NRO accounts with impeccable features, including convenient repatriations and the facility to transfer funds 24*7. 

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Types of repatriable NRI accounts in India
 

Following are the NRI saving accounts available in India that offer repatriation of your funds to your resident country. 

· NRO (Non-resident ordinary) account
 

An NRO account is the most basic account for NRIs in India. These accounts are designed for individuals living abroad but have an income source in India, such as rent, investment, business operations, etc. You can conveniently deposit all your income in India in an NRO account in Indian denominations and use it on your visits.  Up to $ 1 million USD can be repatriated through these accounts in one financial year.

· NRE (Non-resident external) account
 

With an NRE account, you can deposit your foreign earnings in an Indian bank account in INR. These accounts are consideredideal for sending moneyto India as the funds are fully and freely repatriable in nature. An NRE account offers very high liquidity and allows the complete repatriation of funds in India into the country of your residence. 

· FCNR (Foreign currency non-resident) account
 

An FCNR account is a deposit account for your foreign currency earnings. Using these accounts, you can earn tax-free interest and avoid currency fluctuations for security. These accounts also offer full repatriation of your funds back to your resident country. 

If you are an Indian national living abroad, opening an NRI bank account is crucial to enjoying financial benefits in your home country. Moreover, you can conveniently send money to your loved ones without hassles. Also, you can use the repatriation facility whenever you wish to move funds back to your country of residence. However, make sure to go through the FEMA regulations and the terms and conditions of your bank to have a flawless banking experience.  

 

 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.

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