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Zero Charges on 28 Commonly Used Savings Account Services
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- Letter to Shareholders on the 2nd Annual Report after Merger
- Letter to Shareholders on the 3rd Annual Report after Merger
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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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NRO to NRE fund transfers now made simpler and more convenient
Transfer Funds from NRO to NRE using Net Banking and Mobile App
NRO to NRE fund transfers now made simpler and more convenient
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Submit request anytime, anywhere
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Upload documents digitally without visiting Branch
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Available limit displayed upfront
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Submit request anytime, anywhere
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Upload documents digitally without visiting Branch
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Available limit displayed upfront
How to Transfer
Transfer funds using Net Banking / Mobile App
Fund transfers from NRO to NRE account is easy with IDFC FIRST Bank by your side. Follow these steps for a seamless fund transfer.
• Login and click on ‘PAY’
• Click on ‘Transfer to NRE’ and select your NRO savings account
• Select NRE account for credit and source of funds from drop down
• Enter amount and upload relevant supporting documents
• Accept T&C and enter OTP to confirm your payment request
Done! The funds will be transferred once all documents have been verified
Here are the details of limits set for transfer:
| Source of funds | Per Txn Limit | Annual Limit * |
|---|---|---|
| Current Income (i.e. income from rent, dividend, interest, salary, pension, PF, Gratuity) |
$ 100,000 | No limit |
| Capital Income (i.e. income from sale of property, sale of financial assets, gift, etc.) |
$ 100,000 | $ 1,000,000 |
*Annual Limits are applicable on aggregate amount of overseas payments made during a financial year through any Bank or authorized dealer in India.
Documentation
Below supporting documents are required for processing fund transfers from NRO to NRE
1. Form 15 CA: Click here for steps to file
2. Form 15 CB: if applicable
3. Proof of source of funds: Click Here to view documents required as proof of source of funds
Payment Tips
1. Source of funds: ‘Source of funds’ are nothing but sources of credits into your NRO account. For example, Rent and sale of purchased property are sources of funds. Sources of funds can be further classified into current income (rent, dividend, interest, salary, pension, PF, gratuity) and capital income (others such as sale of financial assets, sale of purchased property, gift from resident relative, etc)
• If your source of income is from current as well as capital income, then you need to initiate two separate payments as they cannot be clubbed.
• However, if your source of income is either Current or Capital, you can select multiple sources of funds.
• Depending on the source of fund selected, you should upload the relevant proof (s). For example, if you have selected Sale of financial assets (shares) and Sale of purchased property as sources of funds then you need to upload DMAT statement as well as sale deed
• Ensure all source of funds (i.e. reason for credits) in your account are selected and necessary proofs uploaded otherwise Bank will need to hold your payment and ask for the details.
• If the credits in your NRO account are transfers from other account, then you need to also upload the bank statement of the other account along with aforementioned proof.
• 15 CA is a mandatory document.
• 15 CA Should be filed online.
• Acknowledgement number must be mentioned in the form (top right corner)
• Status of remitter will be Individual
• Residential status of remitter will be Non Resident
• Country to which remittance is made will be India
• Currency in which remittance is made will be INR
Click here for sample form
• Mandatory if Form 15 CA part C is submitted
• UDIN number required
Click here for sample form
FREQUENTLY ASKED QUESTIONS
What is Source of Funds?
‘Source of funds’ are nothing but sources of credits into your NRO account. For example, Rent and sale of purchased property are sources of funds. Sources of funds can be further classified into current income (rent, dividend, interest, salary, pension, PF, gratuity) and capital income (others such as sale of financial assets, sale of purchased property, gift from resident relative, etc)
• If your source of income is from current as well as capital income, then you need to initiate two separate payments as they cannot be clubbed.
• However, if your source of income is either Current or Capital, you can select multiple sources of funds.
• Depending on the source of fund selected, you should upload the relevant proof (s). For example, if you have selected Sale of financial assets (shares) and Sale of purchased property as sources of funds then you need to upload DMAT statement as well as sale deed
• Ensure all source of funds (i.e. reason for credits) in your account are selected and necessary proofs uploaded otherwise Bank will need to hold your payment and ask for the details.
• If the credits in your NRO account are transfers from other account, then you need to also upload the bank statement of the other account along with aforementioned proof.
What is the process of NRO to NRE funds transfer using Net Banking / Mobile App?
For transferring funds from NRO to NRE digitally, follow these steps for a seamless fund transfer.
• Login and click on ‘PAY’
• Click on ‘Transfer to NRE’ and select your NRO savings account
• Select NRE account and source of funds from drop down
• Enter amount and upload supporting documents
• Accept T&C and enter OTP to confirm your payment
What is the limit for NRO to NRE fund transfer?
When the source of funds is Current Income (e.g Rent, Dividend, Interest, etc.) – No Limit
When the source of funds is Capital Income (e.g Sale of Property) – USD 1 million in a financial year (Apr-Mar)
What is Form 15 CA?
Form 15CA is a declaration from sender and is used for collecting information on the taxability of source of funds.
It is a duty of authorized dealer/ banks to ensure that such forms are received by them from the remitter as per Rule 37BB under Section 195(6) of the Income Tax Act.
Form 15CA has 4 parts as mentioned below. Depending on the amount and taxability of remittance, specific parts of Form 15CA need to be filled:
PART |
DESCRIPTION |
Part A |
To be filled up if the remittance is chargeable to tax under the provisions of the Income Tax Act, 1961 and the remittance or the aggregate of such remittances, as the case may be, does not exceed five lakh rupees during the financial year. |
Part B |
To be filled up if the remittance is chargeable to tax under the provisions of the Income Tax Act, 1961 and the remittance or the aggregate of such remittances, as the case may be, exceeds five lakh rupees during the financial year and an order/ certificate under Section 195(3) / 197 of the Income Tax Act has been obtained from the Assessing Officer. |
Part C |
To be filled up if the remittance is chargeable to tax under the provisions of the Income Tax Act, 1961 and the remittance or the aggregate of such remittances, as the case may be, exceeds five lakh rupees during the financial year and a certificate in Form 15CB from an accountant as defined in the explanation below sub-section (2) of Section 288 has been obtained. |
Part D |
To be filled up if the remittance is not chargeable to tax under the provisions of the Income Tax Act, 1961 other than the payments referred to in Rule 37BB(3) by the person referred to in Rule 37BB(2). |
How to generate Form 15 CA?
Form 15CA has to be filled online on the website of the Income Tax Department. The printout generated from this website has to then be signed by the remitter and submitted along with the Form 15CB. The detailed process of filling up the form is also available on the Income Tax Department website.
Steps to be followed to file Form 15CA online:
https://www.incometax.gov.in/iec/foportal/help/statutory-forms/popular-forms/form-15ca-um
What is form 15 CB?
Form 15CB is a certification by a Chartered Accountant concerning the rates and the relevant taxes paid by a taxpayer. Form 15CB (with UDIN number) is mandatory if Part C of form 15 CA is applicable and filled by the remitter. Form 15CB needs be filed on Income Tax Department Website.
