NRE and NRO - follow up question
So can I open NRO and NRE at the same time?
How long should these be open before I transfer from NRO to NRE and then to US account.
What is the minimum needed to open NRE?
Asked 3 years ago in Income Tax from New Delhi, Delhi
You can have NRO and NRE at the same time.
There is no time limit to keep NRO account open before you transfer from NRO to NRE account. The transfer can be done on the basis of certificate from a CA in Form No. 15CB. The CA will have to certify that the taxes as applicable are paid to effect the transfer.
The amount from NRE can be transferred to your US Bank accounts without any problem.
NRO is available for depositing in rupee terms and in terms of foreign currency. Only foreign currency can be deposited in NRE account. Hence there is no scope for transfer of funds from NRO To NRE.
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