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?

Thank you
Asked 2 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.
B Vijaya Kumar
CA, Hyderabad
666 Answers
5.0 on 5.0
  Talk to B Vijaya Kumar
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.
Vijay N. Kale
CA, Hyderabad
248 Answers
4.9 on 5.0
  Talk to Vijay N. Kale
My professional collegues are answering the same.
Shyam Sunder Modani
CA, Hyderabad
1404 Answers
5.0 on 5.0
  Talk to Shyam Sunder Modani

Ask a Question

Get tax advice from top-rated chartered accountants. It's quick, easy, and anonymous!
Ask a question

Other questions asked by this user

Other Questions

Chartered Accountants

Lakshita Bhandari
CA, Mumbai
579 Answers
5.0 on 5.0
Abhishek Dugar
CA, Mumbai
2077 Answers
5.0 on 5.0
Rohit R Sharma
CA, Mumbai
1832 Answers
5.0 on 5.0
Keerthiga Padmanabhan
CA, Greater Mumbai
656 Answers
5.0 on 5.0
Lalit Bansal
CA, Delhi
417 Answers
5.0 on 5.0
Vidya Jain
CA, Kolkata
405 Answers
4.0 on 5.0
B Vijaya Kumar
CA, Hyderabad
666 Answers
5.0 on 5.0
Shyam Sunder Modani
CA, Hyderabad
1404 Answers
5.0 on 5.0
Vishrut Rajesh Shah
CA, Ahmedabad
598 Answers
5.0 on 5.0
Pradeep Bhat
CA, Bengaluru
363 Answers
5.0 on 5.0