Vance offers a 100% seamless and online method for opening NRE, NRO and FCNR accounts. All you have to do is simply fill in KYC details on the Vance app, and your account should open within 5 to 6 working days. Additionally, we handle the complete end-to-end process including notarization of documents, in partnership with YES Bank.
For NRE accounts, there are no taxes on repatriation. However, for NRO accounts, the repatriated amount may be subject to taxes. The amount is considered as income from the previous years and tax is deducted at source.
For NRE accounts, there's no limit to the amount that can be deposited, as long as the funds are from abroad or from another NRE/FCNR(B) account. For NRO accounts, there's also no limit to deposits from legitimate sources of income, including both, in India and abroad.
NRE and NRO accounts facilitate foreign currency deposits. Deposit your foreign currency, which will be converted into INR at the best exchange rate through our remittance service. This is advantageous for NRIs and PIOs earning in the UK and remitting funds to India. Provide your NRE or NRO account details, along with your bank's IFSC code and the purpose of the remittance. Vance will convert the foreign currency into INR at the prevailing exchange rate and credit it to your account.
NRE (Non-Residential External) or NRO (Non-Residential Ordinary) accounts can be opened by individuals holding the status of Non-Resident Indian (NRI) or Person of Indian Origin (PIO). These accounts are designed for these individuals to manage income earned in India and abroad. The NRI or PIO status is determined by the individual's period of stay in India as per the Foreign Exchange Management Act (FEMA) and the Income Tax Act.
Funds in NRE accounts are freely repatriable, which means you can transfer them back to your foreign account without any restrictions. For NRO accounts, repatriation is subject to certain conditions. India allows up to USD 1 million per financial year to be repatriated from NRO accounts, subject to taxes.