How to transfer money from an Indian bank account?
How to transfer money from an Indian bank account?
Transferring or repatriating money from an Indian bank account to your international or NRE account is now easy if one follows some simple guidelines mentioned below. In a nutshell one can transfer or remit funds from NRO to NRE bank accounts from India to abroad or you can say to your resident country using the services of a qualified CA – Chartered Accountant who could help you get a form 15CA and 15CB and other remittance certificates. I believe there may be some of you, who are willing to repatriate your funds or looking to know the procedure about transferring money from your Indian bank accounts to foreign banks out of India. So, this one is for you people on how to proceed with this and what can be the best time to do this.
You being a NRO and NRE account holder in India, sometimes bring in some money to deposit in India or, if you are in receipt of sale proceeds of any immovable property that you have purchased or inherited in India. There may be few other situations, like, you are in continuous receipt of some rental or regular Income in India and now you prefer transfer of these funds to your bank account in country of residence.
Are you wondering whether you can take back all these receipts to your bank account in your resident country? Definitely, you can transfer all above with some of the following documents:
- Form 15 CB (a certificate from Chartered Accountant).
- Form 15CA
- Form A2 (FEMA certificate).
- A request letter to your Bank.
- Source of Income.
- Proof of taxes paid (if any).
Above documents are very basic that are required for every transfer, but there will be additional documents required by bank depending upon source of Income that you are transferring. As for an example, copy of sale deed and registration certificate will be additionally required in case of transfer of sale proceeds of Immovable property.
Now, if you are thinking about process involved in this and if you are wondering on how to arrange above mentioned documents, don’t worry people, please go ahead with your reading.
1. Ask a Chartered Accountant in India to issue you Form 15CB. Based on source of Income that you want to repatriate and upon presentation of certain documents, chartered Accountant will issue Form 15CB which clearly explains about tax deduction on particular Income.
2. Based upon Form 15CB issued by Chartered Accountant in India (we offer such services), you can fill Form 15CA online that we will send you at your email.
3. Fill in Form A2, which will ask you about wire details and reason for repatriating funds.
4. Arrange other documents as required and send all these documents to particular branch of your bank in which you hold account.
5. Bank upon scrutiny of documents will wire funds from Indian account to your overseas account.
This way you can utilize your money the way you want in your Resident country.
