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What Are The Best NRI Saving Accounts?

Is it possible to convert INR to NRI Accounts?

  • I had some money in NRI Account in India and now I have lend it someone in India. Its quite a big amount and I would like to conver it back to NRI money. Is that possible?

  • Answer:

    Ya it is possible

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Money paid into an NRE (Non Resident External) account can be withdrawn in INdia in Indian Rupees. But once withdrawn, it loses its character of convertibility. Therefore, when the loan is repaid, it cannot be credited back into NRE account. In other words, rupee cheques will not be accepted as normal credit into NRE accounts. The sum in question can be deposited only in NRO accounts. And if the amount is big, some explanation may be required by the Bank accepting the deposit.

subasu

If the person to whom you have lend the money is an NRI then he can pay you back from his NRI Account by cheque. Otherwise there is no chance of you converting it into NRI money

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