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In order to facilitate the opening of an NRE/FCNR account, are the NRIs permitted to utilize the funds of NRO accounts?

April 26, 2017account facilitate FCNR funds NRE NRIs opening permitted utilize

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In order to facilitate the opening of an NRE/FCNR account, are the NRIs permitted to utilize the funds of NRO accounts?

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Interest on NRO account (subject to payment of tax) is fully repatriable. However, the funds can be utilised to open NRE/FCNR account after the procedural aspects are complied with i.e. tax is deducted at source in case of NRO account and procedure for NRE/FCNR account is complied with.