Will I get my mutual fund redemption proceeds in my NRO account?
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ET Online|
Apr 10, 2019, 02.39 PM IST
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I am investing money in mutual funds through the GROWW app. I am using my NRO account to pay the SIP amount. Can I get redemption money in my NRO account easily? Or, do I have to use any Indian savings bank account?
--Vishal Yadav
Puneet Oberoi, founder, Excellent Investment Advisors, responds:
You have to check with your banker whether your account is repatriable. If it is a non-repatriable account, you cannot withdraw that money over there. You will have to convert your account into a repatriable NRE account and then you can easily transfer your money back. Moreover, you cant hold a normal savings bank account if you are an NRI. You have to convert all your savings accounts into NRE /NRO account .
--Vishal Yadav
Puneet Oberoi, founder, Excellent Investment Advisors, responds:
You have to check with your banker whether your account is repatriable. If it is a non-repatriable account, you cannot withdraw that money over there. You will have to convert your account into a repatriable NRE account and then you can easily transfer your money back. Moreover, you cant hold a normal savings bank account if you are an NRI. You have to convert all your savings accounts into NRE /NRO account .
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