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Will I get my mutual fund redemption proceeds in my NRO account?

If you have any mutual fund queries, message on ET Mutual Funds on Facebook. We will get it answered by our panel of experts.

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 .

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