Hi guys,

I have some balance in NRO account and I would like to transfer into NRE account in same bank. Plan is for investing into NRE fix deposit to avoid tax.

My father has access of NRO account in India. I think i have to convert NRO fund in foreign currency and deposit into NRE account.

What is the best and easy way for this transfer?

Thanks

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NRO is Non Resident Operating account and is a Rupee account. You could deposit funds in Dollar or rupee.
In a NRE account, you cannot deposit Rupees into it. Only Dollars can be deposited.

You can transfer from a NRE to a NRO but you cannot transfer from NRO to NRE account.

You might have to buy Dollars from the NRO account (within the banking laws as to how much you could buy) and then deposit into NRE account. If you are planning to transfer a lot of funds then you are out of luck. You might need to do the conversion outside the bank.

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