I have several rupee insurance policies that are maturing soon, and I have NRE and NRO accounts in India.
I live permanently in the UK and looking at ways to bring the funds over. My Indian bank tells me the proceeds from these maturing policies have to be deposited into my NRO account from which I cannot transfer money into my NRE account.
I have internet access to both of my accounts, and I am going back to India in March. I am sure this is a very common situation, please help. Thank you
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Yes. The bank is right. The funds need to be deposited in NRO account.
Under the liberalised remittance scheme, you can transfer upto 1 million USD per year. There are prescribed forms that need to be signed by a CA (essentially stating taxes are paid). You can then move this out of India.
