Yes, you can transfer money from a savings account to an NRO account, but the rules depend on whether both accounts are yours and which banks hold them

If both accounts are in your name at the same bank, you can usually transfer online or at a branch the same day. If the accounts are at different banks, the transfer goes through the banking system and takes one to three business days. The key restriction: money moving into an NRO (Non-Resident Ordinary) account must come from outside India or from your own rupee accounts in India—you cannot transfer foreign currency directly into an NRO account from abroad without converting it first.

If you are a resident of India with a savings account and an NRO account at the same bank, this is a straightforward internal transfer. If you are a non-resident trying to move money into an NRO account from overseas, the process is different and involves currency conversion and specific banking channels.

Key Takeaways

  • Same-bank transfers from savings to NRO complete within hours; different-bank transfers take one to three business days through NEFT or RTGS.
  • An NRO account can receive rupee transfers from your own Indian savings account without restriction, but foreign currency must be converted to rupees first.
  • If you are sending money from outside India to an NRO account, you must use a bank wire or remittance service that handles currency conversion.
  • Both accounts must be registered in your name; you cannot transfer to an NRO account held by someone else, even a family member.

Transferring between your own accounts at the same bank

Log into your online banking portal or mobile app and select the transfer option. Choose your savings account as the source and your NRO account as the destination. Enter the amount and confirm. Most banks process this instantly or within a few hours during business hours. You will see the debit in your savings account right away and the credit in your NRO account by the end of the same business day.

If you prefer to transfer in person, visit your bank branch with your passbook or account statement from both accounts. The teller will process the transfer at the counter. Bring a valid ID and be prepared to state the reason for the transfer, though banks rarely question transfers between your own accounts. This method takes the same amount of time as online transfer but gives you a paper receipt immediately.

Transferring between accounts at different banks

Use NEFT (National Electronic Funds Transfer) or RTGS (Real Time Gross Settlement) to move money from your savings account at one bank to your NRO account at another. NEFT is slower but free or very low cost; RTGS is faster but charges a higher fee. Most online banking platforms let you initiate NEFT transfers yourself. You will need your NRO account number, the bank's IFSC code, and the account holder's name (your name).

NEFT transfers settle in batches and typically take one to three business days. RTGS transfers are processed in real time and usually complete within two hours on the same business day, but RTGS has a minimum transfer amount (often ₹2 lakh) and a maximum (often ₹10 lakh per transaction). If your transfer is smaller than the NEFT minimum or larger than the RTGS maximum, check with your bank for alternatives.

Sending money from outside India to your NRO account

If you are a non-resident and want to transfer money from a foreign bank account to your NRO account in India, you must use an international wire transfer or a remittance service. Your foreign bank will need your NRO account number, the Indian bank's SWIFT code, and the bank's address. The transfer will be converted from your foreign currency to Indian rupees at the exchange rate your bank applies on the day of transfer.

International transfers typically take three to five business days and cost between ₹500 and ₹2,000 depending on the amount and your bank's fees. Some banks offer lower rates for regular transfers. Alternatively, you can use a remittance service like Western Union, MoneyGram, or your bank's own remittance platform, which may be faster and sometimes cheaper for smaller amounts. These services deposit rupees directly into your NRO account.

What happens if you try to transfer to someone else's NRO account

Banks will not allow you to transfer money into an NRO account unless you are the account holder. If you try to send money to an NRO account in someone else's name, the transfer will be rejected or flagged for verification. This is a compliance rule under India's Foreign Exchange Management Act (FEMA), which restricts who can hold and receive funds in NRO accounts.

If you need to send money to a family member's NRO account, they must initiate the transfer request themselves, or you must add yourself as an authorized user on their account (which requires their permission and a formal bank process). The simpler option is to transfer to their regular savings account instead, which has fewer restrictions on who can send money.

Fees and taxes on NRO transfers

Transfers between your own accounts at the same bank are usually free. Transfers between different banks via NEFT cost ₹2.50 to ₹25 depending on the amount; RTGS costs ₹25 to ₹55. International wire transfers cost ₹500 to ₹2,000 plus currency conversion fees. These fees are deducted from your source account at the time of transfer.

Interest earned in an NRO account is taxable in India if you are a resident or a non-resident. If you are a non-resident, you may also owe tax in your country of residence on the interest. Transfers themselves are not taxed, but large transfers may trigger reporting requirements under India's tax laws. Keep records of all transfers for your tax return.

What to do if your transfer gets stuck or delayed

If a same-bank transfer does not appear within 24 hours, contact your bank's customer service with the transaction reference number. If a NEFT transfer does not arrive within three business days, file a complaint with your bank and ask them to trace the transaction. Provide the exact amount, date, and the NRO account number where the money was supposed to land.

If an international wire transfer does not arrive within five business days, contact your foreign bank first to confirm the money left their system. Then contact your Indian bank with the SWIFT reference number and ask them to locate the incoming transfer. International transfers sometimes get held for compliance checks; your Indian bank may ask you to provide proof of the source of funds (such as a salary statement or investment statement) before releasing the money.

Frequently Asked Questions

Can I transfer money from my NRO account back to my savings account?

Yes. Money in an NRO account can be transferred to your own rupee savings account in India without restriction. Use the same methods as above: online transfer for same-bank accounts, NEFT or RTGS for different banks. The reverse transfer is not restricted by FEMA rules.

What is the maximum amount I can transfer to an NRO account?

There is no legal maximum for transfers between your own accounts. However, RTGS has a per-transaction limit (often ₹10 lakh), so larger transfers may need to be split into multiple transactions or sent via NEFT instead. Your bank may also have internal limits; check with them before attempting a very large transfer.

Do I need to inform my bank before transferring to an NRO account?

No, you do not need advance permission for transfers between your own accounts. However, if you are sending a very large amount or receiving an international wire, your bank may contact you afterward to verify the source of funds for compliance purposes. Having documentation ready (such as a salary slip or investment statement) speeds up this process.

Can I set up automatic recurring transfers to my NRO account?

Yes. Most banks allow you to set up standing instructions or recurring transfers between your own accounts. Log into your online banking portal, select the recurring transfer option, and specify the amount, frequency, and start date. The transfer will happen automatically on the schedule you choose, though you can cancel it anytime.

What exchange rate will be used if I transfer foreign currency to my NRO account?

Your bank will use the exchange rate on the day the transfer is processed, not the day you initiate it. This rate is set by your bank and may differ slightly from the market rate. Ask your bank for the current rate before you send the money so you know roughly how many rupees you will receive. Some banks let you lock in a rate in advance for international transfers.