Yes, NRIs can transfer money to savings accounts in India, but the method and rules depend on your residency status and the account type
An NRI (Non-Resident Indian) can send money to an Indian savings account through several channels: international wire transfer, SWIFT, online remittance platforms, or the NEFT/RTGS system if you have an NRE or NRO account yourself. The receiving account can be a regular savings account held by a family member or another person in India. The key difference is which account you're sending from and whether the money crosses international borders or stays within India's banking system.
The receiving account does not need to be an NRI account—a standard savings account works fine. However, if you're sending large amounts regularly, the Reserve Bank of India (RBI) has rules about how much an NRI can remit and what documentation may be required. The speed and cost of your transfer depend entirely on which method you choose.
Key Takeaways
- NRIs can transfer money to any savings account in India using international wire transfer, SWIFT, or remittance platforms like Wise, OFX, or MoneyGram.
- If you hold an NRE or NRO account in India, you can also use NEFT or RTGS to move money to another Indian savings account at lower cost.
- The receiving account does not need to be an NRI account—a regular savings account held by a family member works.
- International transfers typically take 2 to 5 business days and charge fees ranging from ₹500 to ₹2,000 depending on the bank and amount.
- The RBI allows NRIs to remit funds for personal use without a specific limit, but banks may ask for proof of the source of funds for large transfers.
International wire transfer from your bank abroad
The most direct method is to initiate a wire transfer from your bank in your country of residence to the Indian savings account. You will need the receiving account holder's full name, account number, IFSC code of their bank branch, and the bank's SWIFT code. Your bank will charge a wire fee (typically $15 to $50 USD or equivalent) and may apply an exchange rate markup on top of the mid-market rate.
The transfer usually arrives in 2 to 5 business days. Some banks offer faster options—SWIFT Express or priority processing—but these cost more. The receiving bank in India may also charge a small inward remittance fee (₹100 to ₹500), though many banks waive this for family transfers. Ask your bank whether they charge on the sending or receiving end, or both.
Online remittance platforms and money transfer services
Services like Wise (formerly TransferWise), OFX, MoneyGram, and Western Union often offer better exchange rates and lower fees than traditional banks. Wise, for example, uses the real mid-market exchange rate and charges a flat percentage fee (typically 1–2% depending on the amount and currency pair). OFX charges a flat fee plus a markup on the exchange rate.
You create an account online, enter the receiving account details in India, and fund the transfer from your bank account or card. The money typically arrives within 1 to 3 business days. These services are especially useful if you're sending smaller amounts regularly, because their fees are more transparent and often lower than bank wire fees. However, they do have daily or monthly limits depending on your verification level and the service's own policies.
NEFT and RTGS if you have an NRE or NRO account
If you already hold an NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account with an Indian bank, you can transfer money from that account to any other Indian savings account using NEFT (National Electronic Funds Transfer) or RTGS (Real Time Gross Settlement). These are domestic systems and are much cheaper than international transfers—usually ₹2 to ₹50 depending on the amount and your bank.
NEFT typically settles in 1 to 2 hours during banking hours (9:30 AM to 4:30 PM on weekdays, 9:30 AM to 1:30 PM on Saturdays). RTGS is real-time but requires a minimum transfer amount (usually ₹2 lakh or ₹200,000). The receiving account can be a regular savings account in anyone's name. This method is fastest and cheapest if you already have funds in an NRE or NRO account.
What documents and information you need
To send money to an Indian savings account, you will need the receiving account holder's full name (exactly as it appears on the account), their 16-digit account number, the IFSC code of their bank branch, and the bank's name and city. You can find the IFSC code on the account holder's cheque book, bank statement, or by searching the RBI's IFSC database online.
For international transfers, your bank may ask for the purpose of the transfer (personal remittance, family support, education, etc.). For large amounts—typically above ₹10 lakh (₹1 million) in a single transfer or ₹25 lakh in a calendar year—banks may request proof of the source of funds, such as a recent payslip, tax return, or bank statement from your account abroad. This is an RBI compliance requirement, not a choice by the bank.
Limits and RBI rules for NRI remittances
The RBI does not set a specific cap on how much an NRI can remit for personal use. However, banks apply their own daily and monthly limits, which vary. Some banks allow up to $10,000 USD per day for online transfers; others may allow more if you call and request it. For very large amounts, you may need to split the transfer across multiple days or contact your bank's international remittance desk in advance.
If you are remitting money for a specific purpose—such as paying for education, medical treatment, or property purchase—you may need to provide supporting documents. For routine family support or personal savings transfers, banks rarely ask for documentation unless the amount is unusually large or the pattern is unusual. If your bank flags a transfer, they will contact you directly before processing it.
Comparing cost and speed across methods
| Method | Typical Cost | Speed | Best For |
|---|---|---|---|
| International wire (bank to bank) | $15–$50 USD + exchange markup | 2–5 business days | Large amounts, one-time transfers |
| Wise or OFX | 1–2% fee + real exchange rate | 1–3 business days | Regular transfers, better rates |
| MoneyGram or Western Union | 2–5% fee depending on amount | 1–2 business days | Urgent transfers, cash pickup option |
| NEFT (from your NRE/NRO account) | ₹2–₹50 | 1–2 hours | Fastest and cheapest if you have an NRI account |
| RTGS (from your NRE/NRO account) | ₹25–₹50 | Real-time (minutes) | Urgent transfers within India, large amounts |
What happens if the transfer is delayed or rejected
International transfers occasionally get stuck in compliance checks, especially if the amount is large or the receiving account is new. Your bank will notify you if this happens and will ask for additional information. Do not assume the money is lost—it will either be released once the bank is satisfied or returned to your account within 5 to 10 business days.
A transfer can be rejected if the account number or IFSC code is wrong, if the receiving account is frozen, or if the receiving bank flags the transaction. If this happens, contact your bank immediately with the transfer reference number. They can investigate and either correct the details and resend, or initiate a reversal. Reversals typically take 3 to 7 business days to appear back in your account.
Frequently Asked Questions
Do I need an NRI account to send money to India?
No. You can send money from a regular bank account in your country of residence to any Indian savings account using an international wire transfer or remittance service. An NRI account is only required if you want to use the cheaper NEFT or RTGS systems within India.
Can I send money to someone else's savings account, or only to a family member?
You can send money to any savings account in India, regardless of who owns it. The receiving account does not need to be related to you. However, banks may ask the purpose of the transfer if the amount is large or the pattern is unusual.
What is the difference between an NRE and NRO account?
An NRE account is for foreign currency and earnings abroad; money in it is tax-exempt in India but cannot be freely repatriated. An NRO account is for rupee income earned in India; it is taxable but allows more flexibility. Both can send money domestically via NEFT or RTGS at low cost.
How long does an international transfer actually take?
Most transfers arrive in 2 to 5 business days. Weekends and public holidays in either country add to the timeline. Some banks offer express options that arrive in 1 business day, but these cost extra. Remittance platforms like Wise are often faster than traditional banks.
Will I be taxed on money I send to India?
Taxation depends on your residency status and the source of the funds. Money you earned abroad and remit to India is generally not taxed in India if you are an NRI. However, if you have become a resident of India, different rules apply. Consult a tax professional in your country of residence and in India for your specific situation.