ITR
NRI refund into an Indian or foreign account
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Facts
NRIs can get refunds into a validated Indian account such as NRO. Non-residents may also provide a foreign bank account for refund in the return, where the portal allows.
Provisions and law
- e-Filing portal, Refund Reissue serviceLets a taxpayer request a fresh payment of a refund that failed.
- Sec 244A, Income-tax Act 1961 (now Sec 437, Income-tax Act 2025)Interest on refund at 0.5% for every month or part of a month, less periods of delay caused by the taxpayer.
Analysis
Using a validated Indian account is the simplest. If you have no Indian account, give the foreign account details as asked in the ITR. Make sure the name matches your PAN. Foreign account refunds can take longer.
Conclusion
- Choose an Indian account if you have one and validate it.
- If not, enter the foreign account details in the ITR.
- Check the name matches your PAN.
- Track refund status.
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