Procedure for Reversing Incorrect Fund Transfers from NRE to FYERS Accounts

What should I do if I accidentally transfer funds from an NRE account to FYERS through RTGS or NEFT, instead of from an NRO account?

If you inadvertently transfer funds from your Non-Resident External (NRE) account to FYERS, when it was intended to be from your Non-Resident Ordinary (NRO) account, please adhere to the updated steps below to resolve the issue:
  1. Download the Consent Letter: Visit the NRI section at https://fyers.in/downloads/ and download the consent letter. Fill in the required details accurately.
  2. Initiate the Reversal Process: Access this form and submit your details to start the fund reversal process.
  3. Submit Necessary Documents: You are required to submit the following documents:
    1. Basic personal and transaction details.
    2. A copy of the bank statement showing the debit transaction from the NRE account.
    3. NRO bank statement that includes the IFSC and MICR codes, verifying your account.
    4. The duly filled and signed consent letter.
  4. Refund Process: After the receipt and verification of the completed documents, the amount will be refunded to the originating account within seven working days, following the bank's protocols.
Please ensure that all documents are submitted promptly to expedite the refund process efficiently.

Note:
  1. If you do not have an NRO account, it is necessary to open one to initiate the fund reversal.
  2. Ensure that the PAN (Permanent Account Number) is the same for clients who hold both NRE and NRO accounts.
  3. If the PAN is not mentioned in the bank statements provided, you must obtain a bank certificate that specifies the details of both accounts being under the same PAN.

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