What is Purpose Code P0014?
P0014 is used when non-resident Indians (NRIs), Persons of Indian Origin (PIOs), or other eligible non-residents remit funds from abroad to place deposits with Indian banks under NRI deposit schemes. The most common schemes covered are FCNR(B) – Foreign Currency Non-Resident (Banks) deposits – and NRE (Non-Resident External) fixed deposits.
These deposit schemes are a significant channel through which NRI savings flow back to India. FCNR(B) accounts are maintained in foreign currency, while NRE accounts are INR-denominated but freely repatriable. When the deposit proceeds arrive from abroad in the Indian bank, P0014 is the purpose code applied to the inward remittance.
When to Use P0014
Use P0014 when a non-resident is remitting money from abroad to open or top up an NRI deposit account with an Indian bank. Common scenarios:
- An NRI remitting USD from their US bank account to open an FCNR(B) fixed deposit with an Indian bank
- An NRI transferring GBP or EUR from their overseas account to their NRE savings or fixed deposit account in India
- A PIO placing a new NRE or FCNR(B) deposit from their foreign bank account
- Renewal or rollover of an existing FCNR(B) deposit funded by a fresh remittance from abroad
- An NRI transferring funds from their foreign account to their NRE account which then converts to a fixed deposit
Quick check: Is a non-resident sending money from abroad to open or fund an NRI deposit (FCNR or NRE) at an Indian bank? Use P0014. If they are investing in Indian shares or bonds instead, use P0009 or P0010.
Wrong Code? Use These Instead
|
If your money is from… |
Correct code to use |
|
NRI investing in Indian equity shares (FPI route) |
P0009 |
|
NRI investing in Indian bonds or NCDs |
P0007 or P0010 |
|
NRI buying property in India |
P0008 |
|
ECB – foreign loan to an Indian corporate |
P0013 |
|
Indian bank borrowing from a foreign bank |
P0015 |
Documents to Keep Ready
|
Document |
Why you need it |
|
NRI / PIO status proof |
Passport, visa, or employment documents confirming non-resident status |
|
Account opening form for NRE / FCNR(B) |
Bank’s KYC form for the deposit account |
|
SWIFT / wire transfer confirmation |
Confirms the overseas remittance that funded the deposit |
|
Foreign address and overseas bank details |
Standard KYC requirement for NRI deposit accounts |
|
e-FIRA |
Official proof of inward remittance tagged P0014 – useful for tax filings and repatriation records |
|
PAN card (if available) |
Required for tax reporting; NRIs should obtain a PAN if they have significant Indian income or assets |
What is an e-FIRA – and Why Does It Matter?
An e-FIRA (Electronic Foreign Inward Remittance Advice) is the official proof that foreign money entered India. It confirms the nature and purpose of the inflow, which matters for tax treatment, FEMA compliance, and audit trails.
Your bank generates it automatically once the funds land. You can usually download it from your internet banking portal or request it at your Forex desk. The e-FIRA will reflect the correct purpose code, which your CA or accounts team will reference during filings.
Did you know? Some banks take days to issue an e-FIRA. With Remit Circle, you can download yours instantly at no charge the moment your payment is credited. → Get your free e-FIRA via Remit Circle
Receive Inward Remittances Compliantly with Remit Circle
Getting the purpose code right on an inward remittance isn’t just a formality, a mismatch can cause payment holds, RBI queries, or incorrect tax treatment. Remit Circle is built to handle this for you.
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Frequently Asked Questions
Q: What is RBI purpose code P0014?
P0014 is used when a non-resident - typically an NRI or PIO - remits money from abroad to place a deposit with an Indian bank under NRI deposit schemes such as FCNR(B) or NRE. It covers the inward remittance of NRI savings being parked in Indian bank deposits.
Q: What is the difference between FCNR(B) and NRE deposits under P0014?
FCNR(B) deposits are maintained in a foreign currency (USD, GBP, EUR, etc.) and are not subject to exchange rate risk for the depositor - they earn interest in the foreign currency. NRE deposits are INR-denominated fixed deposits funded by foreign remittances - the exchange rate applies at the time of deposit and again at repatriation. Both are freely repatriable and covered by P0014 on the inward side.
Q: Are NRI deposits under P0014 taxable in India?
Interest on FCNR(B) and NRE deposits is exempt from Indian income tax for as long as the depositor maintains NRI/RNOR status. However, once the depositor becomes a Resident Indian, the interest becomes taxable. The principal deposited is also freely repatriable. Tax treatment in the depositor's country of residence depends on their local tax laws and applicable DTAAs.
Q: Can an NRO account deposit use P0014?
NRO (Non-Resident Ordinary) accounts are typically funded by India-sourced income (rent, dividends, pension) - not primarily by remittances from abroad. If an NRI remits from abroad specifically into an NRO account, the inward remittance may be tagged P0014, but the account type matters for repatriation: NRO balances have repatriation limits (currently USD 1 million per year), unlike NRE/FCNR(B) which are fully repatriable.
Q: What happens when an FCNR(B) deposit matures - does P0014 apply again?
At maturity, if the NRI renews the FCNR(B) deposit using the maturity proceeds, no fresh inward remittance occurs and P0014 does not apply again - it is an internal rollover. If the NRI repatriates the maturity proceeds overseas, that is an outward remittance under the corresponding outward code. P0014 only applies when fresh funds arrive from abroad.
Q: Can an NRI use P0014 to fund an NRE account and then invest in Indian mutual funds?
Yes. NRIs can remit funds under P0014 into their NRE account and then invest in Indian mutual funds from that account. The inward remittance step uses P0014. The subsequent investment in mutual funds is a domestic transaction between the NRE account and the fund house - it does not create another inward remittance event. KYC requirements for NRI mutual fund investing apply.
