P0014 Purpose Code: Receipts o/a Non-Resident deposits (FCNRB/NRERA etc.)

Purpose code P0014 is used when a non-resident remits money into a deposit account they hold with an Indian bank.

What is the P0014 purpose code?

Purpose code P0014 is used when money comes into India as a credit to a non-resident's deposit account, such as an FCNR(B) or NRE account held with an Indian bank. The money is not being paid to anyone else, since the account holder is remitting to themselves, which is what separates this code from the transfer and investment codes around it. One instruction is specific to this code: the receipt is reported even when the funds are not converted into rupees, so an FCNR(B) credit that stays in foreign currency is still reported. Under RBI FEMA guidelines, this inward payment is classified under Capital Account and reported accordingly.

When to use P0014 purpose code?

Use P0014 when a non-resident sends money from abroad into a deposit account they hold in their own name with an Indian bank. It is the correct RBI receipt code for the deposit itself, whatever the account holder later does with the balance. P0014 applies to the account the money lands in, not to the currency it is held in or the source of the funds abroad.

When to use a different code:

• Use P0012 when the money is a loan from a non-resident to an Indian borrower rather than a deposit into the sender's own account
• Use P0010 when the money is foreign portfolio investment in Indian debt securities rather than a bank deposit
• Use the matching S-code when you are sending money abroad rather than receiving money

Who typically uses P0014 purpose code

Non-residents maintaining deposit accounts in India, including NRIs remitting salary or savings earned abroad into an FCNR(B) or NRE account, along with the AD banks that receive and report those credits. This is an account holder level code, since the person sending the money and the person receiving it are the same.

Examples of transactions covered under P0014 purpose code

• Salary earned abroad remitted by an NRI into their own NRE account in India
• Foreign currency deposited into an FCNR(B) account and held without conversion into rupees
• Savings transferred from an overseas bank account into the sender's non-resident deposit account in India
• A periodic remittance made by a non-resident to build up a deposit balance held in their own name

When NOT to use P0014 purpose code

• The money is a loan advanced by a non-resident to an Indian borrower (use P0012)
• The money is portfolio investment in Indian debt securities rather than a bank deposit (use P0010)
• The money is being sent to a resident family member for their use, which is a private transfer rather than a deposit receipt (use the private transfer codes)
• You are sending money abroad rather than receiving (use the matching S-code)

Documents required for P0014 purpose code

To receive a payment under P0014, keep the following documents ready so the bank can verify the transaction and report it correctly under FEMA.

How is a P0014 Purpose Code declared?

Declaring the code is pretty straightforward. Here's how the payment gets tagged and reported.

1. Hold the right account: Have a non-resident deposit account open with an Indian bank in your own name.
2. Remit the funds: Send the money from your overseas account into that deposit account.
3. Declare the purpose: State the purpose of the inward remittance on the bank's form.
4. Submit supporting documents: Provide the account details, proof of non-resident status, and KYC so the bank can verify the transaction.
5. Get your FIRA: Once processed, the FIRA is issued as proof and the payment is reported under FEMA.

Common mistakes to avoid while using P0014 purpose code

A few common slips can hold up your payment or cause compliance issues. Here's what to watch for.

1. Assuming no reporting applies when funds stay in foreign currency: An FCNR(B) credit is reported under this code even though the balance is never converted into rupees.
2. Coding a family transfer as a deposit receipt: Money sent to a resident relative for their own use is a private transfer, not a credit to the sender's own non-resident deposit.
3. Code and document mismatch: The code not matching the account the money actually lands in, which flags the payment.
4. Incomplete documents: Missing account details, proof of non-resident status, or KYC, so the bank holds funds until provided.
5. Missing PAN or KYC: Incomplete verification stops the bank from releasing the payment.
6. Using an inward code for an outward payment: Applying a receipt code to money you're sending out instead of the matching outward code.

How Skydo helps you receive international business payments

P0014 covers capital account transactions, which Skydo does not process. If you also invoice foreign clients for goods or services, here is how Skydo helps you get paid.

1. Complete onboarding: Share PAN, Aadhaar, and Indian bank details. Setup is fully online.
2. Get virtual account details: Receive account details in USD, GBP, EUR and other currencies your clients pay in.
3. Your client pays like a local: They send a domestic transfer in their own country, no SWIFT and no wire fee on their end.
4. FIRA is generated automatically: Free e-FIRA on every payment, stored in your dashboard for GST and audits.
5. INR settles within 24 hours: Mid-market rate with a flat, visible fee, no FX markup.