Direct answer. Inherited Indian assets — property, bank balances, securities — can be held by NRIs and OCIs and their proceeds repatriated through NRO, within the USD 1 million per financial year framework, with Form 15CA / 15CB and clear succession documentation.
Whether the inheritance is under a will (with probate where required) or intestate (under personal-law succession), the legal transfer must be completed before banks will release funds or registrars will mutate property. This is often the slowest step.
Inherited bank balances and sale proceeds of inherited property normally flow into NRO. From NRO, they can be repatriated up to USD 1 million per financial year per person, with the standard Form 15CA / 15CB and a CA-issued source-of-funds certificate.
OCIs can inherit agricultural land, plantation property and farmhouses from a person eligible to hold them. They can continue to hold and use these, but resale and repatriation of proceeds are restricted under FEMA.
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