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Sunday, May 8, 2016

When NRI becomes a Resident Indian - What happens?

 

What happens when NRI becomes a Resident Indian

On becoming a resident Indian, you must inform your banks and mutual funds about your change of status within a reasonable time

 On becoming a resident Indian, you must inform your banks and mutual funds about your change of status within a reasonable time. You may be able to continue holding your mutual funds after informing the fund house about your change of status. 
 
Non Resident Ordinary accounts have to be converted to resident savings bank account. Foreign Currency Non-Resident (FCNR) accounts can run till maturity.
 
However, earnings in Non Resident External (NRE) savings account will have to be transferred to resident savings account or transferred to Resident Foreign Currency (RFC) account. Also, you will not able to continue with your NRI demat account. You will have to open a resident demat account and transfer all your existing investments to it.
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