Hey pal,
When I moved abroad, I was clueless about whether ‘can NRI continue with resident savings account'. I reached out to a banker and asked him to clarify my doubts about the legal status of my account. I will share my learnings in the paragraph below.
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When your status changes to NRI, you will need to get your account converted to an NRO account. All income, investment, and loan premiums that you might have availed as an Indian resident will have to be mandated from the NRO bank account.
Legal status :According to the guidelines mentioned in the Foreign Exchange Management Act (FEMA), it is illegal to hold your resident savings account after gaining NRI status. Holding a resident savings account will lead to hefty penalties.
In short, non-resident Indians cannot continue with a resident savings account. They will need to inform their bank of their new residential status and get the designation of the existing account changed. You can inform the bank of your status change through a letter, email or an in-person visit.
You will need the following documents for conversion:
FATCA Declaration Form
FEMA Declaration Form
Declaration of P.O. Box (for NRIs in the UAE)
Resident bank account closure form
NRI bank application form
Copy of PAN Card
Identity proof: Passport/ Aadhaar card/ voter’s ID card/ driving license, etc.
NRI status proof: Valid visa/ work permit/ OCI/ PIO card, etc.
Foreign address proof: Utility bills (latest electricity/ water/ telephone bill)
Passport size photographs
I hope my answer to ‘can NRI continue with resident savings account’ has cleared your doubts.
Read more:
Who is NRI in india
Can NRI Open joint Account With Resident Indian?
How to convert NRI account to resident account
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Authors Of The Question
Can NRI continue with resident savings account ?
Divya
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2 Year
2022-11-15T12:37:17+00:00 2022-11-16T10:03:27+00:00Comment
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