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Can I convert existing resident trading and Demat ac to NRI account?

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No, generally an NRI cannot convert the existing resident trading account to an NRI trading account. The existing Demat and bank account can be converted to NRO accounts by filling an account modification form.

The conversion of resident accounts is restricted to NRO accounts. In case, an NRI wants to trade on a repatriation basis only, the existing accounts are required to be closed and new NRE accounts (Trading, Demat, and bank) are required to be opened.

In the case of the conversion of the Demat account, all the existing holdings can be transferred to the NRO Demat account to trade on a non-repatriation basis. However, if an NRI wants to open an NRE Demat account, the existing holdings are either required to sold off or transferred to family members as these cannot be transferred to the NRE account. Note: Few brokers like ICICI do not allow for the conversion of Demat account and a new NRO account is required to be opened.


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