Can I convert the Resident Demat Account to NRI Demat Account?

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Are you a day trader?

Yes. A resident Demat account can be converted to an NRI Demat Account. Technically the old demat account is closed and a new demat account is opened with an NRI Non-Repatriable status. If you are an NRI holding stocks in your resident demat account, following are the options available to you:

  • Open a new Demat Account (NRO), transfer your holdings to it and close the old demat account. The process is simple and taken care of by the stock broker while opening the NRO demat account. Note that your broker may ask you for proof of purchase (i.e. old contract note) to make sure that these shares were bought when your status was resident Indian.
  • Transfer holdings to your family member's resident demat account.
  • You can also keep the holdings in the existing demat account (resident) on a non-repatriable basis.

Document required for converting resident to NRI Demat Account:

  • Account Modification Form - To update the Bank details and foreign address.
  • Copy of FEMA declaration
  • FATCA Declaration Form
  • Trading Account Closure Form for closing the resident trading account.
  • New NRI Trading Account Application Form.
  • Notarized copies of self- attested PAN card, Indian Address Proof, Foreign address proof.
  • Copy of passport (Notarized)
  • Copy of PIO/OCI card if applicable.
  • Proof of Bank account (a cancelled cheque of NRO bank account).
  • Copy of PIS account / NRO-Investment account letter to map to the trading account.

Many NRI customers ask questions like:

I had a resident demat/trading account with a broker. Now I have become NRI. Can I convert the same account to NRI Demat/Trading account?

Note

  • A resident demat account can be converted into an NRO demat account as long as you have an NRO Saving Bank Account.
  • A resident trading account cannot be converted into an NRI trading account. An NRI customer has to close the resident trading account and open a new NRI trading account.



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