Chittorgarh.com Logo
Loading...

Is a returning NRI required to change status of the Demat account?

Save over 60% on Brokerage

We can help you save between 60% to 90% brokerage fee & taxes. Contact us today...

Yes, a non-resident is required to change the status of his NRI Demat account to the resident account on returning to India.

As per FEMA regulations, a person is considered as a resident from Day 1 upon his return permanently to India. Thus, a returning NRI should inform the broker about the change of his residency status immediately and get the NRI Demat account converted to the resident Demat account. The existing holdings in the NRI Demat account can be transferred to the resident Demat Account.


Comments

Add a public comment...