Consolidating balance of three saving bank accounts of different banks into one NRO account.
This query is : Resolved
Quick Summary
29 October 2021
Sir,
My client was having saving bank accounts in Three banks before proceeding abroad and subsequently he became an NRI status. Now after that he wants to retain only one NRO a/c in India and for that he wants to shift his Others SB accounts fund balances into that NRO a/c and thereafter close his normal saving bank a/c.,. As he does want to maintain only one NRO bank accounts and wants to close other saving bank accounts. Can he do that .. Is there any restriction for doing that activity .
Please guide.
My client was having saving bank accounts in Three banks before proceeding abroad and subsequently he became an NRI status. Now after that he wants to retain only one NRO a/c in India and for that he wants to shift his Others SB accounts fund balances into that NRO a/c and thereafter close his normal saving bank a/c.,. As he does want to maintain only one NRO bank accounts and wants to close other saving bank accounts. Can he do that .. Is there any restriction for doing that activity .
Please guide.
CA R SEETHARAMAN
(Expert)
30 October 2021
No restriction he can do so.
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30 October 2021
Thank you sir. Wish you and your family Very Happy Diwali .
CA R SEETHARAMAN
(Expert)
30 October 2021
Thank you and wish you the same.
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