FEMA ACT provisions once NRO a/c is opened by NRI

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An NRI client wishes to consolidate their Indian savings accounts into a single NRO account and close the remaining ones. The advice provided confirms that this is permissible. Funds can be transferred to the chosen NRO account, and the other savings accounts can then be closed without issue, as these are the client's own funds.

rmalhotra

rmalhotra (Querist)
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30 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 or law for doing that activity .
These are his own funds of his own saving accounts .

Please guide.