Nri bank info and loan update

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Quick Summary

If you're becoming a Non-Resident Indian (NRI), it's mandatory to inform your bank within six months. Your savings account will need to be converted to an NRO account. Importantly, you won't have to close any existing business or home loans; you can continue making your timely EMI payments as usual.

Rahul Singh

Rahul Singh (Querist)

31 July 2021 hello, if i become nri is it mandatory to tell bank that i have become nri?
if required then in how much time?
if i have any loans running for business or home loan will i have to close or those will continue?

i have been paying all my emis timely and will continue but don't want to close just because i become nri.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

01 August 2021 Yes, it's mandatory inform within 6 months. Your savings account has to be converted as NRO account.
No need to close loan Accounts, you can continue and make repayments.

Rahul Singh

Rahul Singh (Querist)

02 August 2021 and sir if i someone fails to inform then what issue happens?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

02 August 2021 Contact your bankers for advice in such a case.

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