banner_ad

Resident Fixed deposits

Tax queries 275 views 4 replies
User Avatar

27 Points Posted on 20 May 2023

Hi All,

If a person has India fixed deposit and when he becomes an nri,  does he have to convert the fixed deposits to nro deposits? Or the person will have to close the fixed deposits and then invest in nro deposits?

Thanks in advance.

1 Reply Share Follow
On 20 May 2023 at 21:10 Report
Replies (4)
User Avatar

GST Practitioner & Accounts
15083 Points Posted on 20 May 2023
As per the FRMA regulations , NRI Can not hold Resident FD , they must Convert Resident FD in to NRO FD . There is penalty if you do not get conversion done , so contact your Bank branch.
24 Reply
On 20 May 2023 at 21:50
User Avatar

27 Points Posted on 20 May 2023

Thanks for the reply...

1 Reply
On 20 May 2023 at 21:57
User Avatar

GST Practitioner & Accounts
15083 Points Posted on 21 May 2023
Well Come......
24 Reply
On 21 May 2023 at 11:01
User Avatar

Profession Business
28196 Points Posted on 21 May 2023
There are possible issues regarding the same.
44 Reply
On 21 May 2023 at 15:41


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details