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.
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Resident Fixed deposits
Replies (4)
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.
Thanks for the reply...
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