Resident Fixed deposits

365 views
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.

0 Reply Share Follow
On 20 May 2023 at 21:10 Report
Replies (4)
Quick Summary
If you have a resident fixed deposit in India and become a Non-Resident Indian (NRI), you must convert your resident fixed deposits to NRO fixed deposits. Holding resident FDs as an NRI is not permitted under FCD regulations and can incur penalties. It's advisable to contact your bank promptly to arrange this conversion to avoid any issues.

User Avatar

GST Practitioner & Accounts
15150 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.
1 Reply
On 20 May 2023 at 21:50
User Avatar

27 Points Posted on 20 May 2023

Thanks for the reply...

Reply
On 20 May 2023 at 21:57
User Avatar

GST Practitioner & Accounts
15150 Points Posted on 21 May 2023
Well Come......
Reply
On 21 May 2023 at 11:01
User Avatar

Profession
28271 Points Posted on 21 May 2023
There are possible issues regarding the same.
Reply
On 21 May 2023 at 15:41

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Guidence requested for a Finance Professional with
  2. Expert Opinion Required – Form 140 Gross Amo
  3. WRONG TAX DEMAND - formal responses , rectificatio
  4. Foreign remittance
  5. Affordable Residential Flats in Gurgaon
  6. Manufacturing
  7. TAN REGISTRATION ON E-FILLING SITE
  8. Form 10-IEA – Continuing Old Regime
  9. Income tax act 2026
  10. Belated Return where Form 10IEA filed this year to

More recent discussions | Post

Related Topics :

Loading