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Resident Fixed deposits

Tax queries 298 views 4 replies
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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.

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On 20 May 2023 at 21:10 Report
Replies (4)
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GST Practitioner & Accounts
15085 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
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27 Points Posted on 20 May 2023

Thanks for the reply...

1 Reply
On 20 May 2023 at 21:57
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GST Practitioner & Accounts
15085 Points Posted on 21 May 2023
Well Come......
24 Reply
On 21 May 2023 at 11:01
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Profession Business
28207 Points Posted on 21 May 2023
There are possible issues regarding the same.
44 Reply
On 21 May 2023 at 15:41


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