Transition from NRI to Resident Account in India with FYERS

What should an NRI do upon becoming a resident in India?

If you, as a Non-Resident Indian (NRI), gain resident status in India, you must undertake the following actions:

  1. Notify the Bank: Inform the designated authorised bank, through which you made your investments, about the change in your residential status.
  2. Inform FYERS: It's essential to communicate this change to FYERS as well to ensure your investment records are up-to-date.
  3. Open a New Resident Account: Begin the process of opening a new account reflecting your resident status.
  4. Transfer Securities: Before closing your NRI Demat account, transfer all securities to your new Resident Demat account.
For detailed guidance and to initiate the new account opening process, please fill in your details with us. We will assist you through every step to ensure your transition from an NRI to a resident account holder is seamless.

    • Related Articles

    • Is a new trading account required if an NRI becomes a resident or if a resident becomes an NRI?

      In the event of a change in residency status, from non-resident to resident or vice versa, it is mandatory to open a new trading account that corresponds to the new residency status. The trading member must ensure the new account reflects the updated ...

    • What steps should be taken if an Indian Resident becomes an NRI?

      When an Indian Resident changes their status to a Non-Resident Indian (NRI), they are required to: Notify the Status Change: Inform the designated authorized bank through which the investments were made as well as the brokerage firm, such as FYERS, ...

    • How are NRI investment positions in Indian companies monitored?

      The investment positions of Non-Resident Indians (NRIs) and Foreign Institutional Investors (FIIs) in listed Indian companies are diligently monitored by the Reserve Bank of India (RBI). This surveillance is conducted on a daily basis through reports ...

    • What is the investment limit for NRIs in India?

      Non-Resident Indians (NRIs) have the flexibility to invest unlimited amounts in various investment avenues in India through both repatriable and non-repatriable means. It's important to note, though, that FEMA regulations place certain restrictions ...

    • Is income earned in my NRI account subject to taxes?

      Yes, any income earned through your NRI account from transactions in India falls under the purview of the Income Tax Act, 1961, specifically section 5, which deals with the scope of total income. Given the complexities of tax obligations, we strongly ...