Required Actions for Indian Residents Becoming NRIs

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:

  1. Notify the Status Change: Inform the designated authorized bank through which the investments were made as well as the brokerage firm, such as FYERS, about the change in residency status.
  2. Open New Accounts: Proceed with the opening of new accounts that correspond to the NRI status, such as an NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account, to manage future investments.
As per the guidelines of the Foreign Exchange Management Act (FEMA), NRIs are allowed to retain the securities and mutual fund investments they had acquired as residents, but these now have to be held on a non-repatriable basis.
For further details and to initiate the process of opening an NRI account with FYERS, please provide your details here.