212. Status of old Indian bank account when you move abroad

Question: Dear Sir, I am NRI for the last over 3 years. I have not yet opened my NRI account and continue to operate my old saving account opened in India earlier. Pl tell me whether it is necessary to open NRI account in India and if I apply for NRI account now will there be any problem. I shall appreciate reply from you. Gurmit Singh Answer: It is illegal for NRI to have regular resident bank account in India. Notify your bank of your current address abroad and ask them to convert your ordinary account to NRO account. There should be no problems in doing this. In fact you should always let your bank in India know your current address.
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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212. Status of old Indian bank

account when you move abroad

Question: Dear Sir, I am NRI for the last over 3 years. I have not yet opened my NRI account and continue to operate my old saving account opened in India earlier. Pl tell me whether it is necessary to open NRI account in India and if I apply for NRI account now will there be any problem. I shall appreciate reply from you. Gurmit Singh Answer: It is illegal for NRI to have regular resident bank account in India. Notify your bank of your current address abroad and ask them to convert your ordinary account to NRO account. There should be no problems in doing this. In fact you should always let your bank in India know your current address.
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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