What Happens To Your NRE FD When You Come Back To India And Lose NRI Status

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  • เผยแพร่เมื่อ 22 ธ.ค. 2024
  • #nri #nrimoneyclinic #financialplanning
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ความคิดเห็น •

  • @bhikaribaba34
    @bhikaribaba34 3 ปีที่แล้ว +33

    My Humble Request to all NRI's / PIO's staying abroad - Please do not make Investments in India via Fixed Deposit NRE, Bonds, Insurance, Equity, Real Estate etc. This is because of the complexity of Income Tax Laws, Ignorant Bank Employees, Uncooperative & Corrupt Govt Officials. The best way is to keep your investments abroad, and your mouth shut, during visits to India 🙏🙏🙏🙏

  • @sandeepshanbhogue7690
    @sandeepshanbhogue7690 3 ปีที่แล้ว +5

    Kudos for explaining the NRE Fds and the plant at your desk suits a sentence: "Knowledge is power." 😊

    • @NRIMoneyClinic
      @NRIMoneyClinic  3 ปีที่แล้ว

      Thank you so much for your kind words

  • @GaneshTirthahalli
    @GaneshTirthahalli 3 ปีที่แล้ว +1

    One of the most appropriate video at right moment of time to clear doubts

  • @zubairpeeyem
    @zubairpeeyem 3 ปีที่แล้ว +1

    Very useful and informative topic. This video made my doubts clear without meeting a bank official. Thanks alot.

  • @Ananthvenkat01
    @Ananthvenkat01 3 ปีที่แล้ว +2

    Very valuable information not just in this video but also in many earlier ones. But before NRIs return to India they should also consider other residence options such as taking up permanent residence in Dubai instead of walking into a messy tax possibilities of India.

  • @susantalahiry7502
    @susantalahiry7502 2 ปีที่แล้ว +1

    Thank you so much for simple way of explaining in simple way

  • @nirajrao8008
    @nirajrao8008 3 ปีที่แล้ว +1

    Very informative thank you. Will be in touch with your team at appropriate time

  • @poojavirkar8484
    @poojavirkar8484 8 หลายเดือนก่อน +1

    Excellent guidance thanks please

  • @deepalakshmi5890
    @deepalakshmi5890 7 หลายเดือนก่อน +1

    Thank you appreciate your efforts

  • @shakuntalabhat5109
    @shakuntalabhat5109 ปีที่แล้ว +1

    Very useful video. Thank you sir.

  • @Anonymo13
    @Anonymo13 3 ปีที่แล้ว +1

    Very informative. Thanks a lot👍🇨🇦

  • @jayeshgala83
    @jayeshgala83 3 หลายเดือนก่อน

    Very helpful video. Thank you for sharing

  • @abhijitghoshdastidar7495
    @abhijitghoshdastidar7495 3 ปีที่แล้ว +1

    I am becoming your fan..

  • @gattunandakumar4566
    @gattunandakumar4566 2 ปีที่แล้ว +1

    Excellent sir 🙏

  • @HARPALJOGA
    @HARPALJOGA ปีที่แล้ว

    Thanks for valuable information

  • @pbvrajan5623
    @pbvrajan5623 3 ปีที่แล้ว +2

    Very informative. Thanks very much

    • @pbvrajan5623
      @pbvrajan5623 3 ปีที่แล้ว

      Bank said it can be changed at maturity only; before which it needs to be foreclosed fir any status change.

  • @thara2341
    @thara2341 3 ปีที่แล้ว +1

    Sir I am nri and I have NRE ACCOUNT AND RESIDENT ACCOUNT. I CLOSED MY RESIDENT ACCOUNT BUT AADHAAR DESEEDING NOT HAPPENING. HOW TO HANDLE. I lose my nri status now

  • @kadirv
    @kadirv 3 ปีที่แล้ว +3

    Please, can you talk about incidence of tax in India, relevant to income tax? I want to understand accrued /deemed to be accrued.. And how this affects RNOR who earn a salary deposited overseas.

  • @santanusarkar1512
    @santanusarkar1512 2 ปีที่แล้ว

    These are very valuable information. In case Mutual fund company then will investor loose the money. Please advise

  • @balakrishnannambiar9291
    @balakrishnannambiar9291 3 ปีที่แล้ว +1

    Very informative

  • @sachcom
    @sachcom 2 ปีที่แล้ว

    Very good information. 👍

  • @harishchander1086
    @harishchander1086 9 หลายเดือนก่อน

    Joint NRE Ac holders - what happens if 1st holder become resident, Second still continue as NRE

  • @ravichandran-ut8iz
    @ravichandran-ut8iz ปีที่แล้ว

    What is the reasonable period before which the bank should be informed about returning to India

  • @businessstandard1737
    @businessstandard1737 3 ปีที่แล้ว +2

    I had NRE FD's in the past.
    The best thing is to convert it into an FCNR.
    If you reconvert the principle + interest to the currency you originally you had invested(US$) you will get less than what you invested.
    Taking an FCNR to begin with even with 1% is better.

    • @sonusebastian2973
      @sonusebastian2973 3 ปีที่แล้ว +1

      If a person is an NRI returning to inidia and have RNOR status , Is it worth to convert his NRE Rupee FD to RFC Dollar FD because the person loose some amount while currency conversion ?
      For returning NRI(RNOR) taking settlement amount as FCNR deposit is usefull than depositing in NRE FDs?

  • @vishs8825
    @vishs8825 3 ปีที่แล้ว +1

    Thank you for all your excellent videos and information for NRI
    Always we hear that " INTEREST FROM NRE IS TAX FREE" but IS THIS INTEREST TAXABLE IN THE COUNTRY WHERE WE PAY TAX (USA or UK)

    • @NRIMoneyClinic
      @NRIMoneyClinic  3 ปีที่แล้ว

      Depends on tax structure of the country you currently live and DTAA provisions between these two countries

  • @Indian-sh2xz
    @Indian-sh2xz ปีที่แล้ว

    Sir, my NRO account has been deducted by ICIci bank with huge sum of negative balance to my old credit card due. I’m planning to talk to credit card department. My question is do I need to worry about the negative balance

  • @pm30949
    @pm30949 ปีที่แล้ว +1

    There seems to be a change. NRE FDs now remain tax free until maturity even if you loose your NRE status.

  • @rchennuru
    @rchennuru 3 ปีที่แล้ว

    Still some grey areas. For ex, an NRI comes to India on vacation. Due to some reason he may not be sure wether to go back to his job or not. After 3-4 months he may decide to stay back forever in India . Does it mean he violated FEMA fr not closing his NRE deposits on the day of his arrival in India ? The law is defective. It happened in my case.

  • @koyakoya7869
    @koyakoya7869 2 ปีที่แล้ว

    Once became resident,. can I give form against TDS,

  • @SanthoshKumar-we2bh
    @SanthoshKumar-we2bh ปีที่แล้ว

    What happens to NRE FD if we come back to India before 1 year e.g. NRE FD opened for 1 year on Oct 2022 matured on Oct 2023 and had to come back to India in Sep 2023
    Thank you in advance

  • @krishnaramachandran7722
    @krishnaramachandran7722 3 ปีที่แล้ว

    It's clear that even if you are a Resident but not ordinarily resident , the NRE FDs will be resident FDs and interest will be taxed. What about RFC accounts? are they taxed as well?

  • @naveengp3205
    @naveengp3205 ปีที่แล้ว

    What about oci card holders? Thank you

  • @karnakarna4490
    @karnakarna4490 3 ปีที่แล้ว

    Banks does not convert deposits from NrE to resident status . They insist in breaking it as otherwise it’s makes mess of their interest calculation .

    • @karnakarna4490
      @karnakarna4490 3 ปีที่แล้ว

      And afterwards you become NRI again , the converted resident bank deposits can not be changed to NRE deposits .
      RBI should come up with guidance note on above .

  • @krpadmanaban1965
    @krpadmanaban1965 3 ปีที่แล้ว

    Bankers are saying that there is no provision to convert NRE FD into Residents FD and need to close NRE FD first and open a new Resident FD which will attract penal interest..shall I get RBI guidelines in this regards..

  • @SettyS2011
    @SettyS2011 ปีที่แล้ว +1

    Is NRI or resident status dependent on citizenship? As in the rules apply in same manner even if the returnee is having foreign passports?

  • @lkj569
    @lkj569 4 หลายเดือนก่อน

    Sir, Mein 2012 tak Dubai raha mera lakhon ka paisa ab settle hua hai party ab Kuwait shift hai kya mere NRE account mein payments karsakti hai? Please answer.

  • @SantoshKrYadav
    @SantoshKrYadav 3 ปีที่แล้ว +2

    Thanks

  • @balramnanda
    @balramnanda 2 ปีที่แล้ว

    Very informative Video. I have one question - If I return to India in the month of July 2022 thereafter I declare to bank that I have returned back to India then what happens to FD which have matured from April to July end and interest earned on that. Do I require to pay Tax on those interest earned also as I have become resident Indian in financial year 2022-23

  • @chandrakantpatil4074
    @chandrakantpatil4074 3 ปีที่แล้ว

    Which funds investment for future

  • @vinayakmhetras9985
    @vinayakmhetras9985 3 ปีที่แล้ว

    Please do a program on tax implication on Dividend Income earned by NRIs.

  • @kalyankumarseth7709
    @kalyankumarseth7709 3 ปีที่แล้ว

    If anybody unable to complete nri days for 1 year then what will happen?? It's not clear in the lecture.. Clarify

  • @ramyashetty5010
    @ramyashetty5010 3 ปีที่แล้ว

    If we have already returned to India many years back , but we sell home abroad where can we deposit our foreign funds when we do not hold NRE account

  • @SurajInd89
    @SurajInd89 3 ปีที่แล้ว +1

    Please do a video on the possibility of US/Canadian residents to invest in Indian mutual funds.

    • @NRIMoneyClinic
      @NRIMoneyClinic  3 ปีที่แล้ว

      Point noted . Will look into the possibility

  • @umeshyv
    @umeshyv ปีที่แล้ว

    Sir, I travelled to Sweden on 24 March 2023 and due to health reasons I am supposed to come back to India in September 17 2023, As I didn't complete 182 days out of India should I pay tax for the salary earned in Sweden and within how many days I should transfer the funds from Sweden to India and what are the other suggestions

  • @muhammadsarfaraaz3197
    @muhammadsarfaraaz3197 3 ปีที่แล้ว +1

    It was very informative. Thanks. in case I return to India for permanent settlement on May 31, kindly clarify whether interest earned for the first two months of the financial year is taxable since the IT return for the year will be filed as a Resident assesse

  • @Kafi1974
    @Kafi1974 2 ปีที่แล้ว

    What happens if i change my intenntion of not going back only after lets say a year, am i violatimg FEMA? or can i justfy stating i was trying to go back but decided not to go back only now.

  • @makrandjani1705
    @makrandjani1705 3 ปีที่แล้ว

    How to withdraw PPF funds without visiting India in person?

  • @happyretirement1265
    @happyretirement1265 2 ปีที่แล้ว

    FCNR taxable? As you say it can run up to maturity?

  • @RampalPatel-p8q
    @RampalPatel-p8q 10 หลายเดือนก่อน

    Thank you for sharing the information. In my case, when I visited the bank to update my non-resident status to resident status, the bank informed me that I can't convert my NRE FD to a Resident FD. Instead, I must close my NRE account and break all my FDs prematurely. However, I prefer not to break them and would like to continue until maturity. Regarding tax implications, I understand that I'll have to pay taxes after the conversion.
    Could you please provide the RBI clause that states I don't have to break my NRE FD but can instead convert it into a resident FD with the same interest rate and maturity date?
    Thank you.

    • @NRIMoneyClinic
      @NRIMoneyClinic  10 หลายเดือนก่อน +1

      Ask them to refer your case to NRI cell of bank

  • @ajayjain4336
    @ajayjain4336 3 ปีที่แล้ว

    Till what time we can hold maximum after going back to India

  • @ganeshkumarchiramshetti5587
    @ganeshkumarchiramshetti5587 3 ปีที่แล้ว

    What is best investment in India ?
    For next 3 years

  • @aditibhat8669
    @aditibhat8669 3 ปีที่แล้ว

    Our bank manager says we cannot withdraw our bank intrest money while while while while still paying tax on the intrest since the product is NRE ..is that true? Kindly advice

  • @sudarshanmurthy6501
    @sudarshanmurthy6501 2 ปีที่แล้ว

    With in what time I should closed the NRE account. Is there any cooling period for people coming back for good.

  • @audiotech6513
    @audiotech6513 ปีที่แล้ว

    As a NRI in Canada we which to buy a house in India…can i use my FDNR deposits to pay for the house

  • @joejones5746
    @joejones5746 ปีที่แล้ว

    I've Hdfc fd running on now. my account will be converted to NRE account, will there be impact on fd ? if so how??

  • @jitenderdadwal
    @jitenderdadwal 2 ปีที่แล้ว

    Hi Sir!
    1. I close my nre account
    2. Converted it into normal saving accounts
    3.I sold my agricultural land, so now I can recieve this money into my new local saving account(old nre account)??

  • @ospadijaggu6187
    @ospadijaggu6187 2 ปีที่แล้ว

    for example, I have 10 Lacks in my FD what I have saved during my NRE period, when I loose my NRE status shall I liable for tax my entire 10 lakhs or only for the Interest compounded. How long I have the exception of tax to my CAPITAL (10 lakh)?

    • @NRIMoneyClinic
      @NRIMoneyClinic  2 ปีที่แล้ว +1

      You pay tax only on interest earned and not on principle amount

    • @ospadijaggu6187
      @ospadijaggu6187 2 ปีที่แล้ว

      @@NRIMoneyClinic thank you sir, so i can keep my principal amount tax free forever? or a certain period of time?

  • @agnelomascarenhas4907
    @agnelomascarenhas4907 2 ปีที่แล้ว

    Sir can I kindly know if it's possible to Invest in Govt. bonds, mutual funds and in corporate bonds with my nre account money to gain taxfree on my investments obviously by opening an demat account with NRE account if necessary.

  • @rajvikhar3734
    @rajvikhar3734 11 หลายเดือนก่อน

    what is fema low ?
    i heard 2 years status is vallid ?

  • @shailpant4180
    @shailpant4180 3 ปีที่แล้ว

    Sir,
    Can an NRI continue subscription for an LIC policy taken before departure abroad ? Is he required to pay any tax to US Govt. for payment to LIC of India ?

  • @sunnybab8257
    @sunnybab8257 3 ปีที่แล้ว

    But as an nre you still need to pay taxes on interest income earned, abroad(county of residence)?

  • @Sub-dh2ce
    @Sub-dh2ce 3 ปีที่แล้ว

    Excellent video; clear explanation of this issue

  • @testvenky8619
    @testvenky8619 2 ปีที่แล้ว

    How will bank come to know that I am back in India ?

    • @NRIMoneyClinic
      @NRIMoneyClinic  2 ปีที่แล้ว +2

      You need to inform the bank . Its your responsibility

  • @shareknown
    @shareknown 3 ปีที่แล้ว

    Nice explanation... Once the person returns to India and he is loosing NRI status so NRE account need to close. The person stayed in India for one year period and later he got job in abroad, in that case he may required to open new NRE account or he can change back the previously closed NRE account, what will happens to previous earned forgin income, whether is it reperitable , please explain

    • @globetrotter9212
      @globetrotter9212 3 ปีที่แล้ว

      Such a delicate but real life question. Well done

  • @Sabbydsouza
    @Sabbydsouza 3 ปีที่แล้ว

    I have a doubt. If our Fds are in joint account (husband n wife). Wife comes back for good to India. Husband will remain abroad. In this case, what will be the status of nre fd?

    • @NRIMoneyClinic
      @NRIMoneyClinic  3 ปีที่แล้ว

      The NRI status of first account holder is considered.

  • @PradeepKumar-ur4ij
    @PradeepKumar-ur4ij 3 ปีที่แล้ว

    Sir how can we convert NRO account to resident savings account without closing,once returned to India.

    • @NRIMoneyClinic
      @NRIMoneyClinic  3 ปีที่แล้ว

      Yes. Inform the bank and they will recategorise as resident account and most banks retain the same account number

    • @PradeepKumar-ur4ij
      @PradeepKumar-ur4ij 3 ปีที่แล้ว

      @@NRIMoneyClinic thanks sir

  • @zubairpeeyem
    @zubairpeeyem 3 ปีที่แล้ว

    Sir i was planning to transfer my fund from nri account to nri fd account before i quit nri. In the near future i may settle in india and as per the law i have to close my nri account. So what shall i do my earnings from abroad? Pls advice

  • @Sandeep-pv1kg
    @Sandeep-pv1kg 3 ปีที่แล้ว

    Thank you for a good topic.
    Please advise...if a person has worked overseas, and has come back to India. But he is getting a monthly pension, which will be coming to his Indian account from his foreign employer or social security agency, what are tax consequences on this pension money.???. Thanks

    • @NRIMoneyClinic
      @NRIMoneyClinic  3 ปีที่แล้ว

      Please take opinion of a chartered accountant on this issue

    • @Sandeep-pv1kg
      @Sandeep-pv1kg 3 ปีที่แล้ว

      @@NRIMoneyClinic ok

  • @aparnaparameswaran6205
    @aparnaparameswaran6205 3 หลายเดือนก่อน

    Sir I have a doubt, My nre fixed deposit prematurly closed and credited to nro account .Is it taxable in India?

  • @hbksenthil
    @hbksenthil 3 ปีที่แล้ว

    Sir is there is any option available to convert NRE account to resident savings account without closing FD's.

    • @NRIMoneyClinic
      @NRIMoneyClinic  3 ปีที่แล้ว

      Y0ur question answered in the video

  • @krpadmanaban1965
    @krpadmanaban1965 3 ปีที่แล้ว

    Please address the queries by viewers ..

    • @NRIMoneyClinic
      @NRIMoneyClinic  3 ปีที่แล้ว +1

      We shall make our best efforts . Thanks for drawing our attention

  • @mandarvaze19
    @mandarvaze19 3 ปีที่แล้ว

    Good video. A query: As FCNR FDs are allowed to be held until maturity without any redesignation as resident, is it’s interest tax free or taxable for returning NRIs ?

    • @happyretirement1265
      @happyretirement1265 2 ปีที่แล้ว

      As I understand, RNOR can retain the FCNR till maturity and redesignated as RFC and interest from these deposits are exempted from tax till the time somebody is RNOR. NRE FD becomes taxable if not converted to RFC. My doubt is that whether the NRE FD CAN BE CONVERTED TO RFC on its maturity

  • @venugopals3887
    @venugopals3887 หลายเดือนก่อน

    My son working in Dubai can he transfer money to my account in India Karnataka and will it become as income for me please let me know sir

    • @NRIMoneyClinic
      @NRIMoneyClinic  หลายเดือนก่อน

      He can transfer . It will not be treated as your income

    • @venugopals3887
      @venugopals3887 หลายเดือนก่อน

      @ thank you

  • @1984billu
    @1984billu 3 ปีที่แล้ว

    Thank you Sir.....What happens in the revise scenerio....if i have fd in india and later moved to USA for an employement ..can i convert mf and fds in to NRE FDS and NRE MF

    • @NRIMoneyClinic
      @NRIMoneyClinic  3 ปีที่แล้ว

      No . They can become NRO FD and NRO account

  • @HIPA023E
    @HIPA023E 9 หลายเดือนก่อน

    The given number is not on WhatsApp

    • @NRIMoneyClinic
      @NRIMoneyClinic  9 หลายเดือนก่อน

      Try our current number 00971 50 1484595. Save this number and then search on WhatsApp

  • @hchetri3847
    @hchetri3847 2 ปีที่แล้ว

    🙏

  • @nilanjanlayek3199
    @nilanjanlayek3199 3 ปีที่แล้ว

    I am staying in Singapore for the last 7 years and now returning back to India in end of Nov, 2021 permanently. I have some fds in nre account. So I have a question whether my fds will be taxable for dec, jan, feb, mar for this financial year or it will be exempted for this financial year.

    • @yosharma5210
      @yosharma5210 2 ปีที่แล้ว

      Did u get ur answer..did u pay tax on the interest of these FDs

  • @ajayjain4336
    @ajayjain4336 3 ปีที่แล้ว +1

    Thank you watching sitting in mall
    Of the emirates

  • @travelandgk
    @travelandgk 2 ปีที่แล้ว

    So slow watch in 1.5x speed still slow😅

  • @mygameworld2256
    @mygameworld2256 3 ปีที่แล้ว

    Chandrakant possible to speak ? Can you share your email

  • @jsjsolomon
    @jsjsolomon 9 หลายเดือนก่อน

    sir can't able to add your number in WA

    • @NRIMoneyClinic
      @NRIMoneyClinic  9 หลายเดือนก่อน

      Try this number +971501484595

  • @dayanandhv216
    @dayanandhv216 4 หลายเดือนก่อน

    But the number shown in the upper corner doesn't have WhatsApp please send WhatsApp number sir