Dr. Chandrakant Bhat your this TH-cam channel is doing very good services to the NRI community and I from the bottom of my heart congratulate you for this excellent service. I have submitted your this channel and also recommended it to many NRIs.
Thank you very much sir for this wonderful and very informative interview with Dr. Rao. You have asked all possible questions which are answered very clearly and in.simple words..
Thanks to NRI Money Clinic for bringing such enlightening videos to the NRI community worldwide. I have couple of queries/clarifications 1. When does a RI become NRI? Is it day the RI travels abroad or 183 days from the date of travel or the day in the financial year when the RI becomes NRI as per the provisions of IT Act? 2. In case of joint accounts with parents where parent is the 1st account holder and is residing in India and child travels abroad and subsequently gets NRI status, should the account be redesignated as NRO account?
Your guest speaker gave a rosy picture of NRE/NRO bank account operation by NRIs. Is it fair to expect to update KYC details by NRIs every year? The regulator, RBI seems to be in deep slumber not knowing the fast mobility of NRIs (who remit FE into India often) to the advantage of arresting rupee depreciation against dollar. In my experience, even NRI -Specialised PSU bank officers are not having sufficient exposure to the current realities.
My experience with the Banking Ombudsman is that they are merely a postman. You send them a complaint, they forward it to the bank. The bank replies directly to the customer probably with a copy to the ombudsman. Then the ombudsman closes the complaint without even verifying whether the bank has replied properly or not.
Many banks will not allow to convert resident SB account to NRO SB account or allow redesignation. They will ask close the resident account and open a new NRO account.
Thank you very much for this video Mr.Bhat. Quite informational and I appreciate your efforts on educating NRIs. However, I just want to highlight something you mentioned very casually and loosely. Bihari is not a language it is an identity for the people living in Bihar. The languages spoken in Bihar are Hindi, Bhojpuri, Maithili, Magahi , Chottanagpuri and Nepali along the Indo Nepal Border districts.
Bhatsaab, For KYC, an NRI submitted Photographs, PAN , AADHAR, OCI, Address Proof Driver’s license, Passport of the country of his Citizenship and FACTA forms etc. still why they need KYC every year? shouldn’t it be one time process? Why all NRIs can’t forward this problem to Finance Ministry? Even they put the Account as dormant as there were no transaction for financial year! Shouldn’t be left to NRI to remit money as and when required!
Suppose an OCI returns to India and stays here for seven months and goes back to their country, should he close his NRE account and then revert back to NRE, when he goes back. If it is a regular feature, what should he do?
NRI want to open bank account from abroad - What the host is saying is not entirely true. Almost all banks have a representative office in UAE, SBI, HDFC, Icici, Yes bank and many more They can approach them and open the account.
Banks are so lethargic even though I have sent all my documents by mail to SBI bank they still ask us to send them repeatedly. I don't understand the banks in India kyc needs to be updated every year is it possible for nri to do so. Too many rules to follow makes them never to come back.
Ideally opening NRO account must not be done because he is not yet reported to work there. Also banks ask for taxation numbers like SSN and foreign address which he may not have before he goes abroad. Additionally typical Indian it workers say start with H1 visa stay for few years come back to India for few years and again go back after few years. Then the person needs to keep changing from resident to NRO back to resident and again to NRO. Something must be done to ease this process.
I recently transfered some money from India to UK and I was charged GST+SST . Are they supposed to charge me GST when it says that no NRI/Tourist will charged GST??? Please answer. Very important.
How about Fixed deposit or term deposits will affect when we go to abroad. Do i have to cancel them or let them continue year by year? If it continues will they taxable?
Thank you very much sir. Excellent briefing on NRE ACCOUNT issues. In this video it is clarified that any quantum of amount can be sent by NRI to the spouse account but whatabout NRI children can they send to their parents account maintained in India in case parents are residing in India on permanently. Will it attract Gift tax for the money sent from abroad to Indian resident parents.
Nice video Can i know if there is any kind of tax applied for transfer of money from NRE / NRO account to Canada/USA account? I heard there is increase of tax from 5% to 20% for transfer of funds from india to other banks in world. But does it apply to money from NRE/NRO banks to foreign banks?
I have one question here, I am a non-resident for tax purposes, and I am having NRE account. I am depositing money into my NRE account from my bank here overseas. Now some other companies also deposit money into my NRE account for which I have provided my professional service here in overseas, which is apart from my regular job. Now, is that questionable that 2 different deposits are made, one from myself from my bank account overseas and another from another company? Is there any issue here? What are the tax implications if any? Also, I have paid up my home loan using this amount in India by transferring this money from NRE to NRO account. Is there any issue with that? One more question, do Banks report each and every transaction made into the NRE account to the Income Tax Department of India?
What about OCI Card holders, now residing in India? Please make videos regarding unissued related to those resident Indians, receiving Social Security benefits and government pensions.
How is the NRI situation applicable for IT jobs where a person could come on onsite assignment for 3 years.. goes back to infia for few years and again moves back to onsite for few more years. At that point is the expectation the person keeps changing from Resident to NR Account to Resident back to NR account?
I use WISE currently to send money to my saving account from abroad. When I convert my SB account to NRE along with NRO, will it possible to send money to NRO and will it be taxable ? Or whats the best way then to send money - this sending is on monthly basis. Could someone please answer this query ?
Some doubts regarding NRE fd closure while his/her return to India. In practical I don't think that customer can redesignate it as RI FD. If he wants to redesignate it to RI fd bank has to close this fd and to open it as a New RI FD and that is a process of premature closure and that costs some penalty also usually 1.2% penalty on interest. And if he is holding this Fds till maturity he will get the whole interest. But he can hold this upto his NRI status. Sir said that customer can convert it into NRE FD he is going back again abroad after his return I think that is also not possible because when we convert it into RI FD this can be convert again only to NRO FD not NRE FD that costs 30+% TDS on interest. Can you please check this and clarity. And in case of FCNR he can hold this upto maturity even if he lost his NRI status
Just to bring to your notice I am a NRI lady 30 years . I had z worst experience opening a NRE account with so called bluchip bank HDFC ! This fellows took nearly 4 months to give me the cheque book and ATM card though I hv escalated many times to his branch manager. Is it normal ? What the customer can do to lodge a complaint?
It's the same with Axis bank, they don't allow conversion of higher variants of resident savings accounts to lower variants of NRE/ NRO account. The minimum balance requirements of these higher variants of NRE/NRO accounts is atrocious, and the benefits they talk about is only available in India, which is not useful for NRIs. Also the process to open / convert resident savings account to NRI /NRO is cumbersome and they don't guide you well, asking for documents after documents in hardcopy through international post, costing more
Sir, i m a professional and working in Ghana but there is no any representative here to help me to open account also bank is saying first open bank account in foreign then only we can open NRE Account. Moreover they are saying we can't accept the remit from ur employer you have to send from your on Account. Please how can I open NRE account and embassy is also not satisfying the document They are saying it's not the part of my Job. Please reply 🙏
Bank doesn't open NRI account unless one have valid visa stamped in his/her passport which is done only after medical and other formalities are completed where he takes employment opportunities or investor visa.
Every quarter of the year the immigration departments are forwarding the details to IT I think so the bank may know this customer is now NRI . Sure bank knows automatically.
Extremely beneficial interview. I have a qs pls - I am a US citizen planning to return to India after retirement, however, would like to maintain US Citizenship due to social security, medical insurance etc,. in that situation would I need to maintain my NRE, NRO accounts similar to my current status or would that change pls?
1. Which account is advisable to invest in mututal funds NRE or NRO Account? 2. NRE PIS Account or NRO Non-PIS account which is advisable for investing in stocks if repatriation is not important?
sir, Is it possible to convert Savings account in India to redesignate as nri/nro account and vice versa? Is it possible to change the demat account and stock trading account when a resident Indian moves outside frim india?
Sir I am working in saudi and depositing money from saudi account, I am getting money within 15mins... But my friends sending money from any other country to my NRE account, it is taking 4 to 5 days... Is there any issue depositing money in my NRE account? Kindly explain
I am a resident indian and at the same time a Canadian PR holder, i juggle requisite days needed for both.I have substantial (equivalent C$2 million)mutual fund holdings in India I seek to liquidate that and transfer proceeds as gift to my daughter z cznadian citizen.What is the best way to do this.
Hi I am NRI at the moment and I am sending money to my NRE account and my fathers account and my father invest in stocks and doing trades in F & O. can I get that money back after perticular duration overseas as Gift or I have to pay tax for that ?
Can FCNR amount/account in an Indian bank be transferred to another Indian bank as FCNR(no change in foreign currency) Example:FCNR in Federal bank to FCNR in HDFC bank ,both banks are in India. If yes,what is the procedure?can it be done online. NRI has got FCNR deposit in both the banks
1) NRI - a)can deposit any amount into his acc. 0 taxes. I.e NRE then transfer to NRO. b) can deposit any amount to his bloodline only, father, mother, sister, brother. From NRO acc to local resident acc. 0 taxes. b’) can deposit to NRE acc, then transfer to NRO, where his/ her family can withdraw, + it can be a joint acc (wife/husb). Here - a,b,b’ are clear for 0 taxes. Any amount is to be considered as no limit. C* - NRI - gifts are non taxable if deposited in to direct into non relatives/friends acc or transferred from nre to nro to gifted acc. With no limit. ONLY ON MARRIAGE. Taxable transfers:- From NRE TO NRO to any resident in INDIA, who is a non relative like friends and hand money. This transaction will be charged up to 30%. If the amount is 50,000 INR through out financial year. The same applies if amounts Is directly deposited in to friends acc if deposited from money exchange aswell. * Additionally - once you leave india, even for small updates/ changes in NRE/NRO acc. The account holder must visit the branch physically. Yet they say it’s digital. Direct raw questions were asked to the BANKER, which has to be appreciated with out fail. But the bankers answers are as expected !🙄. Thank you 🫡.
Can you make some video about Mariners ? Merchant Navy professionals are NRI by virtue of being out of India for> 183 days. Further, as per FEMA can they hold NRE account even upon returning to India? ( Since they will be employed again and have valid CDC).
Very informative video, but just wanted to share a feedback. Why do you keep referring to NRIs as he/him - don't you expect independent women to be expats? I am a woman, moved to US 5 years ago (all by myself), and I am a regular viewer a channel, but this thing kept bugging me - so, decided to leave a comment
Really appreciate your feedback . Definitely I feel I need to correct on this . Please suggest an appropriate word to use in place of he/ or she .. shall we use 'person' in place of he or him ?
@@NRIMoneyClinic Thanks for listening and trying to change :) Person/they/them is fine. Like NRIs should close "their" Indian accounts...instead of NRI should close "his" Indian account.
Dear Sir..ICICI and another bank relationship managers said to me that the way they redesignate NRE FD to Resident FD is that they need to break the existing FD first and I’ve to pay the penalty and then they will convert it to Resident FD. They also said only NRO FD be converted to Resident FD and NRE FD needs to be closed, this specific answer I got email reply from ICICI manager. Please correct if anything wrong here. I thought to share this and hesitate to book FDs now a days due to no clear bank or govt policies.Thanks!
![PASULOL รามเกียรติ์ ตอนที่ 4 นนทกพบรัก [Ramakien Ep.4: Nonthok in love]](http://i.ytimg.com/vi/tMUQgmZzf_A/mqdefault.jpg)
Dr. Chandrakant Bhat your this TH-cam channel is doing very good services to the NRI community and I from the bottom of my heart congratulate you for this excellent service. I have submitted your this channel and also recommended it to many NRIs.
Thank you very much sir for this wonderful and very informative interview with Dr. Rao. You have asked all possible questions which are answered very clearly and in.simple words..
Thanks to NRI Money Clinic for bringing such enlightening videos to the NRI community worldwide. I have couple of queries/clarifications
1. When does a RI become NRI? Is it day the RI travels abroad or 183 days from the date of travel or the day in the financial year when the RI becomes NRI as per the provisions of IT Act?
2. In case of joint accounts with parents where parent is the 1st account holder and is residing in India and child travels abroad and subsequently gets NRI status, should the account be redesignated as NRO account?
Good informative, especially for new NRI. 🙏👍🏼
frightening level of complexity - no wonder hawala thrives 😩😩😩
Your guest speaker gave a rosy picture of NRE/NRO bank account operation by NRIs. Is it fair to expect to update KYC details by NRIs every year? The regulator, RBI seems to be in deep slumber not knowing the fast mobility of NRIs (who remit FE into India often) to the advantage of arresting rupee depreciation against dollar. In my experience, even NRI -Specialised PSU bank officers are not having sufficient exposure to the current realities.
My experience with the Banking Ombudsman is that they are merely a postman. You send them a complaint, they forward it to the bank. The bank replies directly to the customer probably with a copy to the ombudsman. Then the ombudsman closes the complaint without even verifying whether the bank has replied properly or not.
Very very true--just a dummy organization,supporting the bank-- not you in a dispute.
Many banks will not allow to convert resident SB account to NRO SB account or allow redesignation. They will ask close the resident account and open a new NRO account.
That is not correct . You can either insist to convert or open new NRO account by providing required kyc documents
Thank you very much for this video Mr.Bhat. Quite informational and I appreciate your efforts on educating NRIs. However, I just want to highlight something you mentioned very casually and loosely. Bihari is not a language it is an identity for the people living in Bihar. The languages spoken in Bihar are Hindi, Bhojpuri, Maithili, Magahi , Chottanagpuri and Nepali along the Indo Nepal Border districts.
Thanks a lot for both of you.Excellent questions and clear answers.
Excellent quality sir thank you so much
Always informative and useful information
What is the best way to transfer tax paid indian money to dollars.
Wonderfull video. Lots of good info given by Mr Rao. Thk u Mr Bhatt...great job
Bhatsaab, For KYC, an NRI submitted Photographs, PAN , AADHAR, OCI, Address Proof Driver’s license, Passport of the country of his Citizenship and FACTA forms etc. still why they need KYC every year? shouldn’t it be one time process? Why all NRIs can’t forward this problem to Finance Ministry? Even they put the Account as dormant as there were no transaction for financial year! Shouldn’t be left to NRI to remit money as and when required!
Super & clear !!!
🙏
Suppose an OCI returns to India and stays here for seven months and goes back to their country, should he close his NRE account and then revert back to NRE, when he goes back. If it is a regular feature, what should he do?
Could you please make a video on which banks provide best NRE/NRO/FCNR accounts?
NRI want to open bank account from abroad - What the host is saying is not entirely true. Almost all banks have a representative office in UAE, SBI, HDFC, Icici, Yes bank and many more They can approach them and open the account.
Yes, answers were clear. Thanks
Banks are so lethargic even though I have sent all my documents by mail to SBI bank they still ask us to send them repeatedly. I don't understand the banks in India kyc needs to be updated every year is it possible for nri to do so. Too many rules to follow makes them never to come back.
IOB is even worse,especially the Aluva Branch Kerala
Ideally opening NRO account must not be done because he is not yet reported to work there. Also banks ask for taxation numbers like SSN and foreign address which he may not have before he goes abroad.
Additionally typical Indian it workers say start with H1 visa stay for few years come back to India for few years and again go back after few years. Then the person needs to keep changing from resident to NRO back to resident and again to NRO. Something must be done to ease this process.
My regularly operated 5 years old NRE account was inactivated by SBI for KYC updates reasons, we never knew it!
I recently transfered some money from India to UK and I was charged GST+SST . Are they supposed to charge me GST when it says that no NRI/Tourist will charged GST???
Please answer. Very important.
If i have PPF account? How does it reflects if i convert SB to NRO?
How about Fixed deposit or term deposits will affect when we go to abroad. Do i have to cancel them or let them continue year by year? If it continues will they taxable?
Are there separate regulations for Foreigner cum Overseas Indian Citizens.
Thank you very much sir. Excellent briefing on NRE ACCOUNT issues.
In this video it is clarified that any quantum of amount can be sent by NRI to the spouse account but whatabout NRI children can they send to their parents account maintained in India in case parents are residing in India on permanently. Will it attract Gift tax for the money sent from abroad to Indian resident parents.
Children can send to parents . No gift tax
Nice video
Can i know if there is any kind of tax applied for transfer of money from NRE / NRO account to Canada/USA account?
I heard there is increase of tax from 5% to 20% for transfer of funds from india to other banks in world. But does it apply to money from NRE/NRO banks to foreign banks?
Watch my video on this channel tomorrow 23rd 4 pm IST exclusively dedicated to answer your query
Hi , I’m OCI my A/c in india is NRI do I have to change to NRE Or NRO pls kindly let me know. Thank You 🙏🏻
I have one question here, I am a non-resident for tax purposes, and I am having NRE account. I am depositing money into my NRE account from my bank here overseas. Now some other companies also deposit money into my NRE account for which I have provided my professional service here in overseas, which is apart from my regular job.
Now, is that questionable that 2 different deposits are made, one from myself from my bank account overseas and another from another company?
Is there any issue here? What are the tax implications if any?
Also, I have paid up my home loan using this amount in India by transferring this money from NRE to NRO account. Is there any issue with that?
One more question, do Banks report each and every transaction made into the NRE account to the Income Tax Department of India?
Very nice and well done
Very Good Video.. Thanks
What about OCI Card holders, now residing in India? Please make videos regarding unissued related to those resident Indians, receiving Social Security benefits and government pensions.
How is the NRI situation applicable for IT jobs where a person could come on onsite assignment for 3 years.. goes back to infia for few years and again moves back to onsite for few more years. At that point is the expectation the person keeps changing from Resident to NR Account to Resident back to NR account?
Hallo I have two accounts in different bank i live in foreign country my bank accounts are freez how can I re open how long it takes
@easaw . Please check with your bank reasons for freeze..
I use WISE currently to send money to my saving account from abroad. When I convert my SB account to NRE along with NRO, will it possible to send money to NRO and will it be taxable ? Or whats the best way then to send money - this sending is on monthly basis. Could someone please answer this query ?
Sir can resident purchase property in his name from nro account being joint holder of nro account
Some doubts regarding NRE fd closure while his/her return to India. In practical I don't think that customer can redesignate it as RI FD. If he wants to redesignate it to RI fd bank has to close this fd and to open it as a New RI FD and that is a process of premature closure and that costs some penalty also usually 1.2% penalty on interest. And if he is holding this Fds till maturity he will get the whole interest. But he can hold this upto his NRI status. Sir said that customer can convert it into NRE FD he is going back again abroad after his return I think that is also not possible because when we convert it into RI FD this can be convert again only to NRO FD not NRE FD that costs 30+% TDS on interest. Can you please check this and clarity.
And in case of FCNR he can hold this upto maturity even if he lost his NRI status
Just to bring to your notice
I am a NRI lady 30 years . I had z worst experience opening a NRE account with so called bluchip bank HDFC !
This fellows took nearly 4 months to give me the cheque book and ATM card though I hv escalated many times to his branch manager. Is it normal ? What the customer can do to lodge a complaint?
Even with Kotak bank,the same experience
It's the same with Axis bank, they don't allow conversion of higher variants of resident savings accounts to lower variants of NRE/ NRO account.
The minimum balance requirements of these higher variants of NRE/NRO accounts is atrocious, and the benefits they talk about is only available in India, which is not useful for NRIs.
Also the process to open / convert resident savings account to NRI /NRO is cumbersome and they don't guide you well, asking for documents after documents in hardcopy through international post, costing more
Thanks for the update
What is the difference between NRI with foreign passport and Tourist with foriegn passport??????
Sir, i m a professional and working in Ghana but there is no any representative here to help me to open account also bank is saying first open bank account in foreign then only we can open NRE Account. Moreover they are saying we can't accept the remit from ur employer you have to send from your on Account.
Please how can I open NRE account and embassy is also not satisfying the document They are saying it's not the part of my Job.
Please reply 🙏
Bank doesn't open NRI account unless one have valid visa stamped in his/her passport which is done only after medical and other formalities are completed where he takes employment opportunities or investor visa.
Every quarter of the year the immigration departments are forwarding the details to IT I think so the bank may know this customer is now NRI . Sure bank knows automatically.
Extremely beneficial interview. I have a qs pls - I am a US citizen planning to return to India after retirement, however, would like to maintain US Citizenship due to social security, medical insurance etc,. in that situation would I need to maintain my NRE, NRO accounts similar to my current status or would that change pls?
What about foreign nationals living in India, maybe for 6 or 8 months in a year shunting up and down.
Thanks Sir
this guy making no issue an issue! there is no issue at all
Thank you 🙏
1. Which account is advisable to invest in mututal funds NRE or NRO Account?
2. NRE PIS Account or NRO Non-PIS account which is advisable for investing in stocks if repatriation is not important?
1. Preferably NRE due to repatriability . Taxation wise both accounts are same . Same applies for PIS accounts
sir, Is it possible to convert Savings account in India to redesignate as nri/nro account and vice versa? Is it possible to change the demat account and stock trading account when a resident Indian moves outside frim india?
Yes
Sir
I am working in saudi and depositing money from saudi account, I am getting money within 15mins...
But my friends sending money from any other country to my NRE account, it is taking 4 to 5 days...
Is there any issue depositing money in my NRE account?
Kindly explain
I am a resident indian and at the same time a Canadian PR holder, i juggle requisite days needed for both.I have substantial (equivalent C$2 million)mutual fund holdings in India I seek to liquidate that and transfer proceeds as gift to my daughter z cznadian citizen.What is the best way to do this.
Hi I am NRI at the moment and I am sending money to my NRE account and my fathers account and my father invest in stocks and doing trades in F & O. can I get that money back after perticular duration overseas as Gift or I have to pay tax for that ?
Is the content of this you tube channel applicable to OCI card holders? Are OCI card holders NRIs when it comes to taxation etc?
How can any NRI get refund on GST paid on Gold Items ?
Can FCNR amount/account in an Indian bank be transferred to another Indian bank as FCNR(no change in foreign currency)
Example:FCNR in Federal bank to FCNR in HDFC bank ,both banks are in India.
If yes,what is the procedure?can it be done online. NRI has got FCNR deposit in both the banks
Should be possible without a difficulty . For the process, kindly speak to your bankers
Can FCNR be transferred from one Indian to another
This is why I chose to leave India….it’s just too complicated
If you live in USA / Canda / UK you will understand the complexity of laws . Life is complex everywhere
Nice video
is it mandatory to have a resident relatives name as Jt account holder in NRE/NRO account in India.
No
It is optional
Can a retired NRI live in India under OCI for rest of his life and keep his status as NRI
Sir, can an NRI open NRO and NRE accounts after getting US citizenship?
Yes , you can
Adhaar and or pan card is the main corcern
1) NRI -
a)can deposit any amount into his acc. 0 taxes. I.e NRE then transfer to NRO.
b) can deposit any amount to his bloodline only, father, mother, sister, brother.
From NRO acc to local resident acc. 0 taxes.
b’) can deposit to NRE acc, then transfer to NRO, where his/ her family can withdraw, + it can be a joint acc (wife/husb).
Here - a,b,b’ are clear for 0 taxes. Any amount is to be considered as no limit.
C* - NRI - gifts are non taxable if deposited in to direct into non relatives/friends acc or transferred from nre to nro to gifted acc.
With no limit.
ONLY ON MARRIAGE.
Taxable transfers:-
From NRE TO NRO to any resident in INDIA, who is a non relative like friends and hand money. This transaction will be charged up to 30%. If the amount is 50,000 INR through out financial year. The same applies if amounts Is directly deposited in to friends acc if deposited from money exchange aswell.
* Additionally - once you leave india, even for small updates/ changes in NRE/NRO acc.
The account holder must visit the branch physically. Yet they say it’s digital.
Direct raw questions were asked to the BANKER, which has to be appreciated with out fail.
But the bankers answers are as expected !🙄.
Thank you 🫡.
Can you make some video about Mariners ? Merchant Navy professionals are NRI by virtue of being out of India for> 183 days. Further, as per FEMA can they hold NRE account even upon returning to India? ( Since they will be employed again and have valid CDC).
But Mr. Bhat after paying taxes in india does one need to pay taxes abroad too even after dtaa to repatriate the money
For taxation in the country of your residence, you need to check with a chartered accountant in your country
Very informative video, but just wanted to share a feedback. Why do you keep referring to NRIs as he/him - don't you expect independent women to be expats? I am a woman, moved to US 5 years ago (all by myself), and I am a regular viewer a channel, but this thing kept bugging me - so, decided to leave a comment
Really appreciate your feedback . Definitely I feel I need to correct on this . Please suggest an appropriate word to use in place of he/ or she .. shall we use 'person' in place of he or him ?
@@NRIMoneyClinic Thanks for listening and trying to change :)
Person/they/them is fine. Like NRIs should close "their" Indian accounts...instead of NRI should close "his" Indian account.
Can i run both saving and nro account.
No
Dear Sir..ICICI and another bank relationship managers said to me that the way they redesignate NRE FD to Resident FD is that they need to break the existing FD first and I’ve to pay the penalty and then they will convert it to Resident FD. They also said only NRO FD be converted to Resident FD and NRE FD needs to be closed, this specific answer I got email reply from ICICI manager. Please correct if anything wrong here. I thought to share this and hesitate to book FDs now a days due to no clear bank or govt policies.Thanks!
They are not correct. You can challenge them . Write to customer care
@@NRIMoneyClinic Thanks for your reply!! Also do we have any written common statements from RBI or Govt regarding this I.e. related NRI accounts ?
is it possible to reach out to you?
Send WhatsApp message on the number shown on the screen
@@NRIMoneyClinic can't locate on WhatsApp
Save the number on phone first and then visit WhatsApp
C A N NRI OPEN NRO NRE ACCOUNT ININDIA FROM USA