Can NRIs moving to India continue their investment in Indian mutual fund schemes?
So, how can you still retain your investments after returning back to India?
The question has two facets one that applies to conversion of your status and correspondingly your bank account status. For converting the non-resident bank account account to a resident account you can either be asked to open a simple savings bank account which shall be the resident bank account pt bank may convert your existing account to a resident account.
With the resident bank account now operational, you need to update folio details. For the same, you ought to complete the know your customer (KYC) with the fund house and provide all such details, including your new address in India along with a proof of your change of status from an NRI citizen to resident Indian. For it, PAN has to be provided alongside. Please remember the change of your status to a resident status has to be intimated to the concerned financial institution within some stipulated timeline. Also, know when is an NRI, liable to file income tax return or ITR, here.
Afterward, you now need to link the mutual fund folio with the newly activated resident bank account for the transactions to be effected. For effecting it, a simple request letter concerning the query at hand or a form as per the specification of the fund house can be send along with a cancelled cheque of the previous and new bank account.
Note, in the course when all the procedural requirements are being completed do not make any fresh investments or make any redemption as it shall not be entertained and there are high chance of your money getting blocked. Nonetheless, as and when you receive an acknowledgment from your fund house regarding updation of your folio, you can continue with the transactions as usual. To know which are the risk-free investment options for NRIs, read on.
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