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Tarun Kumar (Business)     06 July 2024

Grace period after status change to nri

Please let me know what is the grace period after becoming NRI to convert Resident saving bank account / Demat / trading account to NRI / NRO account ?


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T. Kalaiselvan, Advocate

T. Kalaiselvan, Advocate (Advocate)     06 July 2024

According to FEMA guidelines, there are no penalties for failing to declare your NRI status. However, it is imperative that you promptly either close your current savings account or convert it into a Non-Resident Ordinary (NRO) savings account.
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