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

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[@bhikaribaba34]

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 🙏🙏🙏🙏

[@businessstandard1737]

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]

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?

[@sandeepshanbhogue7690]

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

[@NRIMoneyClinic]

Thank you so much for your kind words

[@kadirv]

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.

[@pm30949]

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

[@NRIMoneyClinic]

Not true

[@Ananthvenkat01]

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.

[@harpaljoga1399]

Thanks for valuable information

[@thara2341]

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

[@SettyS2011]

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

[@aparnaparameswaran6205]

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

[@lkj569]

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.

[@deepalakshmi5890]

Thank you appreciate your efforts

[@zubairpeeyem]

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

[@jayeshgala83]

Very helpful video. Thank you for sharing

[@poojavirkar8484]

Excellent guidance thanks please

[@susantalahiry7502]

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

[@RampalPatel-p8q]

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]

Ask them to refer your case to NRI cell of bank

[@shakuntalabhat5109]

Very useful video. Thank you sir.

[@nirajrao8008]

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

[@Anonymo13]

Very informative. Thanks a lot👍🇨🇦

[@muhammadsarfaraaz3197]

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

[@vishs8825]

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]

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

[@SanthoshKumar-we2bh]

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

[@umeshyv]

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

[@Indian-sh2xz]

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

[@GaneshTirthahalli]

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

[@harishchander1086]

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

[@agnelomascarenhas4907]

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.

[@joejones5746]

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]

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)??

[@aditibhat8669]

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

[@Kafi1974]

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.

[@audiotech6513]

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

[@dayanandhv216]

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

[@kalyankumarseth7709]

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

[@krpadmanaban1965]

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..

[@santanusarkar1512]

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

[@pbvrajan5623]

Very informative. Thanks very much

[@pbvrajan5623]

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

[@krishnaramachandran7722]

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?

[@rchennuru]

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.

[@ramyashetty5010]

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

[@balramnanda]

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

[@abhijitghoshdastidar7495]

I am becoming your fan..

[@ravichandran-ut8iz]

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

[@shailpant4180]

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 ?

[@SantoshKrYadav]

Thanks

[@zubairpeeyem]

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

[@koyakoya7869]

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

[@happyretirement1265]

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

[@Sandeep-pv1kg]

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]

Please take opinion of a chartered accountant on this issue

[@Sandeep-pv1kg]

@@NRIMoneyClinic ok

[@mygameworld2256]

Chandrakant possible to speak ? Can you share your email

[@shareknown]

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]

Such a delicate but real life question. Well done

[@1984billu]

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]

No . They can become NRO FD and NRO account

[@Sabbydsouza]

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]

The NRI status of first account holder is considered.

[@makrandjani1705]

How to withdraw PPF funds without visiting India in person?

[@SurajInd89]

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

[@NRIMoneyClinic]

Point noted . Will look into the possibility

[@gattunandakumar4566]

Excellent sir 🙏

[@sudarshanmurthy6501]

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

[@NRIMoneyClinic]

About 3 months

[@ospadijaggu6187]

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]

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

[@ospadijaggu6187]

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

[@balakrishnannambiar9291]

Very informative

[@rajvikhar3734]

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

[@HIPA023E]

The given number is not on WhatsApp

[@NRIMoneyClinic]

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

[@naveengp3205]

What about oci card holders? Thank you

[@sunnybab8257]

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

[@travelandgk]

So slow watch in 1.5x speed still slow😅

[@vinayakmhetras9985]

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

[@ajayjain4336]

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

[@hbksenthil]

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

[@NRIMoneyClinic]

Y0ur question answered in the video

[@karnakarna4490]

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]

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 .

[@ganeshkumarchiramshetti5587]

What is best investment in India ? For next 3 years

[@mandarvaze19]

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]

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

[@chandrakantpatil4074]

Which funds investment for future

[@sachcom]

Very good information. 👍

[@testvenky8619]

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

[@NRIMoneyClinic]

You need to inform the bank . Its your responsibility

[@PradeepKumar-ur4ij]

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

[@NRIMoneyClinic]

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

[@PradeepKumar-ur4ij]

@@NRIMoneyClinic thanks sir

[@krpadmanaban1965]

Please address the queries by viewers ..

[@NRIMoneyClinic]

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

[@ajayjain4336]

Thank you watching sitting in mall Of the emirates

[@hchetri3847]

🙏

[@nilanjanlayek3199]

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]

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

[@Sub-dh2ce]

Excellent video; clear explanation of this issue

[@jsjsolomon]

sir can't able to add your number in WA

[@NRIMoneyClinic]

Try this number [phone]