Hi,
I 38 years old NRI and shall live in India after retirement. Could you please advice whether I should invest in NRI demat or Resident demat account. I have an existing resident demat account.
Plz advice.
Regards,
Rahul
1 Answers
Hi,
If you are an NRI, you can not continue to hold Resident Indian Demat account.
Suggest you to kindly inform your service provider about your Residential Status.
You may check with them if it is possible to convert it into NRO Demat account. (Do you have any existing shares, that you have acquired them before becoming an NRI?)
Else, you can open a new NRO demat account for primary market transactions (IPOs).
If you want to buy shares from the secondary market as an NRI, you would need to open a Portfolio Investment Scheme (PINS) Account with a bank. In this scheme, you can buy shares with funds in your NRE account and sale proceeds can be credited to NRE account for repatriation.
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