Taran Parmar wants to know how much balance one can keep or should keep in an NRE account once one has decided to return and settle permanently in India
Jayesh B wants to know the currencies allowed for FCNR(B) accounts
Somesh Sharma wants to know whether he should file his ITR as in the past he fulfilled the NRI status and now wants to invest in mutual fund SIP and home
Anil Sharma wants to know whether an NRI salary account and resident account can be operated simultaneously?
Once you cease to be a Non Resident Indian (NRI) i.e. you intend to permanently settle in India, your NRI accounts i.e. NRO, NRE and FCNR(B) deposits, they will need to be changed to resident status account
NRE balance that you hold will also either have to be converted into a resident foreign currency deposit meant for returning NRIs or else it will have to be moved into Indian rupees into newsly opened resident account
NRO account will also need to be converted into resident status account and FCNR(B) deposits can be held only till maturity. After maturity, in case your status is of a Resident But Not Ordinary Resident (RNOR), you could hold them in RFC deposits
All the banks offer FCNR(B) deposits in the six major currencies of US Dollar, Pound Sterling, Euro, Australian Dollar, Canadian Dollar and the Japanese Yen
The term for the FCNR(B) deposits ranges from 1-5 years
Ideally, NRIs should have their PAN Card and should also be filing their income tax return even if it is a nil return
This is because there are certain income heads which should be declared and if you don't qualify for a tax deduction or you are falling the minimum threshold for taxable income in India, you could claim for refund in certain cases
So, NRIs should file their income tax return and then receive any kind of income tax refund
The moment you have your PAN, you become eligible to invest in various assets be it investments like mutual funds systematic investment plans (SIP) or real estate since it is mandatory to declare PAN for investments
As long as your resident is that of a Non Resident Indian (NRI), OCI or PIO, you should be having an NRO and NRE account and fixed deposits in foreign currency under FCNR(B) accounts
You can't hold a resident status account with NRI account. The moment your status is of a returning NRI, RNOR status, you can then you can hold a Resident Foreign Currency (RFC) deposits