Hi Basu, I have moved overseas since 6months and expected to be here for another few years. I understand that I have to convert Indian savings account to NRE account, I have few questions on this
- I have existing ECS (Home loan and Mutual funds SIPs) running, will these will continue as usual?
- Funds transferred to NRE account from overseas can be used to invest in Stock and any other investments opportunities in India?
- And any income/deposits happening within India need to go to NRO account is it?
- You have to stop the SIPs. Give bank change mandate and then register once again. You must not continue MF investment with resident Indian status and also with savings account. Your KYC and Bank details of NRI must be updated.
- You must operate Indian investment either from NRI or NRO account (as per your comfort).