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If you are moving abroad for employment, education, or any other long-term purpose, your residency status will change to a Non-Resident Indian (NRI). As an NRI, you are required to update your banking and investment accounts in compliance with regulations. One such critical financial asset is your demat account, which allows you to hold and trade securities electronically. While your Resident savings account can be converted into an NRO savings account, in the similar way your resident Demat can also be converted to NRO Demat Account. This article explores how a change in residency affects your demat account and what steps you must take.
A demat (dematerialised) account is an electronic account that holds shares, bonds, exchange-traded funds (ETFs), and other securities in digital form. It eliminates the need for physical certificates, making trading and investment transactions seamless.
The key functions of a demat account include:
However, when your residency status changes, the regulations governing your demat account also change, requiring necessary modifications.
As per the Income Tax Act, 1961, an individual is considered a resident if they spend:
If an individual does not meet these criteria, they are classified as an NRI. A Resident Indian can hold standard bank accounts, investments, and a Resident Demat Account, while an NRI must operate accounts under specific NRI banking and investment guidelines.
When your residency changes to NRI, the Foreign Exchange Management Act (FEMA) requires you to:
For NRIs, tax deduction at source (TDS) is applicable on capital gains arising from the sale of securities in India. The TDS rates vary based on the type of investment:
Proceeds from the sales of securities in an IDFC FIRST Bank NRO demat account can easily be credited to an NRO settlement account, but the repatriation is subject to RBI limits.
NRIs must proactively update their investment accounts to ensure regulatory compliance and continued participation in the Indian stock market without disruptions.
Inform your Depository Participant (DP) and update your residency status.
Submit the required NRI KYC forms, passport copy, visa, and overseas address proof.
NRIs are required to follow RBI guidelines for investment through NRO and NRE demat accounts.
Certain stocks and securities may not be accessible for trading as per RBI’s PIS norms.
Yes, NRIs can open an NRO Demat Account or/and NRE Demat Account to invest in Indian Stock Market.
Feature |
Resident Demat Account |
NRO Demat Account |
NRE Demat Account |
Purpose |
Regular investment and trading |
Investment in Indian markets (non-repatriable) |
Investment in Indian markets (repatriable) |
Linked Bank Account |
Resident Savings Account |
NRO Settlement Account |
NRE PIS Account Account |
Repatriation |
Not applicable |
Restricted (up to $1 million per financial year) |
Fully repatriable |
SEBI & RBI Guidelines |
Not applicable |
SEBI and FEMA regulations, Income Tax guidelines |
SEBI, FEMA, and RBI’s PIS guidelines, Incoem Tax guidelines |
When transitioning to NRI status, your demat account cannot remain as a resident demat account. You must either close it or convert it into an NRO demat account. Understanding the implications of your residency change ensures compliance with RBI and SEBI regulations while allowing you to continue investing in India. To simplify this process, IDFC FIRST Bank’s NRI banking services offer expert assistance in managing your financial transition seamlessly.
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.