Bank ,Shares and PPF accounts
My family members are having banks,shares demat accounts and PPF accounts in India.All these accounts in joint names.Now they have become NRI.Can bank transfer the same to NRI Accounts with simple request and allow the operation by second holder for withdrawal of money for various purpose ? more
Existing Bank accounts can be converted into NRO account. If Demat account is linked to bank account that will be linked to converted NRO account. more
If your account is with ICICI, then ICICI has a good stock trading platform- ICICIDirect, & they help advise do everything. more
For Bank account- ask the bank- I think you can open a NRO (ordinary account) & transfer into NRO account.
Shares- better ask the broker with whom you bot the shares or your bank to advise the procedure. so you link your old shares to your NRO account.
PPF has different rules- ask them directly.
It is not uncommon for local Indians to change to NRI status, so many banks/brokers are full aware. more