When a resident Indian becomes an NRI, the simplest way to access and operate the money and investments already made in India, is to convert the savings account with the Indian bank into an NRO account. These accounts can receive foreign remittances, can have a joint holder who is a resident Indian, and RBI also permits repatriations abroad limited by a maximum annual amount.
NRI status
To open any non-resident account in banks in India, it is important to provide documentary proof that the account holder is now a non resident as defined in the Indian tax laws. Once a person becomes an NRI, he cannot continue to hold bank accounts with resident Indian status.
Documents
The conversion of a resident account into a non-resident account requires submitting of identity proof, NRI status proof, proof of foreign address and two photographs.
NRI status and residence proof
The applicant has to provide proof of residence abroad in the form of employment details, student status, dependent visa status, or a copy of resident permit in the overseas destination. This proof has to be attested by the Indian embassy, notary or an Indian bank with an overseas branch.
Indian address proof, attestation
If the applicant wants to mention a local Indian address for ease of operation, in addition to an overseas address, proof of such address should also be provided with attestations.
Points to note
If the signature on the account opening form varies from the signatures in the passport, they have to be attested by the bank manager.
Identity and address proofs also have to be provided for the joint Indian holder of the NRO account.
1.ICICI Prudential Tax Plan
2.Reliance Tax Saver (ELSS) Fund
3.HDFC TaxSaver
4.DSP BlackRock Tax Saver Fund
5.Religare Tax Plan
6.Franklin India TaxShield
7.Canara Robeco Equity Tax Saver
8.IDFC Tax Advantage (ELSS) Fund
9.Axis Tax Saver Fund
10.BNP Paribas Long Term Equity Fund
You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds
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