Vardharajan K asked on 16/11/2020

I will be staying in India for 120 days in the year (2020-21) but haven’t been there in last 4 years for 365 days in total. Will I be still considered an NRI as per the new amendment? Also with regards to FCNR deposits should we convert them into INR once we return or can they exist until the maturity date?

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SBNRI Team
answered on 16/11/2020

Yes, you will be an NRI for (2020-21) since you haven’t stayed in India for 365 days or more in the previous 4 years.

 

Regarding FCNR Deposits, you can continue them till maturity after returning to India. Post maturity, you can convert them into Resident Foreign Currency (RFC) Account. You don’t need to convert FCNR Deposits into INR.

 

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