Abhishek Badola asked on 16/11/2020

I am a seafarer and want to open a demat account. Now for seafarer staying in India but working on ship completing NRI days, Which demat account am I eligible for? NRI demat account or demat account as resident of India?

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SBNRI Team
answered on 16/11/2020

Your Demat Account will directly relate to your residential status:

  • If you’re completing the stipulated number of days outside India (184 days or more in one financial year) then you’ll be required to open an NRI Demat Account.
  • If you’re not an NRI as per the stipulated number of days (i.e. if you’re staying 184 days or more in India), then you’ll have to open a Resident Demat Account.

For example, if you were an NRI in 2019-20 then you’ll have to open an NRI Demat Account.

 

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