Once you become an NRI, you have to inform us. (Your resident status will be changed to NRI once you have typically completed 182 days after you have moved abroad. This is a regulatory requirement.)
Inorder to invest with the resident status as NRI you need to have an NRO bank account in India. Once your NRO bank account is ready, request you to create a new Scripbox account with a different email ID, new NRO bank account & with the Resident status as NRI.
Once your new Scripbox account is created, request you to share the below documents in the PDF format at firstname.lastname@example.org:
- Paste your passport size photograph on the pre filled KYC form received on your registered email ID, sign across the photograph & at the designated box on page 2.
- Self signed copy of your PAN card.
- Self signed copy of your overseas address proof - any government issued address proof (e.g. driver's license) will do. If you do not have any overseas address proof, an acknowledgement from the Indian embassy or consulate in that country, stating your current overseas address, will also suffice.
- Self signed copies of the address pages of your valid Indian passport.
- A 5 second video selfie (Face the camera for 5 seconds).
- A canceled cheque leaf (with your name printed on it) of the NEW bank account (NRO bank account). If you don't have a cheque with name printed, you can provide a recent 3-month bank statement with the seal and signature of a bank employee with employee code and designation mentioned.
- Note: Few Mutual Fund Companies require the original cancelled cheque along with the recent 3-month bank statement, in-case if you don't have a cheque with your name printed on it.
- Self-signed link-your-bank-account form received on your registered email ID. If you have added a bank account from the listed banks, then you can instantly link your bank account using internet banking.
It usually takes around 1 working day to get your “Scripbox account with the resident status as NRI”, activated i.e. once we receive the above documents from you. However, we highly suggest that you continue with your investments once the entire process of Resident Status Change is completed.
Below are the documents required for the folio movement from Resident Indian to NRI. Please share the below are the documents in the PDF format at email@example.com:
- A cancelled cheque leaf (with your name printed on it) of the OLD bank account.If you don't have a cheque with name printed, you can provide a recent 3-month bank statement with the seal and signature of a bank employee with employee code and designation mentioned.
- Request letter duly signed by you to move all your Folios to the updated resident status as Non Resident Indian account. (We will share the format with you.)
The change of resident status usually takes 4 weeks from the time we have received the complete set of documents.
- There might be additional documents required if any of the mutual fund houses requests for it (we will keep you posted in case if any).
- Please note the investments you made when you had a Resident Indian savings bank account will also be shown when you login to Scripbox. However, if you now choose to withdraw those investments:
- Scripbox account registered with NRO bank account: The proceeds will be credited into your NRO bank account.
- Scripbox account registered with NRE bank account: These proceeds cannot be credited into your NRE bank account as that would not comply with foreign exchange laws in India. The withdrawal can be processed only to an NRO bank account. Scripbox will assist you in getting your NRO bank account updated at your folio for this purpose.
Hence it is highly recommended that you add a new NRO bank account.