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 or NRE bank account in India. Once your NRO or NRE bank account is ready, request you to register with a different email ID with NRO bank account & with the Resident status as NRI.
Once your new Scripbox account is created, request you to courier the physical copies of the below documents to us:
- Paste your passport size photograph on the KYC form, sign across the photograph & at the relevant designation (email with the KYC form attached is already sent to you).
- 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 short 30-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, you can provide a recent 3-month bank statement with the seal and signature of a bank employee. Please ensure the employee code and designation are indicated on the statement.
- Self-signed link your bank account form (email with the link your bank account form is sent to your new registered mail ID).
- Print, sign and mail (or courier) the bank change letter with other documents back to us, so we can update the information in our records as well as with KYC registration agencies
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, post which you can start investing with your updated resident status.
Below are the documents required for the folio movement from Resident Indian to NRI:
- Self signed change of residence letter to reflect your new KYC status as an NRI. (Contact us to get a copy of this letter by email.)
- A cancelled cheque leaf (with your name printed on it) of the OLD bank account. If you don't have a cheque, you can provide a recent 3-month bank statement with the seal and signature of a bank employee. Please ensure the employee code and designation are indicated on the statement.
- 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.)
- Print, sign and mail (or courier) the bank change letter with other documents back to us, so we can update the information in our records as well as with the mutual fund companies.
The folio movement usually takes 4 weeks from the time we have received the complete set of documents.
If you want to invest with Scripbox using NRE bank account, please follow the below steps:
Request you to register with a different email ID with NRE bank account & with the Resident status as NRI.
For bank account details (like account number, IFSC code, Account type , the Name of the customer as per bank, Bank’s name). We will do the online verification of the bank. In case if the online verification fails, we will need your bank cheque with your name and account type printed on it. Alternately, you can upload a detailed bank statement (with your name and account details clearly mentioned on the page ) of the same bank account which you have provided while you were creating your Scripbox account.
- The change of resident status usually takes 4 weeks from the time we have received the complete set of documents.
- Please note the investments you made when you had a resident savings account will also be shown when you login to Scripbox. However, if you now choose to withdraw those investments, the proceeds will be credited into your NRO bank account. These proceeds cannot be credited into your NRE bank account as that would not comply with foreign exchange laws in India.
(If you have invested via NRE bank account then request you to change the bank account to NRO bank, in order to receive your money into your bank account when placed for a withdrawal request
- You could register again with new email ID with NRI status and NRO account to move the old folios to new OR request for bank account change to NRO account to make flow easy
- Pre filled set of request letters to change residence status of old RI account with move folios to NRI to NRO account)
- 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).