One of the most common doubt among new NRIs are about their bank accounts e.g. what happens to their bank account, Fixed deposit, Demat accounts, brokerage accounts, and insurance policies when they become non-resident Indian? Well, once your residential status changed from resident Indian to non-resident there are certainly few changes in your financial accounts. For example, your resident account needs to be converted into NRO account. You also become eligible to open NRE (Non-resident external) account. Similarly, once you become NRI you need to inform your bank about your fixed deposits, brokerage accounts, and insurance policies. Read more »