I have been investing in Mutual Funds for the last 13 years as an NRI. When I change my tax status to Individual (resident), i.e.cease to be an NRI, what is the procedure to change this in funds? Do I need to redeem all investments and reinvest?
-Rajeeve Kaushik
The change in NRI status needs to be communicated to all the fund houses you deal with. This can be done by writing an application to the AMC. With this, the fund house should also be updated about change in bank account through the ‘change in bank details or mandate’ form. Along with the form, the AMCs require a cancelled cheque of your new bank account and the existing bank account with your name and bank account number preprinted on it. This form has to be filled separately for each AMC.
The change resident status has to be updated in the KYC verification as well.
This article was originally published on August 12, 2013.
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