Posted On
7/24/2024
11:02:26 AM
by
SM
NRO is like any other normal SB account which is meant for NRIs...For SIP you require a DMAT account (which is different from NRO)
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Posted On
7/24/2024
12:03:45 PM
by
User
I do have a demat account, and automated sips from resident saving account thru angel app.
but if I change saving account to NRO account, how tedious will it be to link Sips to NRO account.
i head that i will have to sell existing shares and too much documents to transfer it.
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Posted On
7/24/2024
12:45:20 PM
by
Demat
You are right, NRI demat account is a whole other process: https://www.angelone.in/knowledge-center/demat-account/how-to-open-nri-demat-and-trading-accounts
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Posted On
7/24/2024
2:08:32 PM
by
Well Wisher
If you are an NRE, register your SIP''s from NRE account, so that when you sell your funds while you are an NRE, your funds will come back to NRE.
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Posted On
7/27/2024
9:52:48 AM
by
User
How to open NRO Demat account from Kuwait ?
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Posted On
7/27/2024
6:05:23 PM
by
True Indian
@Well Wisher, how would funds come to NRE acct if selling? NRE acct one can only deposit foreign currency. Please confirm before you suggest.
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Posted On
7/28/2024
8:07:04 AM
by
JAJ
@well wisher is correct. I had the same doubt so I tested with my NRE Account. Invested in Mutual Funds using this NRE Account, and after redeeming, the money came back to the same NRE account
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Posted On
7/28/2024
8:57:08 AM
by
Well Wisher
@True India
Any Mutual funds you are buying from NRE, when you sell those funds, those funds will come back to same NRE a/c.
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Posted On
7/28/2024
9:16:15 AM
by
Subin
You dont need a Demat account to start SIP in MF. You already have some MF investment and SIP with your resident account, which is actually illegal.
You must change your resident account to NRO account. Contact your bank for that. Some banks will convert the same account, some cancel that and open a new account.
Same time contact Angelone and tell them to convert your MF investment from resident account to NRI Account. They will have their own process.
Instead of talking and finding solution, contact the banks and get it done.
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