Bank account before becoming USC

C

complex_dude

Registered Users (C)
Hi,
I have my N400 in process currently and I have an old savings account in India (when I used to reside in India). My questions:

1. I never cared to inform the bank that I moved to US (my father operates the transactions as joint account holder). Was I supposed to convert it into a NRE/NRO etc account ?

2. What happens to that savings account once I become USC, and later when I have OCI card ?

3. Once I have OCI card, what kind of bank accounts can I open (given that I dont have any NRE/NRO accounts currently)?
If there are restrictions, should I open any kind of bank account before becoming USC ?

This is just to keep an option open for future if I had to move back to India.

Thanks,
cd
 
... Check this thread ... http://forums.immigration.com/showthread.php?t=307638

... Also, at the outset note that rules in India are never clear, and when clear, never consistently followed.

1. I never cared to inform the bank that I moved to US (my father operates the transactions as joint account holder). Was I supposed to convert it into a NRE/NRO etc account ?

... You should have informed after 183 days. But you can inform now with no penalty etc. I believe the account can be converted to NRO type only. NRE requires external funds as well as all account holders to be NRIs.

2. What happens to that savings account once I become USC, and later when I have OCI card ?

... Convert to NRO unless you live in India and are hence resident.

3. Once I have OCI card, what kind of bank accounts can I open (given that I dont have any NRE/NRO accounts currently)?
If there are restrictions, should I open any kind of bank account before becoming USC ?

... Check the thread at the link I provided. Legally you should not be opening any accounts to take advantage of your current status which you know is going to change, and the bank may not notice. However, the laws in India are unclear in many aspects, and their implementation is equally inconsistent, so they may not allow you to do many things which are actually provided by law. So do whatever works...
 
complex_dude said:
Hi,
I have my N400 in process currently and I have an old savings account in India (when I used to reside in India). My questions:

1. I never cared to inform the bank that I moved to US (my father operates the transactions as joint account holder). Was I supposed to convert it into a NRE/NRO etc account ?
------------------I will do nothing let it remain as it is.
2. What happens to that savings account once I become USC, and later when I have OCI card ?
-----------------------------Bank dont know you are OCI or USC. If I dont ask them to change the account they are not going to do any changes to account. Many have saving account before they came to US or became NRI or USC and still those accounts are active. I will do nothing.
3. Once I have OCI card, what kind of bank accounts can I open (given that I dont have any NRE/NRO accounts currently)?
--------------------you can open NRE/NRO.
If there are restrictions, should I open any kind of bank account before becoming USC ?
---------------not needed if you dont need new bank account. if you want to open NRE or NRO accont then dont open it with the same bank branch where you have Saving account (that you have before coming to India)

This is just to keep an option open for future if I had to move back to India.
-----------------NRE
Thanks,
cd
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