Indian Bank Account Status

[sarwarmd]

Hi,
I am on Greencard now. I have applied for citizenship.
I have 3 bank accounts in India. One of them is NRI account. I want to know the status of my bank accounts status in India once I become a US citizen.
Can you please share your thoughts on this!
Will be I able to retain my bank accounts in India without loosing any money!
I do not have lot of money in my accounts. It is just couple of thousand dollars equivalent but I do not want to loose of forgo.

 

[nkm-oct23]

Hi,
I am on Greencard now. I have applied for citizenship.
I have 3 bank accounts in India. One of them is NRI account. I want to know the status of my bank accounts status in India once I become a US citizen.
Can you please share your thoughts on this!
Will be I able to retain my bank accounts in India without loosing any money!
I do not have lot of money in my accounts. It is just couple of thousand dollars equivalent but I do not want to loose of forgo.

You should convert all your resident accounts into NRI accounts since you are now an NRI. Becoming US citizen does not change your NRI status, therefore your NRI accounts will remain unchanged. You will not lose any money.

Be aware that Indian banks will deduct tax from any interest earned on your NRI accounts.