I’m an NRI living in the UK. I still have a resident savings account with ICICI linked to a resident demat account. The portfolio is small (current value around ₹1.4 lakh), and I don’t actively buy or sell stocks or ETFs.
My main goal is to convert the resident savings account to an NRO/NRE account for FEMA compliance. I don’t receive rental income — I mainly transfer funds from the UK for personal use when visiting India.
Questions:
I understand that I’ll need to convert my demat to an NRO PINS and/or non-PINS account, linked to the corresponding NRO/NRE account once my resident demat is converted.
As an NRI, would it be simpler to sell all existing holdings, withdraw the funds, and close the demat account before converting to NRO/NRE?
Alternatively, should I open an NRO demat (PINS/non-PINS) to retain my current holdings?
What would be the most efficient and tax-compliant way to proceed?
Any guidance on the best next steps would be appreciated.
