I am working in MNC and going abroad for a company trip for 12 month. I have a PO - MIS account.
My queries are -
(i) Can I continue my MIS account, after my status change to NRI?
(ii) Do I have to inform post office about my NRI status?
(iii) If I can continue the accounts, what treatment is given to interest?
Thanks in advance.
Imran
Yes, No problem.Quote:
Originally Posted by Imran
No need.Quote:
(ii) Do I have to inform post office about my NRI status?
No idea. Ask tax expert.Quote:
(iii) If I can continue the accounts, what treatment is given to interest?
Thanks in advance.
Imran
NRIs are not permitted to open new or invest in PO-MIS or any other PO accounts. Such prohibition applies to existing account for continued investments, as well as new accounts. You have to hold the funds in non-repatriable account in India. And inform PO about your new status (NRI).
Maturity period is 5 years, so after 5 years (as No tax rebate is applicable) it will be added to your income.