New NRI Financial Changes

Woman accountant using calculator and digital tablet computer in office, finance and accounting

You can change your residential status from a non-resident to an Indian citizen by applying for Permanent Residency (PR) as a spouse or child of an Indian citizen. If you have been living in India for over three years but less than five years, you can apply for PR under the Foreigners Act. This will allow you to open Demat accounts and save up to Rs 1 lakh per annum without any restriction on NRIs having their bank account with a bank outside India.