Hello Sir I am an NRI and I still have an old SB account in India. I have not changed it to NRO or NRI account. I have a Demat account and investments in demat throgh this SB account. And I am still investing in shares through this demat a/c. Now is it better to change the account to NRI account and also update the demat account or can I continue as it is till I shift back to India?. I am not sure if it is that simple. What are the implications please explain.

Ans: You can continue to hold these accounts. I would recommend that you close the SB account immediately and also the Term Deposit account (If the interest rate is not much higher than the current interest rates).

Ans: Moving to Dubai while maintaining financial commitments in India requires careful planning. Here's a breakdown of considerations for managing your SIPs, EMIs, and equity holdings:

Account Choice: For rent collection, EMI payments, and SIP investments, opening an NRE (Non-Resident External) account is advisable. NRE accounts allow you to repatriate funds freely, making them suitable for managing finances while abroad. However, for domestic transactions, you can also consider an NRO (Non-Resident Ordinary) account, which has restrictions on repatriation but facilitates local transactions.
SIP Management: You'll need to transition your existing bank account linked to SIPs to an NRE/NRO account to facilitate seamless fund transfers from your overseas account. Ensure you inform your mutual fund provider about the change in bank details to avoid any disruptions in your SIPs.
EMI Payments: Similarly, you'll need to link your home loan EMI payments to your NRE/NRO account for smooth transactions. Set up standing instructions or auto-debit mandates to ensure timely EMI payments while you're abroad.
Demat Holdings: As an NRI, you can hold equity investments in India through a designated NRI demat account. You'll need to convert your existing demat account to an NRI demat account to continue managing your equity holdings seamlessly.
Tax Implications: Be mindful of tax implications both in India and Dubai. Consult with a tax advisor to understand your tax obligations in both countries and optimize your tax planning strategies.
Legal Compliance: Ensure compliance with RBI regulations and other legal requirements concerning NRI investments and remittances to avoid any regulatory issues.
Communication: Maintain open communication with your banks, mutual fund providers, and brokerages to update them about your NRI status and ensure smooth transition and management of your financial affairs.
By proactively addressing these considerations and seeking guidance from financial advisors and legal experts, you can effectively manage your financial commitments in India while pursuing opportunities abroad.

Ans: This actually depends upon two things - (1) citizenship and (2) intention after 10 month period (ie whether you will reside in India or outside after 10 month period