We have a situation where my sister inherited a Demat account from her mother. My mother had always been an Indian resident and citizen. My sister is an Indian citizen which currently residing abroad. She wants to close that Demat account and transfer the balances either to her Indian Savings account or to my Indian Savings account. I am an Indian resident. She does not wish to operate that inherited Demat account at all. However the Bank is insisting that even if she does not want to operate that account but only just to close her account, she needs to convert that account to a NRO status without that they will not allow her to even close her account. Another condition they are imposing is even after conversion of the Demat account to NRO they will not transfer the funds either to her Indian savings account or to my Indian Savings account but only to an NRO savings account in her name. Since NRO account attracts an obvious 30% TDS. is there any option or any rules / regulations that we can use to compel the bank not to convert to NRO
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I have 3 years experience in tax, law, accounts, I have done few bank audits, I have few NRI clients, I have known few bank managers around me helping in banks.