Query By - Prabir | 12/12/2012
As per the FEMR (Deposit), Schedule-1 Item-7, after returning to India permanently, you are expected to inform all the banks, wherever you have accounts, that you have returned permanently. On receipt of this information, the bank will redesignate the NRE/NRO accounts as a ‘Resident’ accounts’. Though the law does not mention any time limit as such, the account holder is expected to discharge this obligation at his / her earliest.