Can an NRI hold Indian issued credit cards?

[Gaurav Goel]

Hi All,

I am not sure if this thread is already created. I will be moving out of India in a month

I spoke to my RM, who advised me to convert my regular savings account to NRO/NRE. I wanted to confirm if I will be able to hold all the credit cards, that I had while being a resident Indian. I know I can keep AMEX as advised by their customer care. But unsure about all my 20+ cards issued by Banks in India.

 

[Tejo]

Hi All,

I am not sure if this thread is already created. I will be moving out of India in a month

I spoke to my RM, who advised me to convert my regular savings account to NRO/NRE. I wanted to confirm if I will be able to hold all the credit cards, that I had while being a resident Indian. I know I can keep AMEX as advised by their customer care. But unsure about all my 20+ cards issued by Banks in India.

You can get, but might can't apply online.

You just need pan, PoAddress (bharat), passport, rupee ac (NRO, NRE) in bharat.

 

[yashm777]

It’s not advisable

 

[RAMESH BABU N]

All your existing n operative bank accounts - meaning CCs included - need to be reclassified as NRE Accounts. Unlike regular bank accounts, since there is no such classification for CCs, they must be surrendered/closed - ideally before you leave.

My younger son did exactly that before moving to USA.

NEVER be on the wrong side of the law - more so in a foreign country. You may end up in trouble on most unexpected n trivial rule violations.

 

[Lobogris]

All your existing n operative bank accounts - meaning CCs included - need to be reclassified as NRE Accounts. Unlike regular bank accounts, since there is no such classification for CCs, they must be surrendered/closed - ideally before you leave.

My younger son did exactly that before moving to USA.

NEVER be on the wrong side of the law - more so in a foreign country. You may end up in trouble on most unexpected n trivial rule violations.

It has nothing to do with the laws of the foreign country. This is only related to Indian law.

 

[Lobogris]

Hi All,

I am not sure if this thread is already created. I will be moving out of India in a month

I spoke to my RM, who advised me to convert my regular savings account to NRO/NRE. I wanted to confirm if I will be able to hold all the credit cards, that I had while being a resident Indian. I know I can keep AMEX as advised by their customer care. But unsure about all my 20+ cards issued by Banks in India.

Legally, most banks won't allow it. If you are going abroad for a short whike, like 2 years, you can just leave everything the way it is including accounts. It's not legal but it the easiest way. If you are going permanently or for a long period, then close most accounts, convert the rest to NRO/E and see which banks can issue you a NRE credit card. You wouldn't really need an Indian credit card in that case anyway. This will have to be done after you become an NRI, meaning you have lived abroad for a year or so. I have been an NRI for ober 30 years so I know this quite well.

 

[RAMESH BABU N]

I worked in one of our (SBI) Overseas Branches for over 3 years.

In a few cases, we had to lodge complaints - due to financial irregular is done here - with our own foreign offices or our Indian authorities based in foreign countries. I personally know a few cases where those NRIs had to lose college admissions n jobs and were forcibly made to return home.

So, avoid headaches. Here n there. Be safe n secure.

 

[RAMESH BABU N]

Keep a close watch on the related rules n regulations. Of late, Every year, they are changing.

More important is the ITR-2 which needs to be filed here and which needs to be synced with your income tax compliances abroad.

Dozens of CC issuers will give cards upon your return. So, have no attachment to your existing CCs.

 

[PRIYANSHU_]

I worked in one of our (SBI) Overseas Branches for over 3 years.

In a few cases, we had to lodge complaints - due to financial irregular is done here - with our own foreign offices or our Indian authorities based in foreign countries. I personally know a few cases where those NRIs had to lose college admissions n jobs and were forcibly made to return home.

So, avoid headaches. Here n there. Be safe n secure.

Next year i am going to us for my master's then should i close all my of cc's before goings.

I don't want to, if you ask me personally..

 

[Lobogris]

How c

I worked in one of our (SBI) Overseas Branches for over 3 years.

In a few cases, we had to lodge complaints - due to financial irregular is done here - with our own foreign offices or our Indian authorities based in foreign countries. I personally know a few cases where those NRIs had to lose college admissions n jobs and were forcibly made to return home.

So, avoid headaches. Here n there. Be safe n secu

How can a bank make a person return back to India or lose admission in a college abroad? There is absolutely no way. All the bank can do is close or freeze the account and at the most, inform RBI. No one will care about such a minor matter. I know thousands of people who don't comply with these rules. Indian authorities abroad as you call them, I assume you mean Indian embassy, also have no power overseas and cannot do anything. In addition, they are too busy to care about such stuff. At least 90% or likely 99% of Indians move abroad and forget about some bank account they had in India. You think all the uneducated, poor workers going abroad understand and comply with this? I had several accounts in India and lived abroad for decades. No one cared. Everyone else I know does the same.

 

[Lobogris]

Next year i am going to us for my master's then should i close all my of cc's before goings.

I don't want to, if you ask me personally..

You can simply leave them alone. If you decide to stay overseas, you can then close them.

 

[Lobogris]

Keep a close watch on the related rules n regulations. Of late, Every year, they are changing.

More important is the ITR-2 which needs to be filed here and which needs to be synced with your income tax compliances abroad.

Dozens of CC issuers will give cards upon your return. So, have no attachment to your existing CCs.

Nothing needs to be synched. If you have income abroad and are living abroad, you don't need to disclose it to the Indian government and nor do you need to pay any tax on it. If you have income in India that is above the tax threshold then you need to file tax in India but only on the Indian income. There is no requirement to disclose foreign income unless you are living in India. No NRI files about foreign income or pays tax to India.

 

[Deleted member 11974]

Next year i am going to us for my master's then should i close all my of cc's before goings.

I don't want to, if you ask me personally..

if you have any 0 forex markup cc then take it there shouldnt be a problem

 

[Deleted member 11974]

Nothing needs to be synched. If you have income abroad and are living abroad, you don't need to disclose it to the Indian government and nor do you need to pay any tax on it. If you have income in India that is above the tax threshold then you need to file tax in India but only on the Indian income. There is no requirement to disclose foreign income unless you are living in India. No NRI files about foreign income or pays tax to India.

this is for dual taxation treaty compliant countries right?

 

[RAMESH BABU N]

Nothing needs to be synched. If you have income abroad and are living abroad, you don't need to disclose it to the Indian government and nor do you need to pay any tax on it. If you have income in India that is above the tax threshold then you need to file tax in India but only on the Indian income. There is no requirement to disclose foreign income unless you are living in India. No NRI files about foreign income or pays tax to India.

Correct.

But you need to give your Foreign TAN number in your ITR-2.

 

[RAMESH BABU N]

How c

How can a bank make a person return back to India or lose admission in a college abroad? There is absolutely no way. All the bank can do is close or freeze the account and at the most, inform RBI. No one will care about such a minor matter. I know thousands of people who don't comply with these rules. Indian authorities abroad as you call them, I assume you mean Indian embassy, also have no power overseas and cannot do anything. In addition, they are too busy to care about such stuff. At least 90% or likely 99% of Indians move abroad and forget about some bank account they had in India. You think all the uneducated, poor workers going abroad understand and comply with this? I had several accounts in India and lived abroad for decades. No one cared. Everyone else I know does the same.

Decades back, systems n procedures were more manual. Today, things are totally different.

Despite that, if someone wants to take things for granted, they must be equally be prepared for some potential trouble n headache.

Choose wisely n be safe.

 

[PRIYANSHU_]

if you have any 0 forex markup cc then take it there shouldnt be a problem

i am alredy having federal imperio cc, should i close it so that i cam apply for scapia.

 

[RAMESH BABU N]

Next year i am going to us for my master's then should i close all my of cc's before goings.

I don't want to, if you ask me personally..

Students are NOT NRIs - till you get a permanent job abroad.

So, you can keep all your accounts/CCs as long as you are a student.

Rules - as of now. Keep update.

 

[Lobogris]

this is for dual taxation treaty compliant countries right?

No. For any country. You don't have to pay tax on amy income or report it to India of you are living abroad.

 

[Lobogris]

Correct.

But you need to give your Foreign TAN number in your ITR-2.

No need ro file any ITR unless you have substantial income in India. Definitely no need to provide any foreign identification number unless you are claiming credit under dual taxation avoidance agreement.