ISA account query

[ninamdar]

Hello,

I have recently moved back to India from US. When in US, I had a NRE account with HDFC which was linked to an ISA account. I made multiple MF purchases via NRE account and I have ongoing SIPs via the same account.

After moving back, HDFC bank is asking me close my NRE account and get a new resident account but the jokers their have no idea what I should do about my ISA account.

Some of the jokers suggest that I have to re-link my ISA account to resident account. Others tells me that I have to get new ISA account linked to resident account and transfer MF units from old to new account. Biggest joker told me that I have to redeem all units.

Does anyone know what I can do in this situation? Please help if you have been in this situation.

Thanks,
Niranjan

 

[rishionline]

Hello ninamdar,

I am facing a different problem though but I agree to your point that the HDFC ISA folks are jokers and seems to me that HDFC ISA is good as a facility but there is no trained staff or customer service sitting behind it.

Since there is no link on the portal to stop a particular SIP, I wanted to know how can I "stop" a couple of my SIPs but so far am struggling to know "who do I contact". When I am calling up the HDFC bank customer support, they say that "since it is related to mutual funds, you talk to HDFC Mutual Fund". What a nightmare.

If you have stopped any SIP or know who shoudl I be talking to, please let me know - I will be grateful.
Best, Rishi

 

[Avadhoot Nasikkar]

Hello,

I have recently moved back to India from US. When in US, I had a NRE account with HDFC which was linked to an ISA account. I made multiple MF purchases via NRE account and I have ongoing SIPs via the same account.

After moving back, HDFC bank is asking me close my NRE account and get a new resident account but the jokers their have no idea what I should do about my ISA account.

Some of the jokers suggest that I have to re-link my ISA account to resident account. Others tells me that I have to get new ISA account linked to resident account and transfer MF units from old to new account. Biggest joker told me that I have to redeem all units.

Does anyone know what I can do in this situation? Please help if you have been in this situation.

Thanks,
Niranjan

you need to redesignate your account to either resident account or RFC (resident foreign currency ) account and thereafter link your ISA account to it. One can't continue with NRE accounts when he returns back as per government's regulations.