It is illegal to keep resident accounts as an NRI. With all systems getting integrated it becomes easy for it department to identify such violators.
Lastly ignorance of the law is not a valid excuse.
I would suggest to check with bank relationship mgr. You will have to contact them to get your accounts converted to nro anyway. Better check this as well. Pls report here when you find out.
For banks you have savings acct with, you need to convert from resident to non resident accounts. That is mandatory. So some banks definitely will know.
Not sure what implications it has on existing credit cards.. I assume the cards stay with you and upon renewal new cards will be issued which...
Well, not always. I got a wealth first cc just on the basis two factors:
a. another credit card with over 5 lakh credit limit
b. Already have a wealth savings account (need 5 lakh + balance)
They didn't ask for salary slips or ITR details or anything else.
Lol, thanks.. I should have worded better. I meant to ask what are the changes in tnc regards to rewards in foreign transactions. For Magnus it is 5 points per 200 Rs spent. Starting March, what is the devaluation?
Axis reserve is hands down the best for international spends. Fees is 50k + GST but you get 2x the regular points I.e. 24 edge rewards points per 200 Rs spent. Fx markup is 1.5%
Second best imo is magnus if you are able to spend 100k Rs per month to reach the milestone to receive 31k edge...