Hi,
I had a resident savings account and a demat account with HDFC Bank. I moved to UK in May 2018 and after 6 months asked HDFC to convert both resident and demat to NRO accounts. After 2 months of constant chasing and followup, HDFC confirmed this week that they have converted my resident account to NRO but for demat they have sent me tons of documents again.
My questions are:
a) is it possible to convert resident demat to NRO demat online or do I need to close my resident demat first, apply for PIS, open a NRO demat and transfer all my existing stocks to NRO demat?
b) Also, is there a timeline in which this should be done post becoming an NRI?
c) Are there any penalties if you keep trading using resident demat account?
Thanks