Steps to take when converting a resident account to an NRO account

As an NRI, you will not be able to hold any residential bank accounts or have the authority to use the functions of them. At the same time, these accounts will be converted into an NRI account, which will provide you with the financial assistance and function you require when settled abroad. This account will either be converted into the NRE or NRO account.

The NRO account can be opened with funds which are either remitted from abroad or even generated in India. Like the local savings account, these accounts will have certain restrictions on repatriations of the proceeds to the country you are residing in. Here are the steps you will need to take when converting your account to the NRO account.

Step 1: Submission of form

Plenty of banks provide a specific form when there is a requirement to convert an existing saving account to an NRO account. These forms can be requested from the bank. Alternatively, you can also apply for the conversion process online and download the form from the bank website. A single form can normally be used to convert all your saving accounts opened in a single bank, against the same customer ID.

Step 2: Provision of documents

While converting a regular account to an NRO account, in a way, you are opening a new account. Therefore, you will also need to provide a filled form for a new account opening, in order to support this conversion request. In addition to this, the address proof of the overseas address must also be provided. You will need to submit copies of your passport, valid visa or even your work permit. You also need to submit your OCI/PIO card.

Step 3: Providing the right funding

The requirement for the resident saving account and the NRO account is different. For one, the account in question must have a minimum balance of 7500 Rs. Before being converted to the NRO account. If there is the insufficient amount, the necessary steps must be taken.

Step 4: Submission of documents

The documents must be submitted to the required bank branch. In the event you have already traveled outside, the form and the documents must be attested by the Indian embassy. It must be then sent to the branch.

Step 5: Change of account status

Once the required forms and documents have been received by the bank and verified, the status of the account will change. It will be re – designated from a residential savings account to the required NRO account. This re – designation may not change the account number, but it may be flagged off as an NRO account amongst the bank records.


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