|Important Things to Know before your request for Conversion of your Resident to NRO Account
Resident savings accounts can be converted to NRO only. Print "Conversion Request Form"
|Resident Savings Account Related||Description||NRE||NRO|
|1) Conversion of Resident Savings Account||NO||yes|
|2) Conversion of Resident Current Account||NO||NO|
|3) Changes in Account Number||After re-designation of resident savings account to NRO savings account, the account number will remain the same and funds from resident savings account will automatically be transferred to the NRO savings account. However, if only NRE account is to be opened, the resident account will be closed and a new NRE account will be opened. NRE and NRO accounts can also be opened together.||New account number will be provided||Resident account number will be maintained as NRO|
|4) Dual Resident Status||Dual Resident status cannot be maintained, hence all resident accounts needs to be converted to NRO account.||Yes||Yes|
|5) Resident Account is in dormant state||Resident account is termed as inactive if there is no customer induce transaction for 12 months & Dormant if no customer induce transaction for 24 months.||NA||Select the account activation option on the form, or send a consent letter to activate the account along with the NRI account opening form.|
|6) Resident Account has a freeze marked||NO||NO|
|7) Resident Account has a lien marked||NO||NO|
|8) Minimum Balance||Quarterly Average Balance to be maintained at Account level is INR 15,000. However at Customer ID level, the minimum balance is 25,000.|
|9) Zero Balance||Before getting the savings account converted into NRE/NRO account, it needs to be funded in case it is in zero balance.||Applicable||Applicable|
|10) Resident account is in debit balance||Before getting the savings account converted into NRE/NRO account, it needs to be funded in case it is in debit balance.||Applicable||Applicable|
|11) Charges associated to Conversion of resident accounts||INR 250 is included for charges for sending initial account opening deliverables.||Applicable||Applicable|
|12) Signature in Resident account differs from my signature in the application for Conversion of account||1) If the old signatures cannot be replicated then either a notarised request to change the signature or any government-issued identity card (i.e., valid passport) bearing new signature is to be sent along with the address change form and relevant proof.
2) If the old signature can be replicated then an application with both the old and new signatures is required
|13) Address in NRI account is same as the address mentioned in resident account||Complete communication address needs to be mentioned even if it remains the same, although address proof is not required along with the form.||Applicable||Applicable|
|14) Address in NRI account is different from the address mentioned in resident account||Complete communication address needs to be mentioned.Address proof for the same has to be provided. Refer link for list of address proofs||Applicable||Applicable|
|15) Resident account is linked to ICICI Direct Account||If the savings account is linked with the trading account, a request letter to delink the trading account is mandatory along with NRI account opening form||Applicable||Applicable|
|16) ATM/Debit card for NRE account||NRE accounts will be issued a ATM/Debit card. ATM cards associated to Resident account need to be destroyed / returned alongwith the application form||Applicable||NA|
|17) User id related to Resident savings account||There is no change in the User id. The same User Id will be linked to the NRO account.||NA||Applicable|
|18) Fixed Deposits linked under the Resident Customer Id||Physical Fixed Deposit receipts need to be submitted along with form.A new Deposit Confirmation Advise (DCA) would be issued to be with applicable terms and conditions.||Applicable||Applicable|
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Rates & Charges
|NRE Savings*||4.00%||Apply Now|
Fixed Deposit & RD
Know more about interest rates
(1 year to 2 years)