Resident account conversion to NRI account FAQs
Resident account conversion to NRI account
How to convert a resident account into an NRI Account?
You can convert your saving account to NRO account by logging in to internet banking. Follow the path: Login -> Customer Service -> Service Request -> Click on convert your SB account to NRO Account.
To convert savings account to NRO account Click here to know more. While filling in the relationship details please mention your resident account number/ s that we can convert the resident account to NRO. The account number will remain the same for your convenience.
In case you simultaneously hold a non-resident account and resident account and your status is that of non-resident Indian, you need to convert your resident account to NRO. This is in line with the applicable FEMA guidelines. For the same you will have to fill-in a resident to NRO conversion request form. Click here to know more.
After re-designation of your 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 NRO savings account. In case of your Indian address not being changed you would not be required to submit the proof. However, if it has changed then you would be required to submit the proof. Current (i.e. overseas) address proof is mandatorily.
Am I eligible to convert my Savings Account to NRO Account?
Yes, If you are the Primary Applicant in the account and your residential status is:
- Non Resident Indian (NRI)
- Person of Indian Origin (PIO)
- Overseas Citizen of India (OCI)
- You are the secondary applicant in the account
- You reside in Nepal/ Bhutan/ Pakistan
- You are a citizen of Bangladesh
- You have a Business/ Tourist Visa
- Your account is under freeze/ lien or in debit balance
What to expect when I request for conversion of my account?
The conversion process takes around 12 working days to complete (3 days for non I-direct linked accounts, 7 days for I-Direct linked accounts and additional 5 days for translation of documents). You will not be able to transact till such time. You will receive regular updates on your registered details
What will NOT CHANGE?
- Account Number
- Internet banking user id and password
- Cheque Book
- Mode of Operation (Unless the joint applicant is a Resident Indian)
- Standing instructions like EMI , Billpay etc. will not change
What will CHANGE?
- Account Status - Your resident account will now be converted to NRO and if your account is inactive/dormant we would activate this.
- Debit Card - Your existing Debit Card will be blocked and a new Debit Card will be issued.
- TDS will be deducted at 31.2% on the interest earned on all NRO accounts/ deposits
- Joint Account - In case you are a joint holder in a resident savings account, your name will be deleted from that particular resident account.(If the primary holder of this joint account has also become an NRI , then please ask them raise a Request for Conversion of SB Account to NRO Account. This request would have provision for both holders to attach their documents and convert their account).
What to EXPECT?
- You can use your account instantly on conversion.
- You will get an additional NRE account in the same customer id in the same branch.
- You will be automatically registered for Money 2 India for instant money transfers at preferred rates.
What will happen to my existing relationships with the Bank?
Domestic Savings Accounts, Fixed Deposits & Personal Current Accounts
- Will be converted to NRO accounts/FDs.
- Senior citizen benefit cannot be extended to the NRO deposit/account.
- Fixed Deposit Receipts issued, if any, will be null and void.
- Quantum Optima (QO) facility that is provided in your Saving Account shall continue if Permanent Account Number (PAN) is updated.QO shall be discontinued in the absence of (PAN) as part of this request.Quantum Optima facility provided in NRO Savings Account is an option wherein surplus balance above defined threshold limit is transferred to a Fixed Deposit through automatic sweep facility.
- Recurring deposits and I wish Deposits will be prematurely closed and credited to the converted NRO account.
- Overdue Fixed Deposits will be closed and the closure proceeds will be credited to the converted NRO Savings Account.
- Overdraft against Fixed Deposits will be converted to NRO Overdraft
- Current Accounts will be closed and any balance in the account will be credited to the converted NRO Savings Account.
- In case of proprietorship or company accounts, NRI status will be updated by the bank for the Individual with required FATCA declaration. No changes are applicable to the Non-individual account.
Demat and Trading Account (I-Direct) facility
The resident Demat and Trading Account will also be converted digitally along with Savings Account as part of this request.
- The Resident Demat, Bank & Trading account will be converted to NRO status.
- PIS approval will be generated online (In case applied) and will be linked to newly opened NRI 3-in-1 account, post which trading will be enabled in the secondary market (buy and sell transactions at the stock exchanges)
- ICICI Securities will cancel all active orders in Equity / Mutual Fund SIP / NPS / Futures & Options for conversion of Bank account from SB to NRO.
- As per the RBI guidelines NRIs cannot open a new PPF Account but in case you had a PPF Account before becoming an NRI, you can continue to hold it until maturity and continue contribution from NRO Account.
- Locker(s) maintained at our branch(es) will continue.
- The policy will continue as per the existing policy Terms and Conditions
- The policy will continue as per the existing policy Terms and Conditions.
- Contact your tax advisor for details of tax benefits applicable on the policy.
- Existing Mutual Fund investments will continue to be invested.
- We recommend that customers update their revised tax status (NRI) and bank account (NRO) in all their existing Mutual Fund investments. This can be done online by registering on www.mfcentral.com.
Please follow the path -> Log in to MF central > Service requests > Change of Tax Status > Select Folios > Upload new bank details > Submit
- Please contact any of our branches at your convenience to surrender your existing Resident Credit Card and apply for an NRI Card (as applicable).
- If you have an existing Mortgage Loan as a Resident Indian (RI), please visit any of our ICICI Bank Branches (at your convenience when you visit India) to re-designate the Mortgage Loan status to Non-Resident Indian (NRI) Loan
Other Loans - Personal/Vehicle Loan etc.
- It will continue as per the existing Terms and Conditions. Repayment of EMI will continue from the converted NRO Account.
- Any existing PayLater account will be closed.
PM Schemes like Atal Pension Yojna (APY), Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY), Pradhan Mantri Suraksha Bima Yojna (PMSBY), Sukanya Samruddhi Yojna (SSY)
- As per the RBI guidelines, NRIs are not eligible for PM Schemes like Atal Pension Yojna (APY), Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY), Pradhan Mantri Suraksha Bima Yojna (PMSBY) and Sukanya Samruddhi Yojna (SSY).
- Existing schemes will be closed and money will be credited to the converted NRO Account