Women Savings Account

When an existing account holder’s residential status changes from Resident Indian to Non-Resident Indian (NRI), it is essential to update the NRI status across all account relationships, including any accounts where the individual is a joint holder. Here’s a detailed guide to help you navigate this process:

How to convert your Resident Account to NRO Account

Resident to NRO conversion (Bank Account)

Documentation required for converting an existing Resident Account to NRO Account: 

  • Resident to NRO conversion form: Must be signed by all account holders. 

  • Self-attested PAN card or Form 60: In case the PAN card is unavailable. 

  • All documents must be certified by designated authority

  • Overseas address: Mandatory to be provided and mentioned on the conversion form. 

  • Self-attested address proof: Any acceptable proof (either Indian or overseas). 
     

Modes of submitting the request 

Non-face-to-face application: 

  • Request for a callback for assistance with the conversion form. 

  • Submit via registered email with scanned copies of self-attested documents. 

  • Send via courier/post/mailbox with self-attested documents. 
     

Face-to-face application: 

  • Submit all KYC documents, self-attested, in the presence of a bank official. 

  • Documents will be verified against the originals by the bank official.  
     

Important points to note

  • Debit card: International Debit Card linked to the resident account will be hotlisted. A new Rupay NRO domestic debit card can be issued upon request. 

  • Current reimbursement account: Can be closed or converted to a current account – NRO. 

  • Joint holder facility: Resident individuals can be joint holders in NRO accounts with specific conditions. 

  • Request submission: Account conversion requests can be submitted at any branch or via registered email. 

  • TDS applicability: TDS on interest earned on NRO savings accounts will apply post-conversion.

IndiaLink

Demat Conversion

Documentation required for Demat Account conversion 

  • Conversion form: NSDL/CDSL conversion form. 

  • KYC form: Including a photograph and signature. 

  • Extended KYC form for individuals (FATCA). 

  • KYC documents: PAN card, Visa, and one officially valid document for address proof. 
     

Modes of submitting the conversion request 

  • Face-to-face process: Submit all forms and self-attested KYC documents in person. 

  • Non-face-to-face process: Send original signed forms and self-attested KYC documents, attested by authorised officials or notary public. 
     

Important points for demat status conversion 

  • Address proof: Foreign address proof is mandatory. 

  • Dividend bank details: Only NRO SB accounts can be linked. 

  • Mandatory documents: PAN card and one self-attested OVD. 

  • Demat account number: Remains the same; only the status changes. 

  • Multiple accounts: All resident demat accounts under the primary holder need to be converted.

Telegraphic / Wire Transfer

HDFC Bank Securities Trading Account

  • It is mandatory to close the resident HSL Trading Account and open a new NRO HSL Trading Account. Contact HDFC Bank Securities Limited for assistance.
DirectRemit to India

Investment Services Account (Mutual Funds)

Documentation for converting resident ISA to NRO ISA account 

  • Bank statement: Showing the NRO status. 

  • Request letter: With ISA details. 

  • Self-attested PAN card and passport. 

  • Overseas address proof: Various acceptable documents. 

  • Mutual fund FATCA: Form available at HDFC Bank branches.

Funds Transfer

Credit Card

Documentation for converting resident Credit Card to NRO domestic Credit Card. 

  • NR upgrade/migration form. 

  • Required fields: Existing resident credit card details, NR account details, NR FD details. 

  • Self-attested copies: PAN card, visa, and passport. 

  • Submission: Hand over to the credit card sales team or courier to the specified address.
     

Card Type Domestic NRI Credit Card
  NRI Infinia/NRI Regalia
Auto debit account type NRO Account
Auto debit amount 100%
FD lien account type NRO FD/NRE FD/ FCNR Deposit
International usage No
Domestic usage (In India) Yes
Minimum FD lien amount NRI Infinia – ₹11 lakh
NR Regalia – ₹4 lakh
Credit limit Max. 75% of FD lien amount


Important points to note:

  • The newly migrated Credit Card will be linked to your NRO account and can only be used for domestic transactions within India. For a new NRI International Credit Card, please contact your nearest branch.
  • If multiple checkboxes for card type (International/Domestic) and card variant (Regalia/Infinia) are selected, the form will be rejected.
  • Upon migrating from a Resident Credit Card to an NR Credit Card, a new NR Domestic Credit Card will be issued, and the existing Resident Credit Card will be blocked.
Funds Transfer

Frequently Asked Questions

The time it takes to convert your account to an NRO (Non-Resident Ordinary) account depends heavily on the completeness of your documentation. Generally, the process involves submitting the required forms and documents, such as a conversion form, self-attested copies of your PAN card, passport, visa, and address proof. Once the bank receives all necessary documents and verifies them, they will process your request.

Yes, you can convert your Resident Account to an NRO (Non-Resident Ordinary) account if your residential status changes from Resident Indian to Non-Resident Indian (NRI). To do this, you need to submit the requisite forms and documents for updating the NRI status across all relationships, including joint Resident Accounts where you are a holder. The process typically involves filling out a conversion form, providing self-attested copies of your PAN card, passport, visa, and address proof, along with a declaration form for joint/second holders in Resident Accounts. Upon conversion, your account will be re-designated as an NRO account, and certain changes, like hot listing the international debit card linked to your previous account, may occur.

Converting your account to an NRO (Non-Resident Ordinary) account offers several benefits. It allows you to manage your Indian income, such as rent, dividends, or pension, and facilitates easy transactions in India. You can also maintain your existing accounts, like savings, fixed deposits, or recurring deposits, in Indian rupees. NRO accounts are ideal for NRIs looking to invest in India, as they provide a secure platform for managing funds and making investments. Additionally, funds in NRO accounts are repatriable, meaning you can transfer them back to your country of residence, subject to certain conditions and limits.