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Convert Your Resident Savings Account to NRO Account

If you are moving abroad or have moved abroad and qualify as a Non-Resident Indian (NRI), you are required to redesignate your resident savings account as a Non-Resident Ordinary (NRO) account in line with FEMA and RBI regulations.

An NRO account is used to manage income earned in India, including rent, dividends, pension, while meeting regulatory requirements. This conversion allows you to continue banking in India, access repatriation facilities as permitted, and maintain compliance with taxation on Indian income. The process is simple and only requires submitting a prescribed form along with few supporting KYC documents. Read more

Why Converting your Resident Savings Account to NRO Account is Important

FEMA compliance

Under the Foreign Exchange Management Act (FEMA) and RBI regulations, resident savings account cannot be held by individuals who become NRI and must be redesignated as NRO accounts.

Penalties for Non-Compliance

Under Section 13 of FEMA, a contravention may attract a penalty of up to three times the amount involved in the violation where the amount is quantifiable. Where the amount cannot be quantified, the penalty may extend up to ₹2 lakh. An additional penalty of up to ₹5,000 per day may be imposed for every day the contravention continues after the first day.

Management of Indian income

NRO account ensures that income earned in India, such as rent, dividends, pension, and investment proceeds, is received and managed in accordance with applicable regulations.

Tax and banking implications

Timely conversion helps align your banking relationship with your residential status and supports proper taxation and regulatory reporting requirements.

Who needs to convert Savings Account to NRO Account

Relocating abroad? You can convert

Indian citizens who have relocated or plan to move abroad for employment, business, or education and qualify as NRIs under FEMA rules.

Just visiting? No conversion needed

Individuals travelling abroad temporarily on a tourist visa, short-stay visa, visa issued for family or short-term business visits.

How to convert your savings account to NRO account

Step 1

Click Start Your Conversion, enter your Mobile Number and verify your email ID with a One-Time Password (OTP). Your RM will reach out to you.

Step 2

Submit the Resident to NR conversion form, Account Opening Form and required documents

Step 3

Your Relationship Manager will conduct a voice verification and process the application for conversion

Step 1: Click Start Your Conversion Enter your Mobile Number and verify your email ID with a One-Time Password (OTP). Your RM will reach out to you.
Step 2: Alternatively, you can visit the nearest IDFC FIRST Bank branch and talk to our representative
Step 3: Submit the Resident to NR conversion form, Account Opening Form and required documents

Locate your Nearest Branch

Documents required

Application Forms

Resident to NRO Conversion Form

NRI Account Opening Form

Identity Proof

Passport

Non-Resident Status Proof

Any one of:

Visa

PIO/OCI card

Foreign Passport with PIO declaration

Continuous Discharge Certificate with Valid contract letter for seafarers

Resident Permit

Overseas Address Proof

Any one with your overseas address:

Passport

Driving license

National ID /Government issued IDs

Latest utility bill (mobile/gas/electricity/telephone)

Latest savings bank statement from a transactional account

Council tax bill

Resident Permit

Voter ID/Electoral card

Tax related

Permanent Account Number (PAN)

FATCA-related fields on the application form

What to expect when you convert your IDFC FIRST Savings Account to an NRO Account

Bank the way you always have, with same familiar details

Customer ID

Savings Account Number

Branch

Cheque Book

Internet Banking Login Details & Password

Existing ECS/Standing Instructions

The following will be closed as part of this change

Debit Card

Wow Credit Card

Mandate Holder

Benefits of holding an NRO account with IDFC FIRST Bank

When you convert savings account to NRO account with IDFC FIRST Bank, you get access to the following:

More resources for NRIs

FAQs on Resident to NRO conversion

Is it mandatory to convert my resident savings account to an NRO account after becoming an NRI?

Yes, under FEMA rules, NRIs are prohibited from holding a resident savings account. To ensure continued operations on your account, the savings account to NRO account conversion is mandatory and must be completed upon acquiring NRI status. Failure to do so can attract penalties.

Will my account number change after converting from a resident account to NRO?

No, the account number does not change when you convert savings account to NRO account. Only the account designation is updated from resident savings to NRO.

What happens to my Fixed Deposits and Recurring Deposits when I convert to NRO?

Your existing Fixed Deposits and Recurring Deposits will be converted to NRO Fixed Deposits or NRO Recurring Deposits. Resident Tax Saver FDs will continue till maturity and upon maturity be credited to your NRO Savings Account.

Can I close my resident account instead of converting it to NRO?

Yes, you can choose to close the resident account and open a new NRO account separately. However, resident to NRO account conversion is generally quicker, as it retains the same account number and existing balance.

Can I convert my savings account to an NRO account from abroad without visiting a branch in India?

Yes, with IDFC FIRST Bank, you can convert savings to NRO account both from overseas country or in person by visiting a branch.

How long does it take to convert a resident savings account to an NRO account?

It generally takes a few working days to convert savings account to NRO account after successful submission and verification of all required documents.

What happens when the first holder remains a resident, but the joint holder of a Savings Account or Fixed Deposit becomes NRI?

If the joint holder becomes NRI, a separate request along with the conversion form can be provided to delete name of NRI from the Account/Deposits or change the Mode of Operation to Former or Survivor (this is possible only if the holders are close relatives).

Will the mode of operation change when a joint account holder becomes NRI?

The Mode of Operation will change to ‘Former or Survivor’ if the second holder remains a resident. In case the second holder also becomes an NRI, no change is required.

Do I need to update my linked Demat or Trading Account after becoming NRI?

Yes, you can contact your broker to make the required updates to the linked account.

Moving Abroad?

Your Bank stays with you as you take on the world!

Convert Your Resident Savings Account to NRO Account

Why Converting your Resident Savings Account to NRO Account is Important

FEMA compliance

Penalties for Non-Compliance

Management of Indian income

Tax and banking implications

Who needs to convert Savings Account to NRO Account

Relocating abroad? You can convert

Just visiting? No conversion needed

How to convert your savings account to NRO account

Step 1

Step 2

Step 3

Documents required

Application Forms

Identity Proof

Non-Resident Status Proof

Overseas Address Proof

Tax related

Other Documents

What to expect when you convert your IDFC FIRST Savings Account to an NRO Account

Bank the way you always have, with same familiar details

The following will be closed as part of this change

Benefits of holding an NRO account with IDFC FIRST Bank

High Interest rate

Dedicated relationship manager

24/7 digital access

Convenient transactions

Mandate holder facility

Fund repatriation

Complimentary Visa Signature Domestic Debit Card

More resources for NRIs

What are the Tax Rules in GIFT City? A Complete Guide

What is a Tax Holiday in GIFT City?

Shifted to the UK for work? Discover the meaning of an NRE account

Earning Rental Income in India? Here's the NRI Savings Account You Need

Moving to the USA on a Work Visa? Here's the Best NRI Account for India

Working Overseas? Bring Your Salary Home with the Best NRE Account in India

A Step-by-Step Guide: How NRIs Can Open a GIFT City Account

How IDFC FIRST Bank Brings Global Banking to You via GIFT City

FAQs on Resident to NRO conversion

Is it mandatory to convert my resident savings account to an NRO account after becoming an NRI?

Will my account number change after converting from a resident account to NRO?

What happens to my Fixed Deposits and Recurring Deposits when I convert to NRO?

Can I close my resident account instead of converting it to NRO?

Can I convert my savings account to an NRO account from abroad without visiting a branch in India?

How long does it take to convert a resident savings account to an NRO account?

What happens when the first holder remains a resident, but the joint holder of a Savings Account or Fixed Deposit becomes NRI?

Will the mode of operation change when a joint account holder becomes NRI?

Do I need to update my linked Demat or Trading Account after becoming NRI?

NRE Savings Account Related Searches

NRI Savings Account

NRO Savings Account

Seafarer Account

NRI Banking

NRE Fixed Deposit

NRO Fixed deposit

NRI Fixed Deposit

GIFT City

UPI Payment

Video KYC account opening

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