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Step by step guide to convert a Resident Account to an NRI Account
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Related Information
Interest income in NRE and FCNR accounts is not taxable, while interest income generated by NRO accounts is taxable.
Failure to convert a residential account into an NRI account when necessary can draw legal and financial complications.
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Moving abroad? You will need to convert your resident account into an NRO account to continue being able to manage your finances in India. This article presents a step-by-step guide on how you can convert your resident account into an NRO account and the list of documents required in the process.
We will talk about:
Why convert Resident Account to an NRO account?
The Foreign Exchange Management Act (FEMA) prohibits NRIs and PIOs/OCIs from holding resident accounts. It makes it compulsory for an NRI to either close all their resident savings and/or current accounts or convert them to an NRO account. Learn how to manage money as an NRI by clicking here
How to Convert a Resident Account to an NRI Account?
Required Documents for conversion and opening new add on account:
The following are the forms/documents you will have to give physically or through scanned copies:
Points to note:
Mistakes to Avoid During Conversion
Care should be taken to avoid these common pitfalls to ensure that the entire process is smooth, timely, and hassle-free:
Submitting Incomplete Documentation
The most common problem is incomplete or missing documentation. Be sure you know what the bank requires and have all documents needed, such as NRI status proof and recent ID/address proof, available for submission. Confirm with your RM in case of any doubts.
Submitting Inaccurate Information
Review all information, including your name, current residence, and destination country. Additionally, give your recent email address and phone number to enable the bank to contact you throughout the procedure.
Disclose all your existing accounts and investments
To prevent any delays and/or issues in the future, disclose all your existing accounts and investments with the bank at the time of status conversion. Understand which investments and accounts you will be able to continue, and which will not be allowed as an NRI
Kotak Mahindra Bank offers an array of NRI banking solutions, including savings accounts, current accounts, and deposits.
This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Mutual Fund investments are subject to market risks read all scheme related documents carefully before investing
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