Frequently Asked Questions
Resident account conversion to NRI account
What happens after I place a request for the conversion of my Account?
The conversion process takes approximately 12 working days to be completed. You will not be able to transact using the Account during this time. You will receive regular updates about the status of the conversion on your registered contact details.
What will not change?
- Account Number
- Internet Banking User ID and password
- Chequebook
- Mode of Operation (Unless the joint holder is a Resident Indian)
- Signatures
- Standing Instructions like EMI, BillPay etc.
What will change?
- Account Status: Your Resident Account will now be converted to an NRO Account. If your Account is inactive/dormant, it will be activated
- 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: If you are an NRI and are a joint holder in another resident Account where the primary holder continues to be a resident Indian, the Bank will change your residential status from RI to NRI.
What to expect?
- You can use your Account instantly on conversion
- You will get an additional NRE Account linked to your Customer ID (Cust ID) at the same branch.
- You will be automatically registered for the Money2India service for instant money transfers at preferred rates.
What will happen to my existing relationships with the Bank?
Here is how other products or services that you have availed through ICICI Bank will be impacted when you become a Non-Resident Indian (NRI):
| Sr. No. | Type of Product | What to expect |
|---|---|---|
| 1 | Government Schemes | As per RBI guidelines, NRIs are not eligible for the following Government Schemes: • Atal Pension Yojna (APY): Existing schemes will be closed and money will be credited to the converted NRO Account • Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY), Pradhan Mantri Suraksha Bima Yojna (PMSBY): Funds for the current year will not be debited. You have to submit the cancellation request for Standing Instructions. |
| 2 | Public Provident Fund (PPF) & Sukanya Samriddhi Yojana (SSY) | As per RBI guidelines, NRIs can neither open a new PPF / SSY Account nor extend an existing PPF Account. In case you already hold a PPF / SSY Account before becoming an NRI, you can continue to hold it till maturity and continue contributions from your NRO Account. |
| 3 | Demat Account | The resident Demat and Trading Account will be converted digitally along with your Savings Account as part of this request. - ICICI Securities will cancel all active orders in Equity / Mutual Fund SIP / NPS / Futures & Options |
| 4 | Mutual Funds | Existing Mutual Fund investments will continue. |
| 5 | Fixed Deposits (FDs) | Will be converted to NRO FDs. |
| 6 | Overdrafts (ODs) | Overdrafts against Fixed Deposits will be converted to NRO Overdrafts. |
| 7 | Recurring Deposits and iWish Deposits | Recurring Deposits and iWish Deposits will be closed immediately and proceeds will be credited to the converted NRO Account. |
| 8 | Quantum Optima Deposit | If the Quantum Optima (QO) facility is active in your Resident Savings Account, it shall continue in your NRO Account if your Permanent Account Number (PAN) is updated. QO shall be discontinued in the absence of PAN as part of this request. |
| 9 | Overdue Deposits | Overdue Fixed Deposits will be closed and the closure proceeds will be credited to the converted NRO Account. |
| 10 | Lockers | Locker(s) maintained at our Branch (es) will continue. |
| 11 | Credit Card | Please contact any of our Branches at your convenience to surrender your existing resident Credit Card and apply for an NRI Card (as applicable). |
| 12 | Mortgage Loan | If you have an existing Mortgage Loan as a Resident Indian (RI), please visit any ICICI Bank Branch (at your convenience, when you visit India) to re-designate the Mortgage Loan status to Non-Resident Indian (NRI) Loan. |
| 13 | Other Loans - Personal Loan, Vehicle Loan, etc. | Other Loans will continue as per existing Terms and Conditions. EMIs will continue from the converted NRO Account. |
| 14 | General Insurance | It will continue as per existing policy Terms and Conditions. |
| 15 | Life Insurance | It will continue as per existing policy Terms and Conditions. Contact your tax advisor for details of tax benefits applicable on the policy. |
| 16 | PayLater | Any existing PayLater Account will be closed. |
| 17 | Current Account | Individual Current Account(s) will be closed and any balance in the Account(s) will be credited to the converted NRO (Savings) Account. |
How can I convert my normal Savings Account (Resident Account) to an NRI Account?
You can convert your Savings Account (i.e. Resident Account) into an NRO (Non-Resident Ordinary) Account using any of the 2 modes given below:
- DIY (Do It Yourself) Mode:
Log into your Internet Banking account and follow this path: Login > Customer Service > Service Request > Click on ‘Convert your SB account to NRO Account’ - Assisted Mode
While filling in the relationship details, please mention the Resident Account number(s) to be converted to NRO Account(s). The Account number(s) will remain same for your convenience.
In case you simultaneously hold a Non-Resident Account and a Resident Account and your status is Non-Resident Indian, you will have to convert your Resident Account to an NRO Account as per the applicable FEMA guidelines. Please fill in a Resident-to-NRO conversion request form.
Note:
After the conversion of your Resident Savings Account to an NRO Savings Account, your Account Number will remain the same and funds from the Resident Savings Account will be automatically transferred to the NRO Savings Account. In case your address is India has not changed, you will not be required to submit an address proof. However, if it has changed, then you will be required to submit the address proof of the changed address. The address proof of the Current Address (i.e. overseas address) has to be mandatorily submitted.
Am I eligible for converting my Savings Account to an NRO Account?
Yes, if you are the Primary Holder in the Account and your residential status is any of the below:
- Non-Resident Indian (NRI)
- Person of Indian Origin (PIO)
- Overseas Citizen of India (OCI).
You cannot convert your Savings Account to an NRO Account if any of the conditions below are met:
- You are the secondary holder in the Account
- You reside in Nepal / Bhutan / Pakistan
- You are a citizen of Bangladesh
- You have a Business / Tourist Visa
- Your account is freeze-marked / has a lien / is in debit balance.