Annexure B for NRI to RI conversion
S 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 back to the converted NRO Account • Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY), Pradhan Mantri Suraksha Bima Yojna (PMSBY): Current year funds will not be debited. Customer needs to submit the cancellation request for Standing Instruction. |
2 | PPF & SSY | As per RBI guidelines , NRIs can neither open a new PPF / SSY Account nor extend a 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 contribution from NRO Account. |
3 | Fixed Deposit (FD) | Existing Mutual Fund investments will continue. Customers are recommended to 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. (Login to MF Central >> Service Requests >> Change of Tax Status >> Select Folios >> Upload new bank details >> Submit) |
4 | Fixed Deposit (FD) | Will be converted to NRO FD. |
5 | Overdraft (OD) Account | Overdraft against Fixed Deposit will be converted to NRO Overdraft |
6 | Recurring Deposits and iWish Deposits | Recurring Deposits and iWish Deposits will be prematurely closed and credited to the converted NRO Account. |
7 | Quantum deposit | Quantum Optima (QO) facility that is provided in your Savings 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 |
8 | Overdue Deposits | Overdue Fixed Deposits will be closed and the closure proceeds will be credited to the converted NRO Savings Account. |
9 | Locker | Locker(s) maintained at our branch(es) will continue. |
10 | 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). For Secured credit card/ Insta credit card branch to raise the request for cancellation |
11 | 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. |
12 | Other Loans - Personal Loan, Vehicle Loan, etc. | It will continue as per existing Terms and Conditions. Repayment of EMI will continue from the converted NRO Account |
13 | General Insurance | It will continue as per existing policy Terms and Conditions. |
14 | Life Insurance | It will continue as per your existing policy Terms and Conditions. Contact your tax advisor for details of tax benefits applicable on the policy. |
15 | PayLater | Any existing PayLater Account will be closed. Branch to raise the request for existing pay later account closure or guide the customer to contact the phone banking team for paylater account closure. SR Path LI_INTERNET/MOBILE BANKING_PayLater queries/requests for closure |
16 | Current Account | Individual Current Accounts will be closed and any balance in the Account will be credited to the converted NRO Savings Account. In case of Proprietorship / Partnership or Company Accounts, NRI status will be updated by the bank for the individual with applicable FATCA declaration. No changes are applicable to the non-individual Accounts.( In case account holder is the beneficial owner in the Pvt Ltd account then entity FATCA is required) |