How to Convert Resident Account to NRO Account
An NRO account is used by NRIs to maintain and manage the income generated in India. A person with NRI status needs to open an NRO account to park all their Indian earnings. It is mandatory to convert the existing savings account to an NRI account before moving to another country. When a person initiates the bank account conversion process, the bank converts his/her existing savings account to an NRO account. The NRO account opening process can be done online or by visiting the bank’s branch where you have a resident account. The account number of the new account is the same as the previous one. The funds are automatically transferred to the NRO account. The Process to Convert a Resident Account to an NRO Account These steps are indicative and may vary from bank to bank. Contact or visit the bank where you have your resident account. Fill in the account conversion form. Mention your KYC details along with other personal details such as point of contact, international residence proof,