Can NRIs convert an existing resident account into an NRE or NRO account?
Can NRIs convert an existing resident account into an NRE or NRO account? |
An NRI cannot directly convert an existing resident account into an NRO account. However, once their residential status changes, NRIs can convert their resident account into an NRO (Non-Resident Ordinary) account. If they wish to open an NRE (Non-Resident External) account, they must close their existing account and open a new one under the NRE category. They should inform their bank and complete the necessary formalities. Convert Resident Account to NRE/NRO: Learn how NRIs can convert a resident account to an NRO account or open a new NRE account after their residential status changes. Have a Question? Click here for assisted service. |