How to Convert NRI Account to Resident Account?

Hey pal,

I plan on moving back to India in the next few months. In preparation for it, I went to my bank and asked how to convert NRI account to resident account. I found out that the residential status of the account holder will change from non-resident Indian to resident Indian. 

All the NRE/NRO (wherein I am the primary/joint account holder) will be converted without changing the account number. For the conversion of the account, I will have to submit all the required forms and documents for updating the status. 

The bank will verify my documents and make changes in their backend system. 

The process is simple and can take five to ten government working days. 

• Resident savings account opening form duly signed by all account holders of the account which is being re-designated. 

• Declaration for change of status from Non-Resident to Resident

• KYC Documents (Identity and address proof) as applicable in resident account opening.  

• PAN / Form 60 along with PAN acknowledgement.  

• Photograph. 

• Extended KYC – FATCA / CRS declaration 

• Account modification form

• In the case of a joint/second holder in an NRO account, Annexure A will be required. 

For NRI to resident account conversion Axis bank, I will need to update the bank and address details of the Demat account in the Account modification form. I will also need to show bank proof, income proof, power of attorney, and address proof and submit copies if required. There might be a few additions to the list of documents as each bank has a different system in place.

This is from my end on how to convert NRI account to resident account.

Converting an NRI (Non-Resident Indian) account to a resident account involves specific procedures and documentation. Here’s how to change NRE account to normal account.

Can NRE Account be Converted to Resident Account?

Yes! You can change an NRE account to a normal one. So if you want to know how to convert NRI account to normal account, you can follow these steps;

• Bank Account (NRE/NRO) Conversion to Resident:

Submit the following documents to your bank:

1. Resident savings account opening form: Duly signed by all account holders of the account being re-designated.

2. Declaration for change of status: From Non-Resident to Resident.

3. KYC Documents: Identity and address proof applicable for resident accounts.

4. PAN Card/Form 60: Along with PAN acknowledgment.

5. Photograph.

6. Extended KYC – FATCA/CRS declaration.

7. Annexure A (if applicable): Required if you are a joint/second holder in another NRE/NRO account where the primary holder is still an NRI.

1. All Non-Resident Savings Accounts/Current accounts where you are the first holder will be re-designated as Resident Accounts with the same account number.

2. If the account being re-designated has joint NRI account holders, it can continue with NRI joint/second holders in any mode of operation on receipt of an undertaking from the NRI joint holder.

3. NRE Fixed Deposits (FDs) will be re-designated as Resident FDs immediately under new deposit numbers.

4. NRO FDs will also be re-designated as Resident FDs.

5. Returning NRI customers have the option to open RFC SB & RFC FD in select currencies with the proceeds of NRE/FCNR accounts or funds remitted from abroad.

• Demat Account Conversion:

If you have an NRE/NRO Resident Demat account, follow these steps:

1. Fill the

   conversion form

   (NSDL/CDSL) applicable to your demat account.

2. Complete the

   KYC form

   (affix a photograph and sign across it).

3. Submit the required documents for demat account conversion from Resident to Non-Resident (same documentation for sole or joint holders).

I hope this helps you understand how to change NRE account to normal account.

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