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You can convert your existing Resident Savings Account to a Non-Resident Savings Account without closing your banking relationship with Kotak. If your residency status has changed to NRI, you are required to have your savings account converted to an NRO Account
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Fixed Deposit : Your existing Resident Deposit will be closed and rebooked. The closure proceeds of the closed Fixed Deposit will be treated as principal for the new NRO Fixed Deposit. The tenure of the new NRO Fixed Deposit must be equal to the existing Resident Fixed Deposit. The rate applicable for the new NRO Fixed Deposit will be available on the date of booking of the new NRO Deposit.
Locker : You can continue to hold the locker with modified debit authorization to the NRO Savings account.
Demat : NIL holding- Separate annexure must be submitted for closure. Withholding- Separate annexure must be submitted for conversion
Mutual Funds : If your Investment account has ZERO holding at present, you may close down your investment account. If you have holding available in your account, the same will be de-linked from your respective Savings Account and you need to submit the separate conversion forms to the respective Asset Management Company.
NRIs can open a joint account with a Resident Indian on a “former or survivor” basis. That means the Resident Indian, while a joint holder, can only manage the account in the event of the NRI’s demise. Additionally, there can only be one Resident Indian joint holder per account.
To convert your NRI account to a Resident account, you must submit a change of status request to your bank. You will have to close your NRE savings account, while your NRO savings account will be converted to a Resident savings account of your choice.
While you are not allowed to hold a resident savings account after becoming an NRI, you can alternatively convert it to an NRO savings account instead of closing it.
Yes, RBI mandates that upon becoming an NRI, you must convert your existing resident savings account to an NRO savings account.
If you do not convert your resident account to an NRO account after acquiring NRI status, the account may be frozen or classified as non-compliant by the bank. This can result in penalties under FEMA, restricted access to funds, and difficulties in conducting transactions.
