Hi Thanks for video some queries plz What if account isn't with global bank like icici is the procedure for converting residential to NRO different? Do all banks in India provide this? Did you need to do KYC again or provide other docs like pio or oci? Kindly advice Thanks
Hi - Yes, all the Indian private banks and public sector banks provide this facility to convert your existing saving account to NRO/NRE accounts. You need to check with your bank if they can do it online for you through email /call. And yes, you have to complete the KYC again with new set of documents including foreign residential proof, VISA, PIO or OCI card etc.. Please let me know in case if you have any more questions. Thanks for watching.
@@WisdomExclusive thank you ! One last thing I had a Residential account for a while now I just discovered this rule and NRO stuff will my current bank incur a fine for not doing this earlier? Is it better to withdraw all cash and open NRO with new provider ? Thanks
@@vs9108 NO, there is NO fine or any problem. I did it myself after few months of becoming NRI. However, I would advise to have ICICI bank or HDFC bank for better online capability throughout the world but choice is yours. Please like and share the video and subscribe to the channel if the content was useful to you and let me know in case of any more questions. Thanks!
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Hi Thanks for video some queries plz
What if account isn't with global bank like icici is the procedure for converting residential to NRO different? Do all banks in India provide this?
Did you need to do KYC again or provide other docs like pio or oci?
Kindly advice
Thanks
Hi - Yes, all the Indian private banks and public sector banks provide this facility to convert your existing saving account to NRO/NRE accounts. You need to check with your bank if they can do it online for you through email /call. And yes, you have to complete the KYC again with new set of documents including foreign residential proof, VISA, PIO or OCI card etc..
Please let me know in case if you have any more questions. Thanks for watching.
@@WisdomExclusive thank you ! One last thing I had a Residential account for a while now I just discovered this rule and NRO stuff will my current bank incur a fine for not doing this earlier? Is it better to withdraw all cash and open NRO with new provider ? Thanks
@@vs9108 NO, there is NO fine or any problem. I did it myself after few months of becoming NRI. However, I would advise to have ICICI bank or HDFC bank for better online capability throughout the world but choice is yours. Please like and share the video and subscribe to the channel if the content was useful to you and let me know in case of any more questions. Thanks!
@@WisdomExclusive thanks shared too :) 🙏
Thank you very much 🙏 and mention your any queries related to NRI banking, investment etc.. I will answer as soon as possible. Thanks 🙏