Are you making plans to settle abroad, but at the same time are you pondering as to how to access the money from abroad? Want to know the procedure of converting savings accounts into NRO account? If yes, then read on to find the necessary information.
The Easiest Way to Access!
By converting saving account into an NRO account, Indians who have become NRI’s can easily access their investments, which they have already made in India, and they can also operate their bank accounts with much ease. These accounts can receive foreign payments; you can also choose to have a joint holder who is a resident of India. And RBI allows repatriations overseas, but the annual amount is limited.
To open a non-resident account in any of the Indian banks, it is essential to furnish necessary documents which should state that the account holder is a non-resident as per the Indian tax laws. If the individual becomes an NRI, then he/she should not hold a bank account with a resident Indian status. To convert the resident account into a non-resident account, certain documents need to be submitted.
NRI status and residence proof
In abroad, the applicants are required to submit proof of residence in the form of dependent student visa status, Employment details, student status or it can also be a copy of the resident permit in an overseas destination. Another requirement is that the proof submitted should have Attestation of Indian Embassy and notary or overseas branch of Indian Bank
Individuals who wish to have ease in operation can even provide their local Indian address along with their overseas address. The account holder should submit attested copies of proof of local address. However, applicant’s signature in the account opening form should match the signature on the passport. Incase signature varies then attestation by the bank manager is required. For NRO account having a joint Indian holder, the Identity and address proofs are also required to be submitted.
RBI has eased norms now than earlier. Thus individuals can easily convert their saving account into NRO account.
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