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An Indian citizen who is outside India for a period of 183 days or more in one financial year
An Indian citizen needs to fulfil following conditions to become Non Resident Indian (NRI)
An Indian citizen who is outside India for a period of 183 days or more in one financial year
An Indian citizen stays in India for less than 365 days in the last four years from the current assessment year and less than 60 days during the year
First time abroad goers can also convert account to NRI status provided you have Valid Passport, Visa, PAN & Foreign Address Proof
If you fulfill the above criteria, you can convert your resident account to non-resident ordinary account, for non-resident external account (NRE) you need to open new NRE account as exisiting RI account can only be converted to NRO status. Now you can convert your ICICI Direct 3-in-1 A/c into NRI status without closing your trading, demat and bank a/c.
You will be required to open a new Non-resident external (NRE) account(s)
Your Resident Savings account will convert to Non-resident ordinary (NRO) account
A NRE (Non-Resident External) Account is a savings account maintained in rupees where you deposit your income earned in foreign country. It can be opened as either savings, current, recurring, or a fixed deposit account. There is no tax levied on the interest earned from this account, and the amount is easily transferable. Funds from NRE account are easily repatriable to foreign country.
A NRO (Non-Resident Ordinary) Account is a savings account maintained in rupees where you deposit your income earned in India. It can be opened as either savings, current, recurring, or a fixed deposit account. Tax is levied on the interest earned from this account. An NRO account holder can repatriate only up to $1 million USD per Financial year. This account is ideal for those who have a steady flow of income in India like rent, pension & investments.
PIS Accounts (Portfolio Investment Scheme)
NON-PIS Account
This allows for transactions in secondary market under PIS on repatriable basis.
This allows for transactions in Primary market under Non – PIS on repatriable basis
This allows for transactions in secondary markets under PIS on Non-Repatriable basis
This allows for transactions in primary markets under Non-PIS on Non-Repatriable basis
Above mentioned are the eligibility criteria for NRIs to open accounts in India, depending on their requirement.
Stocks / IPO / ETFs |
All shares purchased off stock exchanges will reflect in NRO NON PINS account post conversion. You can sell the existing RI portfolio from this account. For fresh NRI investment in stocks, kindly use your NRO PINS or NRE PINS account. |
Mutual Funds |
Mutual Fund portfolio will have to be transferred separately post account is converted to NRI status. The MF Internal Transfer Request form needs to be submitted so that folio transfer request can be placed with each exchange separately. TAT for this transfer is 30-45 working days. |
Bonds |
Upon change in resident status to NRI, you will be eligible to sell your bonds purchased as resident Indian or hold them until maturity. As NRI, there are only selective bonds enabled to buy from NON PINS account as per regulations set by RBI. To know more about tax implications on bonds click here. |
Fixed Deposits |
Your resident status will have to be updated with the concerned principle of the Fixed Deposit you hold. |
NPS |
You are requested to submit annexures at the nearest ICICI-Direct branch. You can hold on to the current NPS investment. No additional investments can be done in NPS |
Tax Implication |
Tax Deducted at Source on Captial Gains will be applicable as NRI. Click here to Know more |
In this process you can convert RI to NRI status by logging through ICICI Net Banking and complete the conversion journey. This process is applicable for ICICI Bank customers holding RI savings account who wish to convert account to NRO and want to attach Trading & Demat along with it. This process is also applicable if you already hold RI status 3-in-1 account and wish to convert to NRI status.
You can visit any of the ICICIdirect or ICICI Bank branches across India and can convert to your resident account to NRI Savings , Demat & Trading Account
For Non Face to Face process you need to register on ICICIdirect NRI Webpage and generate ARN. Once journey is complete, customer service team will get in touch and facilitate in account conversion. This process is only applicable if your are initiating the account conversion process outside India from a foreign country.
FAQs for RI to NRI ConversionDormancy is removed if no discrepant documents in the request are submitted. Account is activated with conversion through ICICI Bank net banking process.
Customer can also visit the nearest ICICI Bank branch and complete the process of account activation.
Yes, all the resident saving accounts will be converted online into NRI accounts provided there is no discrepancy in any of the account.
You can convert your resident savings account via ICICI Bank net banking process.
If you are listed as joint holder in multiple resident savings account, then you would need to visit nearest ICICI Branch and complete the process offline.
You would need to visit nearest ICICI Bank branch and change your residential status in the minor account and subsequently change your status in your account.
If both holders are converting their status to NRI, then the same can be done through ICICI Bank net banking process.
If you are listed as joint holder in any other resident savings account, then you would need to visit nearest ICICI Bank branch and complete the process offline.
HUF account cannot be converted. HUF account needs to be closed by visiting nearest ICICI Bank branch.
You can hold on to PPF investment, but no additional investments can be done in PPF account.
You need to visit ICICI Bank branch and close your Sukanya Samridhi account.
You can hold on to NPS investment, but no additional investments can be done in NPS account.
As per RBI there is no restriction in changing the status of only joint holder to NRI. Mode of operation will be changed to NRI joint holder status and no cheque book or debit card will be provided to the Joint holder.
Disclaimer –
ICICI Securities Limited- AMFI registered Mutual Fund Distributor. Registered office of I-Sec is at ICICI Securities Ltd. (I-Sec) - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel: (91 22) 6807 7100, Fax: (91 22) 6807 7803. I-Sec is also a SEBI registered with SEBI as a Research Analyst vide registration no. INH000000990. AMFI Registration No.: ARN-0845. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. Please note, Mutual Fund related services are not Exchange traded products and I-Sec is just acting as distributor to solicit these products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon.
