When an existing account holder’s residential status changes from RESIDENT INDIAN to NON RESIDENT INDIAN then customers are required to submit requisite forms and documents for updating the NRI status across all relationships (including resident account wherein he/she is joint holder).
All resident bank accounts (wherein you are the primary account holder) need to be converted/ re-designated as NRO account. Further we request you to kindly refer the below process which needs to be followed to update the NRI status across all account relationships
I. RESIDENT TO NRO CONVERSION (Bank Account)
DOCUMENTATION TO BE SUBMITTED FOR CONVERTING EXISTING RESIDENT ACCOUNT TO NRO ACCOUNT WITHOUT CHANGING THE ACCOUNT NUMBER: - (Customers are requested to mentioned all their bank account number held with HDFC Bank and their customer id on the conversion form)
- Resident to NRO Conversion form. (Form to be signed by all holders) Click Here
- Self-attested PAN Card or Form 60 (in the absence of PAN) Click Here
- Self-attested copies of passport and Visa to prove his/her NRI status.
- Overseas address is mandatory to be obtained from customer and mentioned on the account conversion form.
- Self-attested Address proof (Any one Indian or Overseas proof) should be as per the list of acceptable proofs. Click Here for the list.
Important point -
In case customer (whose status has now changed to NRI) is a joint/second holder in Resident Account then in such cases, customer need to additionally submit a declaration (Click Here) along with the above mentioned conversion forms and KYC documents.
MODES OF SUBMITTING THE REQUEST:-
1) NON FACE TO FACE APPLICATION:
A) Request can also be submitted via REGISTERED EMAIL ID (Scanned copies of Self-attested documents need to be submitted)
B) Request can be submitted via Non face to face basis physical request received via COURIER / POST/ MAILBOX etc. (Self-attested documents need to be submitted))
2) FACE TO FACE APPLICATION:
- All KYC documents must be self-attested by the customer.
- All documents must be signed in presence of the bank official and all KYC documents would be verified against the originals by the bank official.
IMPORTANT POINTS TO NOTE:
1) DEBIT CARD: International Debit card linked to Resident Account will be Hotlisted whereas new Rupay NRO domestic debit card or ATM card can be issued for re-designated NRO account provided the request for Rupay debit card issuance is submitted on the conversion form.
2) CURRENT REIMBURSEMENT ACCOUNT: Current Reimbursement Account can be closed or in case you wish to continue to maintain the account then it will be converted to Current Account – NRO, however there will be AMB- Average Monthly balance requirement on the said account and this AMB will be calculated basis the branch in which you have maintained the said account.
3) JOINT HOLDER FACILITY: a) Resident Joint Holder in NRO Account:- Any resident Individual can be a second/joint holder in NRO account with mode of operation as “Former or Survivor”. Only 1 Resident Individual can be added as Joint/second holder in NRO account. Such resident joint holder can also be Mandate Holder in the NRO account for ease of operation of NRO account in India. NRI customer need to submit the mandate form and resident individual who is being added as mandate holder and the mandate holder need to visit the branch along with the original copies of his/her photo id and address proof and also sign on the said form. Click here for Mandate form.
b) NRI Joint holder in Resident Account: NRI Individuals can be joint/ second holder in any resident account under ANY mode of operation i.e. JOO, JAO etc. However in such cases NRI customer need to additionally submit a declaration (Click Here)
4) REQUEST SUBMISSION: Account conversion request can be submitted at home as well as non-home branch and also can be submitted via Registered Email id currently updated on bank records.
5) TDS APPLICABILITY: TDS on interest earned on NRO savings account will be applicable post the account is converted to NRO. TDS on interest earned on term deposit post conversion will be applicable on from the date of completion of last quarter (Reinvestment FDs) OR last interest payout date (Interest Payout FDs).
II. DEMAT CONVERSION
DOCUMENTATION REQUIRED FOR CONVERSION OF NSDL/CDSL RESIDENT DEMAT ACCOUNT TO NON RESIDENT
2. KYC form (Click Here) (Customer need to affix one photograph on the KYC form and sign across the photo)
3. Extended KYC form for Individual (FATCA) Click Here.
KYC Documents required with above mentioned forms for Demat account conversion from Resident to Non Resident:- (Same documentation for sole or joint holders)
a) PAN card copy (Mandatory)
b) VISA copy (Mandatory) - Resident Visa/ Work Permit/ Employment Visa/ Current Visa or any other type of visa.
c) At least ONE Officially Valid Document (OVD) for Address proof (Mandatory) i.e. Passport, Driving License, Proof of possession of Aadhaar number (Non DBT Aadhar consent form to be additionally be submitted if Aadhar card is submitted), Voter's Identity Card, NREGA Job Card duly signed by an officer of the State Government, Letter issued by National Population Register containing demographic details.
Apart from OVD, please submit proof of address for overseas address like Bank statement or utility Bill (both not more than 3 months old)
MODES OF SUBMITTING THE CONVERSION REQUEST :-
A) FACE TO FACE PROCESS (If you are in India and have met the branch staff):-
All forms need to be duly filled and signed by the all account holder (s) and self-attested KYC document copies need to be submitted and will be verified by bank staff with originals.
B) NON FACE TO FACE PROCESS (If you are presently staying abroad & wish to send documents via courier/mailbox service etc):
In this case you need to send all required forms duly signed in original. Please note that the copies of KYC documents should be self-attested and attested by any ONE of the below entities to the extent that the same is verified with originals
a. Authorized officials of overseas branches of Schedule Commercial Banks registered in India (Bank Seal; Name; Designation; Employee Code of the Person doing attestation)
b. Notary Public
c. Court Magistrate
e. Indian Embassy / Consulate General of the country where the client is residing.
Important points to remember for Demat status conversion:-
1. Non-Resident (NRI) client can have same or different address for correspondence / permanent address but foreign address proof is mandatory.
2. In order to update Dividend Bank details in NRO Demat a/c - Only NRO SB a/c can be linked.
3. As per process at least One self-attested OVD is mandatory to be submitted by the Demat account holder/s along with Conversion, KYC & FATCA forms
4. All above forms need to be duly filled and signed by Demat holder/s
5. On conversion, the Demat account number will remain the same and only residential status will change and will be updated as NRI
6. In case of multiple resident Demat accounts held by you under primary / first holder relationship all accounts need to be converted to NRO Demat Account.
7. Pan card is mandatory for all the holder(s) of Demat account.
8. Post conversion of resident Demat to NRO Demat account you can open an HSL NRO trading account through HDFC Securities Limited (If required). (Existing HSL trading account cannot be converted to NRO HSL hence new NRO HSL trading account needs to be opened)
9. Forms should be submitted or couriered at DP servicing HDFC Bank branches.
III. HDFC SECURITIES TRADING ACCOUNT
On change of Residential status it is mandatory to close the Resident HSL Trading account since HSL trading account cannot be converted into NRO status. Click Here for trading account closure form. NRI HSL trading account cannot be opened for US/CANADA based NRI under non face to face category.
For more details on opening NRO HSL trading account kindly send email to email@example.com. The team can help you to open the NRO Ebroking Savings account along with NRO Trading account
IV. INVESTMENT SERVICES ACCOUNT (MUTUAL FUNDS)
Investment Services Account (ISA) is a product of our bank that allows a customer to buy sell mutual funds through his/ her netbanking. When the residential status changes from Resident Indian to NRI, the customers have to update their KYC status to NRI in ISA account and basis this request we will be updating your KYC status to NRI across all your mutual fund folios held in our ISA account.
DOCUMENTATION TO BE SUBMITTED FOR CONVERTING RESIDENT ISA ACCOUNT TO NRO ISA ACCOUNT: -
1) Self attested BANK STATEMENT showing the NRO status updated on bank account OR Cancel cheque copy of NRO account with pre-printed name.
2) Request letter from customer with ISA details- (Click Here for specimen format if required
4) Self attested Pan card and Passport.
5) Overseas address proof required (passport with visa consisting Overseas Address/Driver’s License with Overseas Address / Utility Bill latest 2 months (mobile, land line, electricity etc.) with overseas address)
6) Mutual Fund FATCA (You may get the FATCA from any of our branch officials or you may contact us- Click Here for ways to get in touch with HDFC Bank)
V. CREDIT CARD
In case you hold resident credit card then the below process needs to be followed for Migration from Resident Credit card to Domestic NRI Credit Cards.
DOCUMENTATION TO BE SUBMITTED FOR CONVERTING RESIDENT CREDIT CARD TO NRO DOMESTIC CREDIT CARD: -
- NR Upgrade / Migration form. Click Here for form.
- Kindly fill in the required fields – existing resident credit card details, NR account details, NR FD Details, NR FD Lien amount.
- Kindly select card type basis FD lien amount.
- Self-attested copies of Pan Card, VISA & Passport.
- Please read the terms & conditions carefully and sign the migration/upgrade application form (mandatory Auto Pay & FD Lien guidelines)
- The completed form along with supporting docs to be handed over to credit card -Sales Team OR can be couriered in physical to HDFC Bank Cards Upgrades Division, P.O. Box No. 8654, Thiruvanmiyur P. O., Chennai - 600 041
Domestic NRI Credit Card
NRI Infinia / NRI Regalia
Auto Debit Account Type
Auto Debit Amount
FD Lien Account Type
NRO FD / NRE FD / FCNR deposit
Domestic Usage (In India)
Minimum FD Lien Amount
NRI Infinia – INR 11,00,000
NR Regalia – INR 4,00,000
Max. 75% of FD lien amount
IMPORTANT POINTS TO NOTE:
- The new migrated credit card will be linked to NRO account and can be used only for domestic transaction i.e. within India. In case you need new NRI International Credit card , then please contact nearest branch.
- If you selects multiple check boxes for card type (International/Domestic) & Card variant (Regalia / Infinia), the form would be rejected.
- On migration of resident credit card to NR credit card, a new NR domestic credit card will be issued and existing resident credit card will be blocked.