NRE/NRO TO RESIDENT CONVERSION

INTRODUCTION

When an existing account holder’s residential status is changed from NON RESIDENT INDIAN TO RESIDENT INDIAN then based on the existing account details, customers are required to submit all the required forms and documents for updating their current RESIDENT INDIAN status across all their accounts (including NON Resident account wherein he/she is joint holder)  

All Non-resident accounts i.e. NRE/NRO (wherein you are primary account holder) need to be converted/ re-designated as Resident account  

I. BANK ACCOUNT (NRE/NRO) CONVERSION TO RESIDENT

Documentation to be submitted for converting NRE/NRO Account to Resident 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 savings account opening form duly signed by all account holders of the account which is being re-designated. Click Here.  
• Declaration for change of status from Non Resident to Resident Click here.  
• KYC Documents (Identity and address proof) as applicable in resident account opening.  
• PAN / Form 60 along with PAN acknowledgement.  
• Photograph. 
• Extended KYC – FATCA / CRS declaration Click here.  
• Annexure A (signed by all holders) would be additionally required if you are also joint/second holder in another NRE/NRO account but the primary holder in that account is still NRI (Resident Indian can be added under former or survivor mode of operation in NRE/NRO account)   

IMPORTANT POINTS TO NOTE: 

• All Non Resident Savings Accounts /Current accounts where the you are the first holder will be re-designated as Resident Account with the same account number.  
• In case the account being re-designated has joint NRI account holder then such account can be continued with NRI joint/second holder in any mode of operation on receipt of undertaking from NRI Joint holder. Click Here for the undertaking. 
• NRE FD will be re-designated as Resident FD immediately under new deposit number. Since as per RBI guidelines NRE account should be immediately re-designated as Resident Accounts on change of residential status from NRI to Resident Indian.  
• NRO FD will be re-designated as Resident FD.
• Returning NRI customer has an option to open RFC SB & RFC FD in select currencies with the proceeds of NRE / FCNR accounts or from funds remitted from abroad. If NRE FD/NRE RD/FCNR FD is prematurely closed within 1year, no interest will be paid.

II. DEMAT 

DOCUMENTATION REQUIRED FOR CONVERSION OF NSDL/CDSL NRE/NRO RESIDENT DEMAT ACCOUNT TO RESIDENT: (Customers are requested to mentioned all their bank account number held with HDFC Bank and their customer id on the conversion form)  

1. Conversion form (NSDL/CDSL) as applicable (Click Here for NSDL demat accounts) (Click Here for CDSL demat accounts) 

2. KYC form (Click Here) (Please affix one photograph on the KYC form and sign across the photo) 

3. Extended KYC form for Individual (FATCA) Click Here.  

4) 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) At least ONE Officially Valid Document (OVD) for Address proof (Mandatory) i.e Passport, Driving License, Proof of possession of Aadhaar number, 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. 

Important points to remember for demat status conversion:- 

1. All documents submitted need to be in original for processing. 

2. For Dividend details - Link the same to Resident savings account. 

3. You need to visit nearest DP servicing branch along with all original KYC documents and sign all documents in presence of Bank official. 

4. Address proof in the name of the applicants (all applicants) Any one of below OVD (Officially Valid Proof)  like passport, driving licence, proof of possession of Aadhaar number, Election card, or Job card issued by NREGA duly signed by an officer of the State Government. 

5. KYC form and FATCA required for all applicant/s 

4. On conversion the Demat account number will remain the same and only residential status will change. 

III. HDFC SECURITIES LIMITED 

It is mandatory to close the NRE/NRO HSL Trading account opened in erstwhile NRI status after the status changes from Non Resident to Resident since existing NRE/NRO HSL trading account cannot be converted to Resident trading account.  

IV. ISA (MUTUAL FUND ACCOUNT) 

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, you need to update your KYC status from NRI to Resident Indian in ISA  

DOCUMENTATION FOR RESIDENT CUSTOMERS 

DOCUMENTATION TO BE OBTAINED FROM CUSTOMER FOR UPDATING CONVERTING NRE/NRO ISA ACCOUNT TO RESIDENT ISA ACCOUNT: - 

1) Cancel cheque copy of resident account with preprinted name along with new tax status mentioned on the cheque or BANK STATEMENT with branch manager's attestation and customers tax status.  

2) Self attested Pan card copy 

3) Self attested Passport copy 

4) Request letter from customer with ISA details- (No specific format, letter from customer required). Click Here for specimen format. 

5) Resident address proof required (Passport copy with the residential-Indian address/ utility bill with the Indian 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 

Upgrade/ Migration Form for Customers moving from non-resident to Resident Credit Cards. 

Process for Existing HDFC Bank Non- Resident Credit Card holders 

• Download the Upgrade / Migration form from form centre Click Here for form. 
• Fill in the required mandatory fields – existing card details, attach Payslip or Income Tax Returns or FD Lien Declaration (Click Here for FD lien declaration)  
• Select on card type & cross sell option for pricing. 
• Kindly read the terms & conditions carefully and sign the migration/upgrade application form. 
• 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 
• On migration of NR credit card to Resident credit card, a new credit card will be issued and existing NR credit card will be blocked.