Convert Savings Account to NRO Account

Settling Abroad?

Your Bank stays with you as you take on the world!

Convert your resident account to NRO account and simplify your transition

Earn up to 6.50% p.a. interest, credited monthly

Experience effortless banking with our top-rated mobile app

Overview

If you have moved abroad and now hold Non-Resident Indian (NRI) status, you are required to redesignate your resident savings account as a Non-Resident Ordinary (NRO) account in line with FEMA and RBI regulations.

When a customer pays via a UPI app, the device receives a signal from the payment network and announces the amount received. The sound box from IDFC FIRST Bank connects over SIM-based 4G and operates without requiring a separate device.

Who needs to convert it

Indian citizens

NRIs under FEMA residing abroad for work, business, or education.

Overseas Citizens of India

Individuals of Indian origin holding OCI status

Joint account holders

Where the primary holder has acquired NRI status.

NRIs

Who are now the sole holder of a resident account.

The conversion is not applicable to individuals travelling abroad temporarily on a tourist visa, short-stay visa or visa issued for family or business visits.

How to convert

Send a request for conversion

From your registered mail ID to the relationship manager (RM) or to customer support

Submit the form

Submit the Resident to NR conversion form, Account Opening Form and required documents

Voice verification

Your RM will conduct a voice verification and process the application for conversion

Visit your nearest IDFC FIRST Bank branch with a passport-size photo, PAN card, and valid ID proof like Aadhaar, passport, or voter ID.

Locate nearest branch

Eligibility criteria

Non-Resident Indians

Person of Indian Origin (PIO)/ Overseas Citizen of India (OCI)

Seafarers and Oil Rig Employees

Documents needed

Application Forms

Resident to NRO Conversion Form [Link]

NRI Account Opening Form [Link]

Identity Proof

Passport

Non-Resident Status Proof

Any one of:

Visa

Overseas Citizen of India (OCI) Card

Foreign Passport with PIO declaration

Continuous Discharge Certificate (CDC)

Resident Permit

Overseas Address Proof

Any one with your overseas address:

Passport

Driving license

National ID/ Government issued IDs

Latest utility bill (mobile/gas/electricity/telephone)

Latest savings bank statement from a transactional account

Council tax bill

Resident Permit

Voter ID/Electoral card

Tax related

Permanent Account Number (PAN)

FATCA-related fields on the application form

Holding/Service	Impact After Conversion to NRO
What gets converted
Resident Savings Account	Existing Resident Savings Account will get converted to NRO Account
Fixed Deposits	Existing fixed deposits will be converted to NRO fixed deposits
Recurring Deposits	Existing recurring deposits will be converted to NRO recurring deposits
TDS on Interest on Account	TDS on interest will be deducted at applicable rates for the entire quarter in which the account is redesignated as an NRO account.
What remains the same
Customer ID	Your existing 10-digit Customer ID will remain the same
Savings Account Number	The same 11-digit account number will be redesignated as a Non-Resident Ordinary (NRO) account.
Branch	The account will continue to be maintained at the same branch as your resident savings account.
Cheque Book	Existing cheque books remain valid. A new cheque book can be requested through internet banking if required.
Internet Banking Login Details & Password	Existing Internet Banking login credentials remain same
Existing ECS/Standing Instructions	No change.
What gets closed
Debit Card	Existing debit card(s) will be closed. A new debit card can be requested through internet banking if required.
TDS on Interest on Account	TDS on interest will be deducted at applicable rates for the entire quarter in which the account is redesignated as an NRO account.
Wow Credit Card	*Wow credit card opted against resident deposit will be closed before conversion.
Mandate Holder	Existing mandate holders if any would require prior deletion. Once the account is converted to NRO, mandates can be added subsequently.

Frequently asked questions

Yes, under FEMA rules, NRIs are prohibited from holding a resident savings account. The savings account to NRO account conversion is mandatory and must be completed upon acquiring NRI status. Failure to do so can attract penalties.

You can open an IDFC FIRST Bank Savings Account via the online mode by visiting the Bank’s official website or mobile app. First, choose between the ₹10,000 Average Monthly Balance (AMB) or ₹25,000 AMB variant as per your needs. Next, fill out your details, submit your Aadhaar number and PAN, and complete the KYC verification. Setting up your Savings Account online with IDFC FIRST Bank is easy and seamless!

IDFC FIRST Bank offers two types of Savings Accounts based on the AMB (Average Monthly Balance) requirements: one requiring ₹10,000 Average Monthly Balance (AMB) and the other requiring ₹25,000 AMB. These account types offer benefits like high interest rates, monthly interest credits, zero-fee banking, and easy access to digital banking features.

Based on the type of applicants, IDFC FIRST Bank also offers the following Savings Accounts:

• FIRST Power Women’s Savings Account – A savings account specifically designed for women that offers features like complimentary medical benefits through MediBuddy, discount on locker rentals, exclusive offers on Debit Card, monthly interest credits, and higher interest rates.

• Seniors Citizens Savings Account – This account is designed for seniors above the age of 60 years and comes with medical benefits through MediBuddy, ₹2 lakhs coverage against online fraud, 0.5% additional ROI on FD and free doorstep banking.

• Minor’s Savings Account - Designed for minors, this account can be opened jointly with parents or guardians. Also, minors aged between 10 to 18 years can open a FIRST Prodigy Savings Account, a self-operated minor savings account that offers features like monthly interest credits, high daily debit limit of ₹40,000, education cover of ₹5 lakhs, and more.

If you are applying for your first IDFC FIRST Bank unsecured credit card, you will get a credit limit as per our internal policies. If you already have an IDFC FIRST Bank unsecured credit card, your new credit card will also have the same credit limit. The credit limit, however, will be shared across all unsecured credit cards.

Yes. You will earn:

10 reward points for incremental spends above ₹20,000 in a statement cycle and on your birthday.
5 reward points on spends up to ₹20,000 in a statement cycle.
3 reward points on Education, Wallet Load, Government, Rent and Property Management/Purchase transactions. 1 reward point on utilities and insurance transactions. Spends in these categories will not be considered for the 10X monthly milestone.
Reward points will not be given on spends converted to EMI, Cash Withdrawal, Fuel, Fee and Charges.
1 reward point is given for every ₹150 spent in a transaction. Value of 1 reward point is ₹0.25.

Education, Wallet Load, Government, Rent and Property Management/Purchase transactions, Utilities, Insurance, EMI, Cash Withdrawal, Fuel, Fee and Charges. Only those transactions which are settled by the merchant before the statement generation will be considered. If a transaction is settled after the statement is generated, it will not accrue 10X rewards. Rewards for such transactions will be credited after the next statement generation.

The Ashva Credit Card provides the benefit of never-expiring reward points. The reward points remain valid till the credit card remains active.

The Ashva Credit Card comes loaded with benefits like discounts on 300+ brands, movie tickets, complimentary airport lounge access, etc. The full list of benefits is mentioned above. For brand offers, you can visit the offers website

The Ashva Credit Card offers one of the lowest forex markups in the industry at just 1%. Spend seamlessly while travelling abroad as well as on international purchases made from India.

Yes, Ashva Credit Card offers:

4 complimentary visits per quarter to lounges and spas at airport terminals in India.
2 complimentary visits per quarter to lounges at foreign airports

The lounge benefit can be availed in the next calendar month on spending ₹20,000 or more in the current calendar month.

Use your credit card to access Indian airport lounges and the Dreamfolks Card to access spas and lounges at Indian and overseas airport terminals.

You can also book airport lounge and spa by clicking here.

You can activate your 1 Lounge/Spa benefit for the next calendar month by spending ₹20,000 or more in the current calendar month.
E.g. Meet spend criteria between 1st to 31st March to activate the benefit in April. To know how to book an airport lounge online, click here.

Yes. You can avail up to 2 rounds/lessons in a month. Each round/lesson is unlocked for every ₹20,000 spent in the previous statement cycle.

Yes, you can! All ATM cash withdrawals are interest-free for up to 48 days – in India or abroad. Cash withdrawal from ATMs outside India will attract a forex markup fee of 1% (+GST). Please keep in mind, however, that a Cash Advance Fee of ₹199/- + GST is applicable per transaction, irrespective of your location or the withdrawal amount. The maximum cash withdrawal limit per transaction is ₹10,000.

For transactions in India, yes, you will be asked for a PIN for completing the transactions. However, outside India, you will be asked for the PIN only if the POS terminal is enabled for PIN authentication.

On spending ₹8,00,000 or more in a card anniversary year, you will get 7,500 reward points. The reward points will be credited on payment of annual fee for the next year. Transactions on primary, add-on and associated FIRST Digital (UPI) Credit Card will be considered towards the milestone, including EMI transactions. Cash withdrawal, fee charges and EMI amortization will be excluded from the benefit.

The reward points will get credited upon statement generation.

Using the Ashva Credit Card, you get buy-one-get-one movie offer twice a month via Paytm Movies. You can get a discount of up to ₹400 on the second ticket.

The reward points will get credited upon statement generation.

Using the Ashva Credit Card, you get buy-one-get-one movie offer twice a month via Paytm Movies. You can get a discount of up to ₹400 on the second ticket.

The reward points will get credited upon statement generation.

Using the Ashva Credit Card, you get buy-one-get-one movie offer twice a month via Paytm Movies. You can get a discount of up to ₹400 on the second ticket.

The reward points will get credited upon statement generation.

Using the Ashva Credit Card, you get buy-one-get-one movie offer twice a month via Paytm Movies. You can get a discount of up to ₹400 on the second ticket.

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Converting a Savings Account
to an NRO Savings Account