How to convert your ICICI savings account to NRO status
You can convert an existing ICICI savings account to an NRO (Non-Resident Ordinary) account by visiting your branch in person with proof of your non-resident status and a completed conversion form. ICICI does not offer online conversion for this change — the bank requires a physical visit and original documents. The process typically takes 5 to 10 business days after submission, though some branches complete it faster if all paperwork is in order on the day you apply.
The conversion itself is straightforward: your existing account number stays the same, your balance transfers without interruption, and you keep the same debit card and online banking access. What changes is the account type in the system, which affects how interest is taxed, what transactions you can make, and which forms you must file with the bank going forward.
Key Takeaways
- You must visit an ICICI branch in person with your passport, visa, or travel documents proving non-resident status to start a conversion.
- ICICI requires a completed NRO conversion form (available at the branch) and proof of your current address abroad, such as a utility bill or rental agreement.
- The conversion takes 5 to 10 business days and does not close your account or change your account number.
- After conversion, you must file Form 15G or 15H annually if your income is below the tax threshold, and the bank will apply TDS (tax deducted at source) to interest earned.
Documents you need to bring to the branch
Bring your original passport or visa showing your non-resident status — a photocopy alone is not enough. ICICI staff will verify the document in person and may photocopy it for the file. If your visa or passport is expired but you hold a valid travel document or residence permit from your current country, bring that as well; the bank will assess whether it proves non-resident status.
You also need proof of your current address outside India. A utility bill, rental agreement, employment letter with an address, or bank statement from your country of residence all work. The document must show your name and the foreign address clearly. If you have recently moved and do not yet have a utility bill in your name, a signed rental agreement or a letter from your employer stating your work address is acceptable.
Bring your ICICI savings account passbook or a recent statement showing your account number. If you have a debit card linked to the account, bring that as well — the bank will verify the account details against their records.
The NRO conversion form and what it asks
ICICI provides the NRO conversion form at the branch; you do not need to download it beforehand. The form asks for your full name, account number, date of birth, and current residential address abroad. It also asks you to confirm your employment status (whether you work in India or abroad) and the source of funds in your account.
The form includes a declaration that you are a non-resident for tax purposes and that you understand NRO account rules — specifically, that you cannot use the account for business or professional income, and that interest earned is subject to Indian tax. You sign the form in front of the bank officer, who then submits it to the processing team.
What happens to your account during and after conversion
Your account remains active and usable throughout the conversion process. You can continue to deposit money, withdraw funds, and use your debit card. The bank does not freeze the account or require you to stop transactions while the paperwork is being processed.
Once the conversion is complete, your account type changes in the bank's system, but your account number, balance, and linked services stay the same. Your online banking login and password do not change. If you have standing instructions, automatic bill payments, or recurring deposits set up, they continue without interruption.
The main change you will notice is in how interest is handled. Interest on NRO accounts is taxed in India at the rate set by the Reserve Bank of India, and the bank will deduct tax at source (TDS) before crediting interest to your account. You will receive a quarterly or annual interest statement showing the gross interest earned and the tax deducted.
Tax filing requirements after conversion
After your account is converted to NRO status, you must file Form 15G (if your total income is below the tax threshold) or Form 15H (if you are over 60 and your income is below the threshold for senior citizens) with ICICI every financial year. These forms tell the bank not to deduct tax on interest if your income does not require it.
If you do not file either form, the bank will deduct TDS at the default rate (currently 20% for most non-residents) on all interest earned. Filing the form is free and takes a few minutes — you can do it at the branch, by mail, or sometimes through online banking, depending on what ICICI offers at your branch.
You must also report the account and interest earned on your Indian income tax return if you file one. Even if you are not required to file a return in India, keeping records of the interest earned and tax deducted is important for your records and for any future tax compliance in India.
What you cannot do with an NRO account
NRO accounts are for personal savings and investments only. You cannot use the account to receive income from a business, profession, or freelance work carried out in India. If you earn money from work done in India — whether as a consultant, contractor, or self-employed person — that income must go into an NRE (Non-Resident External) account or a regular resident account, not an NRO account.
You also cannot use an NRO account to make large remittances out of India without documentation. While you can transfer money from NRO to abroad, the bank may ask for proof that the funds are your own savings and not income that should have been taxed differently. Transfers of your own savings are generally allowed, but the bank's compliance team may request supporting documents for large amounts.
If your branch cannot process the conversion
Some smaller ICICI branches may not handle NRO conversions regularly and may ask you to visit a larger branch or the main branch in your city. If this happens, ask which branch near you does handle NRO conversions and whether you can submit documents by mail instead. ICICI's policy allows mail submission in some cases, though the bank prefers in-person verification.
If you are abroad and cannot visit India to convert the account in person, contact ICICI's NRI customer service line (the number is on the bank's website under NRI services). Some branches will accept a notarized power of attorney allowing a family member in India to sign the conversion form on your behalf, though this is not may provide and varies by branch. Confirm this option with your specific branch before arranging a power of attorney.
Frequently Asked Questions
Can I convert my account online or by phone?
No. ICICI requires an in-person visit to a branch with original documents. The bank does not offer online or phone conversion for NRO accounts because it needs to verify your non-resident status and identity in person.
Will my account number change after conversion?
No. Your account number stays the same. The conversion only changes the account type in the bank's system, not the account number itself. Your debit card, online banking, and all linked services continue to work.
What if I return to India and become a resident again?
You can convert the NRO account back to a regular savings account by visiting the branch and submitting a conversion request. Bring proof of your resident status (such as a new address in India, employment letter, or rental agreement). The process is similar to the NRO conversion and takes about 5 to 10 business days.
Do I have to file taxes on NRO interest if I do not live in India?
Interest on an NRO account is taxed in India, not in your country of residence. You must file Form 15G or 15H with ICICI each year to avoid or reduce TDS on interest. You may also need to report the account on your Indian tax return, depending on your total income and tax residency status.
Can I keep money in an NRO account indefinitely?
Yes. There is no time limit on how long you can hold an NRO account. As long as you maintain your non-resident status and file the required tax forms annually, the account can remain open indefinitely.