Person of indian origin but not a citizen of india - bank a/

Dear Sir

I wish to know about the RBI guidlines for savings bank account status.

If an Indian citizen took a foreigen citizen ship.  He is also holding an OCI/PIO card.  Now he wish to come bank to India and permanently settle in India.  He is operating an NRO savings bank account.  I wish to know that after 6 months he can change his NRO savings account to an ordinary savings account.  Some of the banks informed me that he can do and some others told me that he can't do.

Please let me know the rules

Replies (2)

As soon as the status gets changed to RNOR (depends upon your stay in India in that particular financial year), it can be changed to normal savings account.

There is no such time limit of 6 months. 

The regulatory requirement is this - if a person becomes a resident as per FEMA, he has to re-designate his non-resident accounts to resident accounts within a reasonable time post return. What is the meaning of "reasonable time" has not been defined in FEMA. 

If your friend is returning permently, he will qualify as a resident from the day he lands in India & should get his account redesignated within 2-3 months. 

Bank is wrong if it says it cannot be done. Also, some banks follow unscruplous practice of asking returning NRIs to close non--resident accounts and open fresh account (this is done to help them meet their targets)

In case issues persist, file a formal complaint to greivance redressal department on bank's website. 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 23 July 2026
Article

Gianender & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 08 July 2026
Article internship

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
ARTICLESHIP 07 July 2026
Articleship

Jawahar and Associates Chartered Accountants

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 15 July 2026
CA Articles

Kinjal H Shah & Co.

Mumbai

CA Foundation

View Details
Company
23 July 2026
Semi qualified CA

Garg Bros & Associate CA

New Delhi

CA Inter

View Details
Company
Featured 16 July 2026
Semi Qualified Company Secretary

Vakilsearch.com

Chennai

CS

View Details
Company
21 July 2026
Chartered Accountant

Keshri & Associates

Thiruvananthapuram

CA

View Details
Company
11 July 2026
CA semi qualified

Vakilsearch.com

Chennai

CA Inter

View Details
Follow