Should I Close My Resident Savings Account After Moving Abroad?

I moved to Australia a few years ago and delayed updating my bank because I wasn't aware of the requirement.

When I eventually informed the bank about my change in residential status, they helped convert the account rather than asking me to close it. They also reviewed my KYC details and updated my communication address, email, and mobile number.

One thing I'd suggest is checking any investments, SIPs, insurance premiums, or loan EMIs linked to the account. Mine continued normally after the conversion, but I still notified the fund house and a few service providers about my NRI status just to avoid future issues.

I had a slightly different experience with SBI after relocating to the UK.

The branch advised me that, as an NRI, I shouldn't continue maintaining a regular resident savings account and recommended redesignating it as an NRO account instead. They also suggested opening an NRE account separately for overseas income that I planned to remit to India.

The document verification took a little longer because they wanted an updated overseas address proof. Once everything was approved, the account status was changed without requiring me to close it.

Policies can differ slightly between banks, so it's worth confirming the latest process with your own branch.

I went through this with HDFC Bank after moving to Canada.

I didn't have to close my resident savings account. Instead, the bank converted it into an NRO savings account after I submitted an account conversion form, copies of my passport, visa, PAN, and overseas address proof.

The process took around two weeks. My account number stayed the same, so most of my existing auto-debits continued without any issues. I still checked each mandate individually because a couple of services needed to be re-authorized.

Based on my experience, conversion was much easier than opening a brand-new account.