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How to convert ICICI Direct to NRI account?

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ICICI NRI Trading and Demat Account Conversion

A Resident Indian Trading and Demat account cannot be converted into a Non-Resident Indian (NRI) account. An NRI customer should close the resident account and open a new account with NRI status.

This is because NRI accounts have tough compliance requirements. These accounts are closely monitored by RBI in India and by the government of your country of current residence.

Thus changing ICICI account trading and demat status from Resident Indian to Non-Resident India is not possible.

Note:

  • Your Demat holding from Resident Indian Demat account can be transferred to your NRO demat account (Non-PIS only) as long as you provided the proof of buying them when you were an Indian resident.
  • Mutual funds from the resident demat account can also be moved to NRO demat account with proof of buying.

ICICI NRI Bank Account Conversion from Resident to NRI

In case of a Resident Saving Bank Account, the account can be converted into NRO Saving Bank Account. The NRO account can be converted into an ICICI NRI 3-in-1 account by adding NRI Trading and Demat Account to it.

 

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