What will happen if I don't convert my Resident bank account to an NRO account?

You will get penalised as per Foreign Exchange Management Act (FEMA) rules. The penalty for non-conversion to an NRO bank account is:
  • Up to 3 times the amount involved
  • Rs. 2 lakhs when the amount is not quantifiable. 
  • In addition, a daily penalty of Rs. 5,000 will also be charged from the first day of intervention till the day the penalty is paid.

Still need help? Create Ticket