What will happen if I don't convert my Resident bank account to an NRO account?
If you don't convert your resident bank account to an NRO account, you will get penalized 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.
Read More : Can I convert an NRE/NRO status account to a resident individual account? Can I convert my resident individual account to an NRE/NRO account?
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