Hello ,
My parents are senior citizen and recently become us citizen. they havent visited india for last 5 years and I also havent visited india for long time. My parents havent converted their bank account in india to NRI bank account and still holding amount in that account.
How we should manage that account (no internet banking) . will they be able to withdraw money once they go back to India with OCI… what difficulties we can face.
@Kalpesh_Dalwadi hope you can help me , thank you for your support .
Jordan
Call your bank branch manager and find out the process and options you have for converting the account from savings to NRI including online banking. Many times bank will allow emailing or mailing forms and documents if the account holder is out of country.
Once the account is comverted to NRI, you may want to report that to IRS if holding more than $10k in the account.