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How to convert existing Resident Saving account to NRO Account in India?

When a Resident Indian becomes an NRI he needs to convert his Resident saving account to NRO account as per Indian banking and income tax laws e.g. FEMA. The NRO account provides the simplest way to access and operate the money and investments already made in India. These accounts can receive foreign remittances, can have a joint account holder who is a resident India e.g. your mother or father, and RBI also permits repatriations from NRO account to abroad limited by a maximum annual amount.
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