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Hi,
Reserved instances are just a billing constructs, wherever they're available for services such as RDS, EC2, ElastiCache, etc. You need not to make any change to existing RDS instance. It's just, you purchased an RI and now it(discount) would immediately be applied to your instances of that type.
No changes are required for the instance, if you have an instance of m4.large instance in us-east-2a, one of your m4.large instances in us-east-2a will immediately begin charging at the lower hourly rate(RI's rate).
Please take a look at "How Billing Works" section on Amazon RDS Reserved Instances.
For your quicker reference, attaching snapshot, where it clearly says, RIs discount automatically applies to already running instances of that type:
Conclusion: You need not to convert On-demand RDS DB Instance to Reserved RDS DB Instance(it doesn't work that way), as once you purchase RI's plan of that instance type, discount would start getting applied immediately.
References: Reserved DB instances for Amazon RDS Documentation
Feel free to comment if you have any additional questions.
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