I have a Standard reserved instance for almost 7 months now and planning to switch the Standard reserved to convertible RI, In the beginning i have signed up for 3 years contract, if i convert the standard RI to Convertible now (after 7 months) will my term will start over again from month 1 or will it continue from month 7.
SnapOverflow
You'll have to sell the reserved instances and then buy new convertible ones. You can modify some aspects of a reserved instance, but you can't go from a reserved instance to a convertible type without selling/rebuying.
See here for more info.