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Financial-Readiness-Guide-for-First-Time-NRIs

Going abroad can be exciting and even liberating for some, as you explore new opportunities, new experiences and even cultivate a brand new lifestyle. In the midst of travel prep, many first time NRIs forget one crucial component, which is being financially ready.<br><br>This blog serves as a simple guide for first time NRIs so that they can make their transition smoother and hassle free.

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Financial-Readiness-Guide-for-First-Time-NRIs

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  1. Financial Readiness Guide for First Time NRIs Going abroad can be exciting and even liberating for some, as you explore new opportunities, new experiences and even cultivate a brand new lifestyle. In the midst of travel prep, many first time NRIs forget one crucial component, which is being financially ready. This blog serves as a simple guide for first time NRIs so that they can make their transition smoother and hassle free.

  2. Have a Financial Briefing Before Your Departure: Before you make the big move, have a quick session with your financial planner, advisor. Get an understanding of your resident status changing and what it will mean for your accounts, taxation as well as investments. This will help you avoid issues with Compliance, and can help you set-up a roadmap for your NRI Journey.

  3. Open an NRE and NRO Account Your regular savings account in India will become obsolete once you become an NRI as you cannot use it in the same way. You will be requiring two types of Accounts. NRO Account NRE Account An NRO Account for managing your indian income earned (through dividends, rent, pension, etc) An NRE Account for Income Earned Abroad Opening these before you move will grant you unfettered and uninterrupted access to your funds.

  4. Update Essential KYC as Well as Your Address All financial institutions back home must know about your new status. So update your KYC details in order to reflect your NRI Status as well as your employer's off- shore address. This prevents transactions freezing later down the line.

  5. Convert/Close Existing Folios Action Required Your resident folios for mutual funds/SIPs must be either closed or converted to NRO so that it will ensure you adhere to RBI's Guidelines and will keep your Investment Portfolio active.

  6. Have a Postpaid Indian Number Your Indian number is used for OTPs in various transactions so make sure it is postpaid so that it won't get deactivated like pre-paid numbers do.

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