what financial matters to take care for permanent status change from resident Indian to NRI?

75°
Deal Cadet
good_virus

I’m planning to become NRI soon. Probably from next financial year. And may never return to resident status again. What all financial matters need to fix before leaving India or after changing to NRI status ?

Please suggest on below points.

  • Savings bank accounts
  • Credit cards
  • Demat accounts
  • Rules for existing and fresh stocks and mutual fund holdings
  • Balnace in EPF


Appreciate valuable suggestions

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We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
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Deal Cadet Deal Cadet
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any suggestions please

Deal Subedar Deal Subedar
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Add, EPF, PPF, Govt Schemes (if invested in any of those)

Budding Star Budding Star
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Close any postpaid connections, sim cards and check for any Loans, FDs
Check any insurance, SIPEMI payments are going on from your accounts

Deal Cadet Deal Cadet
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BAT_MAN wrote:

Close any postpaid connections, sim cards and check for any Loans, FDs
Check any insurance, SIPEMI payments are going on from your accounts

Is it mandatory to close mobile connections?
Can I still use it abroad for receiving otps atleast?

Any auto-pay set from accounts will be valid even if it get converted to nro account right?

Budding Star Budding Star
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good_virus wrote:

Is it mandatory to close mobile connections?
Can I still use it abroad for receiving otps atleast?

Any auto-pay set from accounts will be valid even if it get converted to nro account right?

Are you planning for international roaming activation?
Otherwise you can’t receive
I am not sure even after international roaming enabled if that will come

Analyst Analyst
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BAT_MAN wrote:

Are you planning for international roaming activation?
Otherwise you can’t receive
I am not sure even after international roaming enabled if that will come

You will continue to receive OTPs be it prepaid or postpaid so long as there is a valid plan. I used airtel sim with and without international roaming in couple of my visits. 

Network operators can become greedy and mandate international roaming plans even to receive, but that’s far-fetched.

But if the op have intentions not to return any time soon, he may change the alerts to the foreign number. A few banks allow international numbers to be updated, not completely sure which ones.

Deal Cadet Deal Cadet
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andromeda wrote:

You will continue to receive OTPs be it prepaid or postpaid so long as there is a valid plan. I used airtel sim with and without international roaming in couple of my visits. 

Network operators can become greedy and mandate international roaming plans even to receive, but that’s far-fetched.

But if the op have intentions not to return any time soon, he may change the alerts to the foreign number. A few banks allow international numbers to be updated, not completely sure which ones.

You mean I can still receive incoming SMS even without a roaming plan?

Deal Cadet Deal Cadet
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andromeda wrote:

You will continue to receive OTPs be it prepaid or postpaid so long as there is a valid plan. I used airtel sim with and without international roaming in couple of my visits. 

Network operators can become greedy and mandate international roaming plans even to receive, but that’s far-fetched.

But if the op have intentions not to return any time soon, he may change the alerts to the foreign number. A few banks allow international numbers to be updated, not completely sure which ones.

I think all banks allow alerts to foreign numbers on nro or nre accounts. But any idea about normal savings account?

Analyst Analyst
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good_virus wrote:

You mean I can still receive incoming SMS even without a roaming plan?

Yes I did receive, had no issues. Last I used when in USA, China was in 2019. Not sure if anything changed, but it should not IMO. My connection was postpaid at that time, and couple of my friends/colleagues who are on prepaid had no issues.


I suggest to check with your friends/peers with in the same network and connection type. Also have a plan B.

Analyst Analyst
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good_virus wrote:

I think all banks allow alerts to foreign numbers on nro or nre accounts. But any idea about normal savings account?

No idea, even if they do, that will/may trigger them to have those converted to NRO/NRE.

Budding Star Budding Star
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good_virus wrote:

You mean I can still receive incoming SMS even without a roaming plan?

Will not be the case at least for BSNL

Deal Cadet Deal Cadet
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andromeda wrote:

Yes I did receive, had no issues. Last I used when in USA, China was in 2019. Not sure if anything changed, but it should not IMO. My connection was postpaid at that time, and couple of my friends/colleagues who are on prepaid had no issues.


I suggest to check with your friends/peers with in the same network and connection type. Also have a plan B.

plus1
Deal Cadet Deal Cadet
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andromeda wrote:

No idea, even if they do, that will/may trigger them to have those converted to NRO/NRE.

If I have no plans to come back soon (at least for 5 years) should I convert accounts to nro before leaving India?
Is there any option I can do it online from abroad if required?

Deal Cadet Deal Cadet
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BAT_MAN wrote:

Will not be the case at least for BSNL

grinning not using bsnl. I think that’s because they don’t have a roaming partner and may go out of service.
Analyst Analyst
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good_virus wrote:

If I have no plans to come back soon (at least for 5 years) should I convert accounts to nro before leaving India?
Is there any option I can do it online from abroad if required?

I would suggest to check with respective customer care, have not much idea on this.

Deal Cadet Deal Cadet
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good_virus wrote:

If I have no plans to come back soon (at least for 5 years) should I convert accounts to nro before leaving India?
Is there any option I can do it online from abroad if required?

@good_virus

should I convert accounts to nro before leaving India?


you cannot convert you account from normal savings to NRO account without valid visa page on your passport, you need to give abroad address proof, abroad mobile number etc..


Is there any option I can do it online from abroad if required? 


Yes, few banks supports account conversion to NRO, I had experience with Kotak bank and they arranged a courier pickup ( charges were born by bank) for documents collections.


your other doubt, all ACH mandates works as usual even your existing account converted to NRO account

Deal Cadet Deal Cadet
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Thanks. 😊

I have a valid visa. but abroad address proof and mobile number is not there now.

I have a savings account with kotak, I will try same.

How much is the minimum balance requirement for kotak nro?

Mumbai Indians Mumbai Indians
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If you have Airtel sim with valid Rs 99 or above plan you will get OTP without any issues.

In credit cards like HDFC, SBI you can add your International SIM number.

if you are planning to open any account with new gen apps using video kyc, create them while you are in India as most of the video kyc requires realtime location and Indian UP address


Deal Cadet Deal Cadet
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shihabudheenk wrote:

If you have Airtel sim with valid Rs 99 or above plan you will get OTP without any issues.

In credit cards like HDFC, SBI you can add your International SIM number.

if you are planning to open any account with new gen apps using video kyc, create them while you are in India as most of the video kyc requires realtime location and Indian UP address


Thanks plus1
I heard other operators have issues unless recharged with a roaming plan. So I will port to Airtel

Accounts opened with new gen apps are considered as resident savings account right?
Is it legal to keep using them as NRI?

Mumbai Indians Mumbai Indians
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i’m not sure about legality. 

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