Outlook Money
NRIs returning to India should convert their Non-Resident External (NRE), Non-Resident Ordinary (NRO) and Foreign Currency Non-Resident (FCNR) accounts into resident accounts, to ensure compliance with banking regulations.
NRIs should check their existing international investments and consider repatriating funds or transferring investments to investment options in India such as mutual funds, stocks, or fixed deposits.
NRIs can consider opening new demat accounts in India and transfer existing securities held in their demat accounts abroad to the new account.
NRIs need to update their KYC and inform the bank/broker/Asset Management Company (AMC) through whom they have made the investment. Additionally they should also inform them about any change in residency status, and update resident savings accounts.
It’s important to review insurance policies, as foreign health and life insurance may not offer coverage in India. Securing a suitable health plan and a term life policy in India can offer the necessary protection.
NRIs relocating to India can consider investing in pension plans as they can help them in saving money for retirement. These can be either immediate or deferred annuity plans, providing regular income post-retirement.