When travelling long term abroad, your status a resident will turn into an NRI. However, at this time, even your financial status will change, especially if you have any investments. Additionally, if you are going to be earning in foreign funds, you will need to invest in a foreign account that will provide you with financial stability.
Through the NRI bank account, you can easily manage all your financial requirements. Additionally, some of the options will also allow residential access to the funds. Also, these accounts would also allow foreign funds to be repatriate in the local currency, without any loss on currency conversion. To help you make the most of the NRI accounts available, here is a checklist you can consider:
Convert your savings account into an NRO account:
As stated by the RBI, any resident who travels abroad as an NRI for any purpose and for an uncertain period of time, must have his existing accounts into a NRO account. This account is like any other bank account which can be opened or maintained in the form of current, savings, recurring or fixed deposit accounts.NRI bank accountnri account
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