NRI re-entry roadmap: 7 smart financial tips for homecoming

economictimes.indiatimes.com:

Here are a few financial tips on how NRIs can make informed decisions and seamlessly integrate into the Indian financial system.

What to consider upon returning to India as an NRI?
When you journey back to India, a few important financial steps await your attention -

• Revamping bank accounts

Once you are back, a smart move is to restructure your bank accounts. You can redesign your existing accounts as resident accounts.

• Managing FCNR accounts

FCNR accounts can continue until their maturity date.

• Handling demat accounts

Getting your financial house in order also involves opening a resident Demat account. This account is ideal for transferring your shares from your NRI Demat account. Plus, remember to close down the NRI Demat account.

• Updating mutual fund investments

For those who have invested in mutual funds as an NRI, bringing these investments in line with your new residential status is essential. This means updating your resident bank details and changing the status of your mutual fund investments from NRI to the resident.

Financial tips NRIs must know for a smooth return to India
Let's take a quick look at seven financial tips for foreign-return NRIs to keep in mind:

• Changing bank accounts

As a foreign return NRI, consider opening resident savings and demat accounts in India. This shift will simplify transactions and enable you to manage your finances effectively.

• Closing bank accounts in foreign countries

To streamline your financial affairs, close or re-designate your NRE and NRO accounts as resident accounts within a reasonable timeframe. Ensure compliance with RBI guidelines.

• Understanding tax implications on NRE and NRO accounts

Interest accrued in the NRO account is subject to taxation in