-
-
-
Services
-
-
-
More
-
POSTED BY ON October 11, 2011 3:44 pm ONE COMMENT
Hi,
I am 36 year old software professional. I would be migrating to US. I would need advice on what needs to done with existing investments / financial products in India before one becomes NRI. I own following investments/products
savings accounts with banks
Mutual fund investments (through ICICIDirect and FundsIndia)
Shares/ETFs/NCBs (through ICICIDirect)
credit cards
Term insurance
Ulip (paid up policies)
Health insurance
Home loan
Super annuity plan (This is group pension plan with LIC for which premium is paid by my employer)
EPF
PPF
Manish, it would be helpful if you do comprehensive post on to be NRIs. I would like to know
1. What is mandatory by law to inform financial institutions about change in residential status?
2. What is non mandatory but better in terms of future financial planning?
Prateesh
2021 © Jagoinvestor.com All Right Reserved
Prateesh
You have not mentioned that you will be coming back after how much time , because if you dont return , it does not make much sense to continue a lot of things .
1. Your bank accounts will automatically be converted to NRO accounts
2. Home loan you keep on paying through the same account .
3. Health Insurnace and Life Insurance you should continue
4. EPF , i would sugggest should be withdrawn now ,, put all the papers
5. PPF you can continue lawfully …
Rest all I would suggest be surrendered , I am talking from simplicity point of view at the moment and less of return point of view
Manish