Jan 25

Learn About a Personal Financial House-keeping Checklist for NRIs

There are a good percentage of the NRIs visiting India for one or more reasons once in a year or more. It is better for every NRI to stay updated on the personal financial house-keeping checklist for a better experience. It needs to be focused while they are on their visit to India.

There comes a time in the year when Non Resident Indians (NRIs) makes plan to visit India and meet their families and friends, share memories. In spite of all the catch ups, it is also important that they consider financial aspects for their House-keeping during their visit. This makes their way easier and simpler to manage their money once before restarting their professional routines after break.

In a simpler way, we can also consider the checklist as the financial goal that every non-resident individual needs to follow. This financial plan may include retirement goals, savings planning etc..

For this, they can also contact financial advisors for a professional help.

Apart from the plans, you can consider following aspects while they are in India:

  • Independent Insurance Cover

You may already have an insurance cover in the country you are residing. But when you plan to return back to India, it is important that you should have an Independent Insurance Cover as well. There may be chances that you may not get the plans easily because of the pre-illness but always consider the alternatives prior the first plan offered.

  • Updating all your bank accounts

You should consolidate bank accounts that may help you to manage your accounts in Indian banks. This helps in easy management of Non Resident Ordinary account and Non Resident External accounts for all the investments.

  • Investment Account Updating

As the bank accounts are updated, it is also important that you should update and manage you investment accounts like demat accounts that should be converted in non-resident status. This updating or consolidation helps you to also know the current status as well. Also, consider to update the overall investment in structured manner.

  • Addresses and KYC status

After the preceding aspects, consider updating the new KYC with your non-resident status, ensure updating all your identify proofs as well in the investment portfolios like PAN, address proofs or updated email ids. You can also have an Indian number that can feasibly help with all the investment related details.

  • Tax Returns to be correctly filed

It is also important that all the taxes on the income and tax payables as a NRI status is to be correctly filled. Don’t forget to claim for any refunds on the TDS that you may have paid in excess. It is advised that you should meet a professional like CA that may help you with all the procedures.

Thus, there are certain essential things that every NRI should follow to enjoy peace of mind. It will make your trip hassle free and keep you free from unnecessary worries related to finances.

Read More : A Brief on the Unsecured Financial Product Personal Loan

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