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NRI - to do list
Any person who is living in India for less than 182 days in a given financial year is considered as NRI.
So if you went to USA and worked there for say 9 months, then you will be called as NRI for that financial year. Some NRIs settle abroad permanently while some return to India. If you are planning to settle abroad, you need to know various Indian laws applicable to you.
You must do below things when you become NRI
- Convert savings bank account to NRO account
- Open NRE account if you want to save tax and need full repatriation of money
- Close existing demat account if any
- Open PINS and Non-PINS account for investing
- If you have invested in mutual fund, you need to inform the fund manager about the NRI status
- Close all bank accounts that you would not be using
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