The Financial Checklist Before Moving Abroad While Your Family Stays in India

Before moving abroad, there is a lot to do, and bank work often gets left for later. After moving, people sometimes find that their savings account should have been converted, or that OTPs are going to an Indian number they no longer use.

This checklist helps you leave your Indian finances in order, especially when your parents or other family members stay in India. It covers what to list, what to update, what to check with professionals, and how your family can help after you leave.

1. List your Indian accounts, investments, insurance and loans

Before you go, make a complete list.

Our guide to the family financial inventory has a full template.

2. Keep institution contacts and document locations

• Branch and relationship manager contacts for each bank
• Customer care numbers that work from abroad
• Where original documents will stay: with parents, in a locker, or with you
• Scans of key documents in a secure folder
• Your CA's contact details, if you have one

3. Residency and tax: get proper advice

Do not guess in this section.

• Banking status. Under RBI rules, when you become a non-resident, your resident savings accounts generally need to be redesignated as NRO accounts. You may also want to open an NRE account. Your bank will explain the process.
• Investment KYC. Your residential status needs to be updated with fund houses and your depository participant. Some fund houses have restrictions for investors resident in certain countries, so check before you go.
• Income tax residency. Your tax status in India is decided mainly by how many days you spend in India in a financial year, with some special rules. It is separate from your banking status. The income tax department's website explains residential status.
• Tax in your new country. You may also have tax obligations there on Indian income.

Your exact situation depends on your dates, income and destination. Speak with a qualified CA or tax adviser, ideally one who understands both countries, before assuming any result.

4. Update contact details and communication preferences

• Keep an Indian mobile number active for OTPs, or ask banks about alternatives for NRIs
• Update email addresses on all accounts to one you will keep using
• Update your overseas address where required
• Switch to e-statements so nothing gets lost in the post
• Turn on transaction alerts on every account

Losing access to an Indian mobile number is a common problem for NRIs. Sort this out before you leave.

5. Review nominees and agree on family access

Before you leave is a good time to review nominees on all your Indian accounts. If your family stays in India, they may be best placed to handle a claim if something happens. Our post on reviewing nominees across family accounts has a tracker.

Then agree how family can help if needed:

• Who in India can collect documents or visit a branch for you?
• Do you need a power of attorney for specific tasks, like managing property? Get legal advice and set it up before you leave if possible.
• Are you helping your parents with their finances too? If so, see our guide on managing parents' finances from abroad.

Do not leave your passwords or OTP access with family as a workaround. Use proper arrangements.

6. Don't assume a particular result

Common assumptions that turn out to be wrong:

• "I can keep using my resident savings account as before." Usually it needs to be redesignated.
• "My SIPs will just carry on." They may need a change of bank account and KYC status.
• "I won't owe any tax in India." It depends on your residential status and Indian income.
• "My PPF and other schemes will continue as usual." Rules for NRIs differ by scheme and have changed over time.

Check each with the institution or a professional.

7. Set an annual review reminder

Once you are settled, put a yearly reminder in your calendar:

• Review the Indian accounts list
• Check KYC and residential status everywhere
• Review nominees
• Check FD maturities and policy renewals
• Confirm your Indian tax filing, if needed
• Update family on where everything is

A short pre-departure checklist

• Full list of Indian accounts and investments
• Meet your bank about account redesignation
• Update residential status for investments
• Speak with a CA about tax
• Keep an Indian mobile number active
• Update emails and turn on alerts
• Review all nominees
• Set up any power of attorney you need
• Leave a document index with a trusted family member
• Set an annual review reminder

Frequently Asked Questions

Do I need to close my Indian bank account before moving abroad?

Usually not. Resident savings accounts are generally redesignated as NRO accounts once you become a non-resident. Ask your bank about the process.

Can I continue my mutual fund SIPs after moving abroad?

In many cases, yes, after updating your residential status and linking an eligible bank account. Some fund houses have restrictions for residents of certain countries, so check with each one.

Will I have to pay tax in India after moving abroad?

It depends on your residential status for the year and your Indian income. Speak with a qualified tax adviser for your situation.

Should I give my parents a power of attorney?

Only if there are specific tasks they will need to do for you, such as managing property. Get legal advice on the scope and format before signing.

Moving abroad is easier when your family can see what you have in India. A Kashly family account lets members share their investments in one view, each with their own approval, and our NRI page covers investing from abroad.