Financial steps before moving abroad temporarily

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If you're moving abroad on a work permit, it's crucial to manage your Indian bank accounts and Fixed Deposits (FDs) before becoming a Non-Resident Indian (NRI). You should convert your savings account to an NRO account within six months of leaving India. For FDs maturing in the future, it's generally advisable to wait until they mature before closing or converting your accounts to NRO to avoid potential penalties.

Raghav

Raghav (Querist)

14 September 2022 Hello,

I will be moving to a foreign country on work permit in a few days.
I need to know what steps should I take regarding my Bank Accounts /FDs which I operate in India as I will become an NRI.
I have FDs which will mature in 3 years in my different bank accounts.
Do I need to break my FDs and transfer all my savings money into a single account and the convert it to NRO account Or can I wait till the FDs mature and then close/convert the bank accounts to NRO?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

14 September 2022 Convert your SB account as NRO account within 6 months of leaving the country.
Wait till the FDs mature and then transfer it to NRO.

Raghav

Raghav (Querist)

14 September 2022 Thank you for the advice sir

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