Things I Wish I Knew Before Becoming a Non-Resident Indian (NRI)

As an Indian NRI expat living in a Nordic country for the last 14 years, the most important things I have learned and practically experienced are:

1. You need to convert your Indian resident bank account to a Non-Resident Account as per FEMA rules.
2. NRIs can’t open a PPF (Public Provident Fund) in India.
3. PPF accounts opened while you were a resident in India can’t be extended after 15 years once you become an NRI.
4. Sukanya Samriddhi Yojana accounts can’t be held by NRIs.
5. Understand the Tax Treaty (Double Tax Avoidance Agreement): Ensure you know the tax treaty between India and your current country of residence.
6. If you withdraw EPF (Employee Provident Fund) money in India after moving abroad, note that EPF may be tax-free in India but could be taxable in your country of residence. (Check the tax treaty.)
7. If you quit your Indian job and move abroad, consider converting your Indian company group healthcare policy into a private medical policy for you and your family. It’s good to maintain medical insurance in India.
8. Check with your life insurance provider to confirm whether your policy remains valid after moving to a new country. Obtain written confirmation.
9. Update the status of your investments, mutual funds, LIC policies, and Demat accounts to NRI.