5 Important tips for NRIs coming back home for good

5 Important tips for NRIs coming back home for good

A shift back to the home country carries a mix of apprehension and excitement. While you are excited to taste the familiarity, you are also unsure of handling the reverse-culture shock. If you are planning to move back to India, we have listed a few tips that will facilitate a quick and seamless transition. 

 Find the right residential area

Right from the city to the locality you stay in, your surroundings play a huge role in how you adapt to the move back home. If you have lived a carefree lifestyle abroad, you would preferably want to maintain that here as well. Certain cosmopolitan Indian cities have the same vibe as metro cities abroad, and it would be easier for you to pick up from where you left. So, be sure to pick the right locality that is at par with what you have experienced in your host nation. The last thing you would want is noisy neighbours knocking on your door when you are chilling with some friends.

Close existing accounts in the current country

One of the most critical things to do even before you start the logistics of your shift back home is to sort your finances. If you have an HDFC Bank NRI Savings Account, you need not worry about your banking requirements, as the transition is extremely simple. You also have experts guiding you along the way. But if you have overseas accounts, be sure to close them in advance and move your money back to the home account.

Choose the right Mutual Fund option

You would also have to think about a fresh new investment journey in India. Whether you are planning to work with a company or start your own business, your investments are important for not just providing a financial cushion and safeguarding your future, but also to help you save taxes. Therefore, building an investment portfolio is essential to getting your finances in order.

Mutual funds are one of the most popular investment instruments in India. With diversified risks, these are a safer way to start if you are unsure about investing in equity or do not have a higher risk appetite. Plus, these come with various tax benefits.  

Open new accounts

If you’re planning to work with an organisation in India, they will, most likely, open a salary account for you. Apart from this, you can also open your own Savings or Recurring accounts, where you can put away excess funds for the future. In fact, HDFC Bank’s InstaAccount feature lets you open a new Savings Account through the website or app, from the comfort of your home. You can also opt for Premium Banking services, which are specially designed for high net worth individuals.

Familiarise yourself with the tax system

The Indian tax bodies and legalities are different from their foreign counterparts. Therefore, it’s essential to be aware of the prevailing bodies, the taxes levied, and the ways in which you can save taxes. Your tax implications also depend on your current status. If you are an RNOR (resident not ordinarily resident), your overseas income isn’t taxable, but you can only hold the RNOR status for three years. However, a Resident will have to pay taxes on their foreign income in India.

Returning home is an exciting experience, and to help you with your financial needs, HDFC Bank offers an array of services such as Loans, Life Insurance, Deposits, Demat Account, etc. These products and services can even be accessed online, making it easier for you to manage your finances. So, trust in India’s leading private sector bank and make your homecoming journey and smooth one.