Moving abroad? Changes you must make in your bank, demat, and MF accounts

NRIs must also comply with the tax filing norms that apply to them once their residency status changes

The Pension Fund Regulatory and Development Authority (PFRDA) has introduced new rules for the National Pension System (NPS) applicable to individuals who have renounced their Indian citizenship. If such a subscriber does not hold an Overseas Citizen of India (OCI) card, they must notify the NPS Trust immediately, after which their account will be closed. Let us explore some of the other key changes on the financial front that a person must undertake when their status changes from resident to non-resident.

Bank accounts

On becoming a non-resident, all resident bank accounts must be redesignated as non-resident ordinary (NRO) accounts. An NRE (non-resident