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When someone gets a chance to go abroad, he is very eager. Many tasks are not completed due to lack of excitement or information. From studying to living, if you are going abroad, then there are many important tasks for you, which you should complete in advance. Otherwise, it can be a loss for you later. Here information has been given about seven things related to money.
Open NRO and NRE account
If you are going abroad then it is important that you open an NRO account or get the existing account transferred. This will keep your money in Indian Rupees and will come in handy when you want to use domestic debit cards, net banking facilities or make local payments through UPI. Whereas in India you can open an NRI account. With this, money coming from abroad can be easily transferred and withdrawn.
Calculate Equity and Mutual Funds
If you plan to continue your investments in India, you will need to update your KYC details and link your demat account and mutual fund portfolio to the NRO account. However, some fund houses do not allow investments from NRIs, so you may have to liquidate those investments.
Credit Cards & Loans
Close all credit cards as the foreign exchange charges will be high. However, if you want to continue making payments for online needs in India, then link it to the NRO account. The same thing is applicable for loans like home loan.
need for insurance
According to ET’s report, if you have auto or medical insurance then it is not required, but home insurance and life insurance can be beneficial for you.
PF Investments
You can withdraw money completely from your Employees’ Provident Fund (EPF) by submitting documents like copies of your visa and appointment letter. In case of Public Provident Fund (PPF), you will not be able to make fresh deposits but will be able to earn interest on the amount already contributed. Can withdraw money at the end of 15 years.
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