5 financial factors to keep in mind as an NRI even if you don’t plan to return to India

5 financial factors to keep in mind as an NRI


There are thousands of Indians who are well-settled in foreign countries like the USA, UK, Canada, etc. While some NRIs (Non-Resident Indians) reside on a work visa and keep visiting their home country frequently, there are many who have acquired citizenship in foreign countries and do not plan to return to India. If you too are one of them, you should know that there are many financial factors that require your immediate consideration before you completely uproot yourself from your home country. The amazing benefits of NRI account services offered by banks in India can help you in many ways. Among the leading banks in India, facilities provided by Standard Chartered under their SC NRI account system are truly capable of taking care of all your financial needs. So let us have a look at the 5 major financial factors that must be kept in mind under this scenario.

Obtain an OCI Card

An OCI (Overseas Citizen of India) card is a facility provided by the government of India which allows an NRI to avail multi-purpose lifelong Visa to India. An OCI cardholder is also eligible for exemptions from registration requirements for foreigners and manages financial operations in the country. This would allow you to open an NRI account in Indian banks and avail their facilities.

Open an NRI Account in India

This is very important and essential for every NRI and especially those who do not wish to return to their homeland. There are two types of NRI accounts- one is the NRE (Non-Resident External) account which will allow you to access your account balance in rupees while you are in India and in foreign currency while you stay there, the other one being the NRO (Non-Resident Ordinary) account which can be used to deposit and manage the income you may have in India in the form of rent, dividends or pension. These accounts have various facilities like globally valid credit and debit cards, online banking facilities, multi-city checkbooks, etc.

Read more: How To Know When You Need Help Managing Your Debt

Most importantly, NRI account holders can easily manage their finances wherever they are as the funds of these accounts are repatriable.

Manage your Real Estate

You should track the whereabouts of all the real estate owned by your family. In case, it is named after your fathers or forefathers, organize all the paperwork and manage the assets efficiently. You can also invest your possessions to earn money which can be easily accessed by you with the help of NRI accounts.

Consolidate your assets

It must be kept in mind that once you acquire citizenship of a foreign country you would no longer be considered as a citizen of India as the government does not allow dual citizenship. Therefore, it is extremely important for you to consolidate your assets into a channelized investment so that you can manage them without being physically present in the country.

Plan property inheritance

There are people who struggle a lot to transfer properties on their name after the demise of their parents. Because once you lose the citizenship of India the claim on your ancestor’s property becomes tough to retrieve. Thus, it is always advisable to plan property inheritance earlier and efficiently with the help of a lawyer.


The decision of settling down in a foreign country is a very crucial one which requires a lot of planning. You must foresee future possibilities and then accordingly plan your financial management with the help of an expert and give utmost consideration to all the factors mentioned above in order to avoid the chance of losing your assets and investments in India. The advancement and development of banks have made these managements easy and safe.

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