What are things to be kept in mind for NRI planning to return to india

Update Bank Account Status

NRO Account: This account is for income earned in India and can be retained after returning. Funds can be repatriated up to $1 million per financial year.

NRE Account: This account is for funds remitted from abroad and can be freely repatriated. It should be converted to a resident account upon return.

FCNR Account: This is a fixed deposit account in foreign currency. It can be renewed after return or the funds can be credited to an NRE account.

Review and Update Insurance Policies

Health Insurance: Ensure adequate health coverage by reviewing existing policies and considering top-up plans. Portability allows transferring a policy to India.

Life Insurance: Review existing life insurance policies and consider additional coverage as needed. Surrendering policies may attract tax implications.

Invest Wisely

Mutual Funds: Invest in mutual funds that align with your goals and risk profile. Consult with a financial advisor for guidance.

Real Estate: Carefully evaluate property investments in India. Consider factors like location, appreciation potential, and rental yields.

Manage Tax Obligations

Income Tax: File returns accurately and on time. Understand tax implications of income and assets in India and abroad