NRI - Q & A Forum

shridhar asked 7 years ago

Hi sir i am getting opportunity to work in Africa, contract of 2 years, so my status will become as NRI.. i am planning to get back to India again after 2 years.. can u guide me what i need to do with my existing financial things like PF, mutual funds, bank accounts etc.. i am giving you my details as below.. i have term plan of max life, have health insurance of universal sompo, home loan of boi, saving accounts in PNB BOI BOB and HDFC. i am investing lumsump each month in birla sunlife frontline equity, cash plus and floater rate debt fund. also guide me what will happen to my PF and PRADHAN MATRI JIVAN JYOTI BIMA and PRADHAN MANTRI SURAKSHA BIMA THANK YOU

2 Answers

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Sreekanth Staff answered 7 years ago

Hi, Once your residential status changes to NRI, update your banker, Insurer, Fund houses etc on your changed residential status and communication address. You also need to get your regular Ban Savings account(s) to NRO/NRE accounts. As of now, NRIs can hold on to the PPF account. Kindly read :

You may also go through below links;

shridhar replied 7 years ago

thank you shri sir for helping
i need your advice on my EPF amount, should i withdraw it and invest in mutual fund or let it be as it is?
i will be out of india for 2 years, is it wise to take accidental insurance now or i should take it after coming india again?

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Sreekanth Staff answered 7 years ago

Hi, Do note that interest accumulation during PF non-contribution phase is a taxable income. Re-investing in other investment options? - It depends on your financial goals and time-horizon. Kindly read :

Suggest you to buy a Personal Accident insurance plan and also a Travel insurance plan. Also, make sure you have adequate Medical insurance cover when you are in abroad. Related article :