A Financial Guide for NRIs before Leaving India
4. Convert your Savings bank account into NRO account
Many people leave India without realizing the need to open an NRO account in the country. Instead of doing it later, it is more preferable to convert your existing saving bank account into NRO (Non Resident Ordinary) account just before leaving India. An NRI can deposit all of his/her Indian income into the NRO account and also make payments like EMI payments, and other kind of investments through the NRO account. To open a NRO account all that you require is your 2 photographs, and a copy of your passport and visa.
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5. Connect your Loan Account with your banking account for online payment
If you have a home loan running and all you are worried about is its repayment after you become an NRI and leave India, then here is the solution. The best you can do is just connect your home Loan Account with your banking account for online payment so that you can pay the EMI’s of your home loan using National Electronic Fund Transfer (NEFT ) schemes. It’s a good idea to do this before your leave India as it might happen that you would be required to visit the bank to complete this process.
Also Read: 15 Secrets Your Bank Never Reveals

