8. Open an NRE account 

NRIs who want to invest their money in India and wish to get it back in the foreign country (repatriation), would require to open an NRE (Non Resident External) account. Since you are not allowed to deposit local money like interest from FD, rental income etc into the NRO account, so for all these requirements, better open a NRE account. Well, you would be delighted to know that the Fixed Deposits rates on NRE accounts are quite attractive in Indian Banks.

More: 10 Tips to Identify a Hot Stock

9. Sell your shares and open a new NRI demat account

Warning! After you become an NRI, you will not be permitted to sell off your existing demat account shares which you had purchased before becoming a NRI. In order to continue trading in share, you will have to open & operate a NRI demat account. So before you become an NRI, the two best things you can do is to either sell off the existing shares and take back the money or you can also choose to open an NRI demat account and transfer your existing stocks to this new account.

Read: Boost Up Insurance Coverage Through Riders

10. Update your KYC 

The processes involved for executing various kinds of financial products to residents and NRIs is different for each. For instance, after you become an NRI you will not be able to do anything with banks, mutual funds, life insurance policies (traditional or ULIPs), unless you update your KYC  (know Your Customer) document.  Also don’t forget while you update your KYC, to get it signed by at least one witness, whose name and other essential details should be provided in the form. So to be on a safer side it would be better to first update your KYC, before you become an NRI.

Also Read: 7 Things You Waste Your Money On