A few months ago, I had the similar question: can I keep my bank account if I move abroad. I asked my friend, a bank manager about it. He said yes, you can keep your bank account if you move abroad. But there are several important considerations to ensure smooth banking operations.
What Happens to My Bank Account If I Move Abroad?
He said if you plan to keep your bank account while living abroad, inform your bank about your move. This is crucial to avoid any suspicion of fraudulent activities due to transactions from a foreign location, which could result in the temporary freezing of your account.
Providing your bank with your new contact details, including your foreign address and phone number, is essential.
When moving abroad, you have the option to either continue using your existing resident account or convert it into a Non-Resident External (NRE) or Non-Resident Ordinary (NRO) account, depending on your needs.
NRE Account: This is ideal if you want to hold and maintain foreign currency earnings in Indian Rupees. It allows you to freely repatriate your money back to the foreign country without any restrictions.
NRO Account: This account is suitable for managing income earned in India, such as rent, dividends, or pension. Funds in an NRO account can also be repatriated, but within certain limits and subject to taxes.
Using your account from abroad is facilitated through online banking services, which include internet banking and mobile banking apps. These services enable you to perform various transactions, pay bills, transfer money, and monitor your account activity seamlessly.
Ensure your debit and credit cards are activated for international use. Banks typically require you to request this service, and it's vital to check for any additional fees or charges associated with international transactions.
This is all about can I keep my bank account if I move abroad.
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Can I Keep My Bank Account if I Move Abroad?
Shristi
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11 months
2024-07-30T10:36:25+00:00 2024-07-31T10:56:15+00:00Comment
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