Accounts to close, keep or convert

Closing everything abroad can lock you out of your own money later. Converting nothing in India breaks the rules. Here's what to do with each kind of account.

Updated 29 October 2026 · 17 items

Keep abroad

One bank account with a debit cardFor refunds, final pay, and payouts from retirement accounts or a home sale.
One credit card with no annual feeUseful for travel and online purchases; in the US and Canada it keeps your credit history alive.
Your phone number, on a cheap planMany banks and tax offices send login codes by text.
Brokerage and retirement accounts, if the provider allowsYour 401(k) and IRA; ask each provider about Indian addresses before you leave.
Email and logins for every account you keepMake sure two-step login won't depend on a number you're giving up.

Close abroad

Pay off loans and credit cards you won't keepIn the Gulf, unpaid loans or cards can lead to a travel ban. Ask for a clearance letter.
Extra bank accounts and cardsFewer accounts to report in India and to keep track of.
Utilities, internet and phone contractsSettle final bills and get deposits back.
Subscriptions and membershipsGym, streaming, clubs, newspapers, auto-renewals.
Car, home and health insurance, after you've leftKeep cover until the day you leave or sell.

Convert in India

NRE and NRO accounts to resident accountsNRE vs NRO vs FCNR; foreign currency can go to an RFC account.
FCNR deposits: let them run to maturityThen move the money to an RFC or resident account.
Demat and trading accountsOpen resident ones and move your shares; close the NRI (PIS) accounts.
Mutual funds, insurance and NPSUpdate your residential status, address and bank details.

Update everywhere

Your address, phone and emailWith every bank, broker, insurer and tax office you keep.
Your tax residencyBanks abroad will ask for a new tax self-certification once you live in India.
Nominees and beneficiariesOn every account, abroad and in India.

Questions

Should I close my bank account abroad when I move to India?

Keep at least one. You'll need it for refunds, final pay, payouts from pensions or retirement accounts, and selling property. Close the rest to keep things simple.

Can I keep my NRE account after moving back?

No. Once you're resident, ask your bank to convert NRE and NRO accounts to resident accounts. FCNR deposits can run to maturity.

Are my ticks saved?

Yes, in this browser on this device. Nothing is sent to us. Clearing your browser data, or opening the page on another device, starts a fresh list.

Will your money last after the move?

The free retirement planner works it out year by year, with Indian inflation, your children's costs and a stress test.

Open the retirement planner

General information for planning, not financial, tax or legal advice. Rules change: check anything important with the official source.