Hi basu 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
Regarding your Insurance products, you just drop an email stating the policy details and also the travel details like in which country you are going and for how long you stay there.
Regarding your bank account details, you have to close the savings account and convert the same to NRI account (NRE or NRO).
Regarding your MF and other investments, you have to update your residential status change and also the Bank details to all your investments.
The reverse you have to do the same once your residential status changes to resident Indian.
thank you for your advice,
i want your suggestion on epf, is it mandatory to withdraw it or should i keep it as it is?