R2I - NRI Finance And Investments: "R2I Finance Checklist
In USA:
1. Roll over your 401k to IRA and complete the process before leaving. Allocate the funds of your choice in IRA. Understand the procedure for withdrawal of funds from your IRA account.
2. Have atleast two bank accounts. Too many bank accounts are messy. One bank account may not be enough. Choose atleast one of the big banks - like Citi, BoA who have branches in India.
3. Consider opening a bank account in India in the same bank after return.
4. Close all credit card accounts except one. Keep Visa or Mastercard account - which can be virtually used anywhere. Discontinue AMEX or Discover card. So, earn cash back bonus and other rewards before closing.
5. Open Mutual fund account in India, invest some in bond funds with low maturity period in growth option. After a year when you withdraw this money, you will only pay 10% tax. Also this will offer all the liquidity one need.
6. Avoid carrying cash during the travel back to India. You will have many thoughts running your mind. This will be an additional burden. If you must, take traveller's checks, sign them, and write down the numbers and send it as an email to your self. After cashing them you can always delete your email.
7. Print and carry enough check books for your US checking account. You will find it difficult to order printing and shipping them to you when you need them most.
8. Order 1040/1040NR forms, publications, instructions from IRS web site and carry them to India. You may need them for reference or to discuss with your CA/FP in India.
9. If you have a scanner and CD burner, have important docs, scanned and copied in the CD-R.
10. If you need to encash savings bonds, do them before you leave. Carry the c"
