Get ready for your overseas job: Simple ways to save and manage personal finances

Plan your finances wisely for an overseas job. Manage NRO accounts, investments, and insurance. Stay tax compliant and make informed choices.

overseas job

The prospect of relocating to a foreign country, whether for an overseas job, education, or immigration, brings about a great deal of enthusiasm. However, the process involves numerous tasks that can be both time-taking and draining. This also requires wealth planning, before moving out, for your finances and savings in India.


  • Plan personal finances before leaving for an overseas job.

  • Consider managing NRO accounts, investments, and taxation rules.

  • Retain term policies and health coverage in India while arranging coverage in the destination country.


Also ReadPersonal finance checklist for NRIs

Wealth planning for personal finance

If you’re moving abroad for an overseas job, it’s important to consider your finances. Here’s what you should plan ahead:

  • Manage NRO account

When you commence preparations for your international move, organising your bank accounts becomes a priority. As a non-resident Indian (NRI), it's essential to restructure your existing resident bank accounts into Non-Resident Ordinary (NRO) accounts, as you won't be able to maintain them as before.

  • Tackle investments

If you plan on moving overseas permanently, it might be a good idea to sell some of your investments in India if you won't have time to keep an eye on them. However, this depends on different factors – like your time there, and if you have someone who can help you manage the investments.

Also Read: How much money do you need to move overseas

  • Direct mutual funds

As an NRI, update your mutual fund portfolio's KYC details for your new residential status. Keep in mind that you won't be able to open a new Public Provident Funds (PPF) account or make fresh deposits in the National Savings Scheme (NSC) as per government regulations.

  • Know taxation rules

Investment and taxation are the two most important financial matters that you should take care of. Before relocating, ensure you have paid your taxes for the current financial year. To prevent double taxation in both India and your new country, verify if a Double Tax Avoidance Agreement (DTAA) exists between India and the destination country.

  • Manage your insurance

Retain your term policy, especially if you have dependents in India. It's advisable not to give up your health coverage in India immediately, as there might be a need to return for medical treatment in the future. Consider cancelling your health plan if your employer provides coverage or arranges for your coverage in the destination country.


Ensure a seamless financial shift when moving abroad for work by strategically handling your personal finances. Make well-informed choices regarding NRO accounts, taxation, and insurance. These tips facilitate a smooth financial transition for your overseas job.


Disclaimer: Please note that the information provided here is for informational purposes only. It is essential to consult with professionals before making any significant financial decisions.

Click here for the latest articles on financial planning.


Premium Articles

Union Budget