Answer Book question
Not until every final credit. end-of-service benefits, last salary, deposit refunds, gratuity. has landed and been transferred out. Then close them formally and keep the closure letter. Dormant foreign accounts create reporting obligations and can be frozen, and reopening from Kerala is nearly impossible.
Not until every final credit. end-of-service benefits, last salary, deposit refunds, gratuity. has landed and been transferred out. Then close them formally and keep the closure letter. Dormant foreign accounts create reporting obligations and can be frozen, and reopening from Kerala is nearly impossible.
A returnee closes his UAE account on the last working day. His gratuity is paid two weeks later to a closed account and takes months to recover through the employer.
Foreign accounts held by Indian residents must be disclosed in Indian tax returns. Closing them cleanly removes that obligation.
All final dues received Balance transferred to RFC or NRE before redesignation Formal closure letter Any loans or cards settled Disclosure in the return for the year
Leaving a small balance "in case" and then forgetting to report it.
Gulf banks require in-person closure in many cases; do it before you fly.
Close 30 days after final credit, with letter.
If you may return to the Gulf within a year, keep one account active and report it.
List all final dues Wait for them Close with a letter
What is an RFC account? I am returning from Dubai permanently. What should I change financially?
NRIs & returning Malayalis
RBI FEMA regulations on NRE/NRO/RFC accounts · Income Tax Act residency provisions · SEBI/AMFI rules on NRI investment · NORKA Roots schemes · Kerala Rising is not a tax adviser; residency and tax questions need a CA Rates, limits and whether you may qualify change. Confirm with the official source. Ask Kerala Rising: Tell us your return date, which accounts you hold, and whether you still earn abroad. We will give you the housekeeping list and flag what needs a CA. WhatsApp +1 443 595 9000 · keralarising.com Kerala Rising › NRI · NRI 23
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