An NRI's guide to your India assets if you live in Australia
Bank accounts, mutual funds, PPF, EPF, LIC and property back in India — what changes when you're an NRI in Australia, and what your family needs to reach them.
You live in Australia now, but a meaningful part of your financial life is still in India — a bank account or two, some mutual funds, maybe a PPF, an old EPF balance, an LIC policy, perhaps a flat. It's easy to let the India side drift, half-managed and largely invisible to your Australian family. This guide is the map: what changes once you're an NRI, and what someone you trust would need to reach it all.
The short answer
Once you become an NRI, some India accounts must convert (your resident savings account should become an NRO account), nominations become your family's lifeline, and a few products have special NRI rules (you can't open a new PPF, EPF can be withdrawn on permanent settlement abroad). Across all of it, a nominee on each account is what lets your family claim without a court fight — but a nominee is a custodian, not automatically the owner (RBI).
Your bank accounts: NRE, NRO and FCNR
As an NRI you generally hold three account types, each with a purpose (RBI):
- NRE (Non-Resident External): for parking your foreign earnings in India. Balances are freely repatriable.
- NRO (Non-Resident Ordinary): for income that arises in India — rent, dividends, pension, a property sale. Repatriation is subject to limits and tax formalities.
- FCNR (Foreign Currency Non-Resident): fixed deposits held in foreign currency.
The RBI allows a nominee on every NRE, NRO and FCNR account, and banks must offer the facility (RBI). Make sure each of yours has a current nominee — it's the single most useful thing you can do here. We go deeper in NRE vs NRO accounts explained.
Mutual funds and demat
Many NRIs keep investing in Indian mutual funds and shares through their NRO/NRE setup and a demat account. Check that each folio and your demat account has a nominee, and record the fund houses, folio numbers and broker details so your family can trace them.
PPF and EPF
These have specific NRI rules that surprise people:
- PPF: as an NRI you can't open a new account, though an account opened while you were a resident can generally continue (within the rules of the Public Provident Fund Scheme, 2019). Confirm the current position with your bank or post office.
- EPF: your old Employees' Provident Fund balance can typically be withdrawn on permanent settlement abroad, with the amount credited to an NRO account.
We cover both in detail in what happens to your PPF and EPF when you become an NRI.
LIC and insurance
Life insurance policies taken out in India often continue after you move. Note the policy numbers, the insurer, the premium arrangements and — crucially — the nominee, so a claim can actually be made.
Property
A flat or land in India is frequently the largest India-side asset and the hardest for an overseas family to deal with. Record where the title documents are held, who manages the property, and any loan against it. Property doesn't pass by nomination the way a bank account can, so this is an area to discuss with an Indian lawyer as part of your will.
Nominee is not the same as owner
A vital point for cross-border families: under Indian law, a nominee is generally a custodian who receives and holds the asset, not necessarily its final owner. Ownership is decided by succession law and your will. India's Supreme Court has affirmed this principle (for example in Shakti Yezdani v. Jayanand Jayant Salgaonkar). So nominations make access easy, but your will decides who ultimately inherits — get both right, and take legal advice. See nominee vs legal heir in India.
What your Australian family needs
Bring it together in one place they can reach:
- Each India account (type, bank, branch) and its nominee.
- Mutual fund folios, demat and broker details.
- PPF/EPF, LIC policies, and property documents and contacts.
- Your Indian will (if separate) and your lawyer/CA.
Our free Cross-Border Account & Estate Checklist has a dedicated India section for exactly this, sitting alongside your Australian super and accounts.
Frequently asked questions
Do I need to convert my Indian bank account when I become an NRI? Generally yes — a resident savings account should be redesignated as an NRO account once your status changes. Confirm with your bank (RBI).
Does a nominee automatically inherit my India assets? Not necessarily. A nominee typically holds the asset as a custodian; final ownership is governed by succession law and your will (RBI). Take legal advice.
Can I keep my PPF after moving to Australia? You can't open a new PPF as an NRI, but an account opened while resident can generally continue under the current scheme rules — confirm with your bank or post office. See PPF and EPF for NRIs.
This guide is general information, not legal, financial or tax advice, and Indian rules differ from Australian ones. Details are current as at June 2026; confirm with your Indian bank, the RBI, and a qualified Indian lawyer or CA.