New Delhi, Nov. 11 -- Moving abroad for work, education, or long-term residence involves more than arranging accommodation and travel. If you have existing bank accounts, investments, property or income in India, your banking arrangements may also need to change.

Once your residential status changes under applicable FEMA (Foreign Exchange Management Act) rules, understanding NRI banking options can help you manage Indian finances while living overseas.

When a person resident in India leaves the country for employment/studies or indicates an intention to stay abroad for an uncertain period, the existing resident account must be closed or be redesignated as an NRO Account.

This is an important step when your residential status changes, a...