New Delhi, Sept. 9 -- Moved abroad but still using your old Indian savings account? Your banking arrangements may need an update. The wrong account can lead to avoidable tax deductions, transfer restrictions, and compliance problems.

Once you become a non-resident under India's foreign exchange rules, inform your bank. Your existing resident savings account should be changed to an NRO (Non-Resident Ordinary) account. Simply opening another account does not change the status of the old account.

Gaurav Matta, co-founder of NRiSimplify, says many NRIs overlook this review after moving abroad. He advises matching each income source with the appropriate account and reviewing changes regularly.

"Many NRIs continue using the wrong bank accoun...