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The below content is purely for informational purposes and is not intended to constitute advisory of any kind. The position reflected in this article has been updated as of November 15, 2023.


Moving abroad often brings a host of changes and financial challenges, particularly in managing your family's finances in India. Before you move abroad, it is essential to put together a plan of action and ensure that necessary arrangements are in place to support your loved ones back home in India.

Here are a few ways to handle your family's banking and financial needs:


Set up joint Non-Resident Indian (NRI) accounts with your family members

As an NRI, you can open a joint Non-Resident External (NRE)/Foreign Currency Non-Resident Bank (FCNR (B)) account with a resident relative* or open a joint Non-Resident Ordinary (NRO) account with any resident Indian on a former or survivor* basis.

This will help you:

  • Transfer money to the joint account held with your relative to access funds which can be utilised by them to pay bills, make purchases and withdraw cash.
  • If you regularly transfer money to your family members in India, opening a joint NRI account can help you save on money transfer fees costs, which you would otherwise incur on money exchange remittance platforms.

A resident joint account holder (such as elderly parents, spouse, or children residing in India) can operate the account only in case of the demise of the NRI account holder. For them to operate the account, you will have to appoint them as a Power of Attorney (PoA) or a mandate holder.

Click here to read more on the benefits and process of adding joint holders on your NRI accounts.

*Relative is defined under section 2 (77) of the Companies Act, 2013. This includes their parents (including stepparents), son (including stepson), son’s wife, daughter, daughter’s husband, siblings (including stepsiblings), and children.

**The term ‘former’ or ‘survivor’ basis refers to the condition where only one of the two joint account holders that is the former account holder can primarily operate the account. The ‘Survivor’ can only operate the account after the ‘Former’ passes away.


Explore money transfer options before you send money

To remit money to your family in India, you can use your bank’s digital channels or visit their international branches.

  1. Online transfer: Various banks and fintech players provide digital platforms that allow you to send money to India. NRIs having accounts with any of the banks can use ICICI Bank’s Money2India (for Canada, Singapore, UAE and US) and and Money2India Europe to transfer funds.


    Money2India   Money2India Europe

  2. Branch transfer: Generally, you can visit an overseas branch of your bank to initiate an inward remittance to India. You will have to provide your and the recipient’s details, including the name, bank account number and contact details (for both parties). Additionally, you will have to detail the purpose of the remittance. The bank or the financial institution will then process your request.
  3. Smart Wire: You can use ICICI Bank Smart Wire to send money to India. It allows the beneficiary to initiate the request, submit online declarations and documents, block the exchange rates and easily track the transaction's status. Smart Wire makes it possible to process remittances quickly and efficiently, saving time for beneficiaries.

    Send money through Smart Wire

  4. Cross border Unified Payments Interface (UPI): The international arm of the National Payments Corporation of India (NPCI), NPCI International Payments Limited (NIPL), has now developed the capability to send money overseas using cross-border UPI. This service is already available in the India-Singapore corridor and is being extended to other countries as well.

Set up automated payments for your EMIs and investments

You may want to set up auto debits on your NRO/NRE accounts for recurring bills to avoid any missed payments. These can include utility bills, Equated Monthly Installments (EMIs), rent payments, insurance premiums, any ongoing investments and credit card dues.


When you are relocating abroad, you should create a detailed plan for managing your family's financial needs in India. By taking steps like opening joint NRI accounts, using efficient money transfer services for inward remittances, automating bill payments and giving someone the power of attorney or a mandate to manage your bank account, you can ensure the well-being and financial stability of your loved ones.

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The contents of this article/infographic are meant solely for informational purposes. The contents are generic in nature and are not intended to serve as a substitute for specific advice on any matter whatsoever. The information is subject to updation, completion and verification and the applicable norms may keep changing materially from time to time. This information is also not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to applicable laws or would subject ICICI Bank Limited/its affiliates to any licensing or registration requirements. ICICI Bank Limited/its affiliates and their representatives shall not be liable for any direct or indirect losses or liability incurred arising in connection with any decision taken by any person on the basis of this content. Please conduct your own due diligence and consult your financial advisor before making any decision. Terms and conditions of ICICI Bank and third parties apply. ICICI Bank is not responsible for third party services. Nothing contained herein shall constitute or be deemed to constitute an advice, invitation or solicitation to avail any products/ services of third parties.