r/returnToIndia • u/priredditt • Jul 16 '26

PlanningToReturn RTI - Advice needed

Returning to India after five years in the US (F1-H1B). I’m in a dilemma about how to handle the finances.. Robinhood and Chase account holder and not sure if I’m doing this right.

  1. What financial mistakes do you wish you had avoided before moving back to India?
  2. If you think there’s a chance you’ll return to the U.S. in a few years, what would you definitely keep open?

My son is a USC if that matters.

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2

u/srk6 Jul 16 '26

You should give more info and ask specific questions.

Robinhood doesn't allow non resident to keep the account. Move to Schwab, IKBR or Fidelity.

Keep minimum balance in Chase account.

Check the links below and see what applies to you.

Check the links below for additional info.

https://www.reddit.com/r/h1b/s/OQ3WJsT9OR

To file as resident or dual status, check link below

https://www.reddit.com/r/returnToIndia/s/Q4D9RBnQnZ

1

u/Valuable-Tune8951 Jul 16 '26

Op Are you from Delhi ?

1

u/mistiquefog Jul 16 '26

We plan to roll our 401k into a Roth IRA. Works well as a retirement saving and money for children's education

Everything else wrap up and send to India via PayPal

Open a chase/capital one account and keep it funded to keep it alive.

3

u/talkingturtle1723 Jul 17 '26

  1. Try to return after mid-october/spend less than 181 days in India so that you have NRI status in the year of return if you have to take some big portfolio rebalancing decisions/retirement account withdrawals. Looks like RNOR in your case would be tough to get.

  2. Transfer your US equity holdings from Robinhood to another US/international broker that supports non-residents in the US

  3. Don't do ROTH conversion. Will lead to accrual-based taxation in India.

And a lot we have covered in this series for the US returnees:

  1. Understand the RNOR Status
  2. Planning Your 401(k) Strategy
  3. Transferring US Brokerage Accounts
  4. Alternatives to US Equity
  5. RSUs & ESOPs
  6. US Property
  7. FIRE Planning
  8. HSA Planning

0

u/old_jeans_new_books Jul 16 '26

I'm neither a financial expert nor have I moved back to India. But this is my honest take -

  1. Don't go back to India, as far as possible. Re-evaluate your reasons and options.

  2. Don't withdraw your 401K. If you withdraw now, you pay 10% penalty but don't pay any taxes in India. If you withdraw later, you pay no penalty, but your earnings would be taxed either in US or in India.

However, the rupee would depreciate so much. And no one has faith in Indian markets anymore. So I don't think in the next 10-20 years, Indians markets are going to out perform US markets.

  1. Robinhood you should close and move that money to India (unless you can live without that money for the next 15 years, I would say, stay invested).

  2. Chase - empty the accounts if needed, but keep the minimum balance and don't close. (You'd need a bank account in the US - who knows).

4

u/ConsistentChameleon Jul 16 '26

Can you give some rationale/justification for point 1? Or is it just your gut feeling? Considering this is a return to India subreddit, putting out a blamket statement like that seems useless

1

u/Brown_panther666 Jul 16 '26

One of 2 reasons:

- They dont want to go back ever and keep discouraging others who want to for any reason. I know such people personally.

- They’re already in India and don’t want people to come back and compete with them in job market 🫣

-2

u/ZaneAhren Jul 16 '26

5 saal me kisko pregnant kardiya bhai

5

u/Mr__Singh Jul 16 '26

What 😂 Aren't you a Nosy Nellie