Indian Address on USA Bank Accounts

Chi2Cha · Post by **Chi2Cha** » Sun Dec 28, 2014 9:40 pm

Dear Friends,

I have moved to India earlier this year. My USA banks are willing to update my Indian address on my account.

However, before I do so, do you see any problems with doing this?

Thanks so much

farfromhome · Post by **farfromhome** » Sun Dec 28, 2014 9:56 pm

Chi2Cha;589137Dear Friends,

I have moved to India earlier this year. My USA banks are willing to update my Indian address on my account.

However, before I do so, do you see any problems with doing this?

Thanks so much

I don't see any problems. I have Indian address on my PNC bank account and the statements get delivered every month here in Chennai.

FYI: I had to go physically to the bank to get the address updated before r2i. If they can do it online or over the phone, that's good.

cmdrsk · Post by **cmdrsk** » Sun Dec 28, 2014 11:52 pm

farfromhome;589138I don't see any problems. I have Indian address on my PNC bank account and the statements get delivered every month here in Chennai.

FYI: I had to go physically to the bank to get the address updated before r2i. If they can do it online or over the phone, that's good.

If you are maintaining high balance be aware of FATCA which was signed between india US and is effective 2014.

FB2020 · Post by **FB2020** » Mon Dec 29, 2014 4:32 am

farfromhome;589138I don't see any problems. I have Indian address on my PNC bank account and the statements get delivered every month here in Chennai.

FYI: I had to go physically to the bank to get the address updated before r2i. If they can do it online or over the phone, that's good.

Why did you opt for paper statements ? they send you paper statements monthly? Just curious.

Veekay · Post by **Veekay** » Mon Dec 29, 2014 10:17 am

cmdrsk;589139If you are maintaining high balance be aware of FATCA which was signed between india US and is effective 2014.

India is yet to sign the FATCA.

Source: http://articles.economictimes.indiatimes.com/2014-12-26/news/57420619_1_revenue-secretary-shaktikanta-das-cent-withholding-tax-account-tax-compliance-act

http://www.business-standard.com/article/markets/sebi-flags-down-govt-on-india-us-tax-pact-114122900041_1.html

As it stands now, reciprocity is not coded in the information exchange.

To OP - Some banks will let you change the mailing address to an international address, but will not allow update of "home" address to international address. Take note on what will be sent to the home address. Some banks sent PIN updates to only home address. You can get mailboxes that serves the needs of expats that provide scanning and forwarding facilities of the mail received.

farfromhome · Post by **farfromhome** » Mon Dec 29, 2014 11:06 pm

FB2020;589141Why did you opt for paper statements ? they send you paper statements monthly? Just curious.

Yes they do :). Arrives every month on time.

I always received paper statements from the bank (even when I was in USA). That continues.

r2i_decide · Post by **r2i_decide** » Mon Jan 12, 2015 11:01 pm

If I keep US address on my 401k am I liable to pay state tax at withdrawal time, even though I do not live in that state?

drV · Post by **drV** » Mon Jan 12, 2015 11:06 pm

r2i_decide;590726If I keep US address on my 401k am I liable to pay state tax at withdrawal time, even though I do not live in that state?

"keeping a US address" means that you reside at that address.
So Yes...you pay all the taxes owed related to residency.