The “we’ll deal with it later” mistake that turned our family vacation into a banking nightmare and taught me that ignoring money problems doesn’t make them disappear.
Who: Family of 3 | From: Delhi India → Brisbane, Australia | When: June 2022-now | Status: New Permanent Residents with messy Indian bank accounts → Learned our lesson the hard way
One and a half years. That’s how long we ignored our Indian bank accounts after moving to Australia. We thought we could manage everything from far away. We were wrong. When we finally went back to India for a holiday, we spent four days running between banks instead of enjoying family time, all because we didn’t organise our money before we left.
Small Family of Three – First Generation Migrants
1. The Big Move & the Little Lie We Told Ourselves
When our permanent‑resident visas for Australia came through, packing was hectic. “We’ll keep the Indian accounts as they are,” I told Neha.
Translation: We’ll deal with it later.
We convinced ourselves we’d fly back often, so why rush? Besides, those “traditional” products back home paid attractive interest:
- PPF in our daughter’s name (because every Indian kid needs one, right?)
- Two post‑office MIS schemes started by our parents
- Rohit’s vintage SBI savings account (opened in college, linked to nothing online)
- A sprinkling of FDs at random rural branches
We left India in June 2022 with every intention of managing it all remotely… somehow.
2. Australia Happens, India Freezes
Fast‑forward 18 months. We were busy juggling:
- New jobs
- Child‑care runs
- A dollar that still looked funny after the rupee conversion
Bank visits to India? Zero.
Result?
| Problem | How It Hit Us |
| Resident accounts now non‑compliant | KYC updates lapsed; banks froze online access. |
| PPF deposits missed | We lost a full year of tax‑free growth for our daughter. |
| Post‑office schemes | Interest cheques sent to our old Indian address (and went uncashed). |
| Dormant FDs | Auto‑renewed at lower rates; we had no idea. |
Every call to a branch ended with, “Ma’am/Sir, you or a Power of Attorney holder must visit in person.”
3. The “Holiday” That Wasn’t
When we finally flew back for our first visit home, we dreamed of pani‑puris and catching up. Reality? Four days straight of:
Re‑KYC queues (SBI token number 73, chai included).
Converting resident accounts to NRO/NRE.
Breaking & re‑booking FDs to close them or move to digital‑friendly banks.
Updating post‑office nominations & addresses.
We came back to Australia exhausted, suitcases full of stamped forms instead of souvenirs.
4. What We Wish We’d Done Before Boarding That One‑Way Flight
| Do This Before You Leave | Why It Saves Your Sanity |
| Consolidate accounts into 1‑2 tech‑friendly banks. | Fewer logins, easier NRO/NRE conversion later. |
| Open online‑first accounts (e.g., ICICI, HDFC Digital) | Instant KYC updates via video verification. |
| Nominate a trusted PoA (parent, sibling). | They can sign KYC, close FDs, or claim cheques. |
| Convert resident savings → NRO/NRE early. | Mandatory once you become an NRI — and penalties apply. |
| List every product (PPF, MIS, FDs) in a shared spreadsheet with maturity dates. | Stops money from lying idle or auto‑renewing at poor rates. |
| Consider winding up tiny legacy schemes and moving funds into one NRE FD or global ETF. | Simpler tracking and often better returns. |
5. Our Takeaways (So You Don’t Repeat Them)
- Procrastination costs real rupees and real holiday time.
- Scattered money is stagnant money. Even a 7% post‑office scheme can shrink once you factor in missed renewals, inflation, and currency risk.
- Digital access matters. Traditional banks are fine — as long as they’re mobile‑friendly and NRI‑friendly.
- Seek professional advice early. One hour with a cross‑border financial planner would have saved us two weeks of sweaty paperwork later.
6. Why We’re Sharing This on OzMoneyTalks
When OzMoneyTalks asked for family‑level stories, we jumped at it. We wanted other migrants to know the stuff that never shows up in glossy “Moving to Australia” guides:
You can ace the visa, the flights, the job hunt — and still leave a financial mess 10,000 km away.
If reading our misadventures nudges even one family to consolidate before take‑off, our jet‑lagged bank‑queue marathon will have been worth it.
