Okay, so you are all set to move to a new city! You must be busy in packing supplies, hiring professional movers or probably renting a truck. But, have you had your financial documents and products updated beforehand?
When moving to a new place, losing track of important documents is quite a common mistake that most of the people commit. As a result, they face potential hassles, like service lapses or missed bills.
You do not wish to get into such mess. Don’t you? So, before relocating to a new residential address, make sure you update the following documents.
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Banking
First and foremost, you need to ensure that your credit cards, fixed deposits, demat account, and savings account is updated with your new address. Visit your bank or connect with the concerned person over a call to check if the changes in your address could be made online. As soon as your address is updated, you will be rest assured to not miss any important notification from your bank.
The process to change address may vary from one bank to another bank. So, do contact your bank to check the address update process.
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Insurance
Updating your insurance policy documents may not seem to be ‘required’ as you can pay your premium from any location in the country. However, during settlement claims, your nominee(s) may face several issues if the policy documents are not updated. Also, you will miss out on the payment receipts and statements of dividends. So, do notify the insurance agencies that provide you with car insurance, life insurance etc.
All you need to do is to prepare a request letter with a photocopy of your policy that you wish to transfer.
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Passport
A passport is a major ‘proof of address’ that is accepted by almost all the institutions. Hence, do get your address updated in the passport.
Visit the nearest branch of the passport office to fill up and submit the form-II along with address proof.
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Income Tax
Informing the income tax department and making significant changes in the address mentioned in the I-T records is very important. The I-T refund is always sent to the account mentioned in your PAN card or ITR filing. In case of transaction failure, the payment is sent to your residential address. Hence, it becomes obvious to update your new address with the I-T department.
Correction in PAN data can ease your way to update address in I-T records.
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Investment
An address change request is the ideal way to keep things sorted, when it comes to mutual funds, Public Provident Fund stocks, bonds, and gold. For your convenience, all of these investments can be easily transferred to the nearest post offices located in the new city.
The process for address change may vary from one option to another.
Changing or updating the address is definitely a time-consuming process, but, it can save you several hassles in future. So, before shifting to a new place, do get these documents updated.