Indian Bank Account for Foreigners
Indian Bank Account for Foreigners
Foreign nationals can open Non-Resident Accounts for meeting local expenses during their stay in India. An NRO account can be opened with funds transferred from abroad in freely convertible foreign currency or from foreign currency brought along with them on a visit or with traveller’s checks.
Foreign Tourist Bank Account
Foreign tourists can open an NRO account for a maximum period of 6 months, during their stay in India. As a tourist, a non-resident can place monies in a deposit account. If the deposit is in hold for more than six months, then permission requires from the RBI to repatriate the amount.
Frequently Asked Questions
Can foreign tourists open a bank account in India during their short visit?
Yes. Foreign tourists during their short visit to India can open a Non-Resident (Ordinary) Rupee (NRO) account (Current / Savings) with any bank dealing in foreign exchange. Such an account validity is up to a maximum period of 6 months.
What are the documents required for opening such accounts?
It requires passports and other valid identification proofs for opening the accounts. Banks must follow the Know Your Customer norms while the opening of the accounts.
What credits can be made to such accounts?
Funds remitted from outside India through banking channel or those obtained by the sale of foreign exchange brought by the tourists to India can be credited to the account.
Can the account be used for making local payments?
Yes. Tourists can freely make local payments through the NRO account. All payments to residents exceeding INR 50,000 can be made only by means of cheques/pay orders/demand drafts.
Can foreign tourists repatriate the balance held in their NRO account at the time of departure from India?
Banks can convert the balance in the account for payment to the account holder at the time of departure from India into foreign currency, where the account has maintained for a period not exceeding six months and the account has not credited with any local funds, other than interest accrued thereon.
What can be done to repatriate the proceeds of an account that has been maintained for more than six months?
In such cases, applications for repatriation of balance may be made on plain paper to the Foreign Exchange Department of the Regional Office concerned of the Reserve Bank through the bank maintaining the account.
Can foreign nationals resident in India open resident account?
Yes. Foreign nationals resident in India can open and maintain a resident Rupee account in India.
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