Here are some notes about accounts in India of foreign nationals visiting India:
- Types of accounts that can be opened: Foreign nationals visiting India can open two types of accounts:
- Non-Resident Ordinary (NRO) account: This account can be used to hold funds remitted from outside India, as well as funds earned in India.
- Non-Resident External (NRE) account: This account can only be used to hold funds remitted from outside India.
- Documents required to open an account: The following documents are required to open an account in India for a foreign national visiting India:
- Passport
- Visa
- Proof of address in India (such as a rental agreement or utility bill)
- Proof of identity (such as a driver’s license or passport)
- Minimum balance requirement: The minimum balance requirement for an NRO or NRE account in India is typically INR 50,000.
- Transaction limits: There are some restrictions on the types of transactions that can be made on an NRO or NRE account in India. For example, payments exceeding INR 50,000 must be made by cheques, pay orders, or demand drafts.
- Repatriation of funds: Funds from an NRO or NRE account in India can be repatriated to the foreign national’s home country. However, there are some restrictions on the amount of funds that can be repatriated each year.
Here are some additional notes:
- The process of opening an account for a foreign national visiting India may vary depending on the bank.
- It is important to check with the bank in advance to see if they have any specific requirements for opening an account for a foreign national visiting India.
- The foreign national may need to pay a fee to open an account in India.
- The foreign national may need to provide additional documentation, such as a letter from their employer or a letter from their university, to open an account in India.