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Opening a bank account in India


#1  2011-09-28 09:43:18

Julien
Founder
Julien
From: Grand Baie
Registered: 2005-03-11
Posts: 27889

Opening a bank account in India

Hi all,

is it difficult for expats to open a bank account in India ?

Which documents are required to open a bank account in India ?

How long does it take to open it ?

Is there any restriction for expats regarding the services (loans for instance)  ?

Which bank would you recommend ?

Thanks in advance for your participation,

Julien




 
 
 
 
 
 
 
 
 
 
 


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#2  2011-10-14 18:33:25

Queen of the Suburbs
Active member
Queen of the Suburbs
From: Mumbai
Registered: 2011-07-11
Posts: 83

Re: Opening a bank account in India

Hi there I just went to the HDFC bank in Pali Hill and we took our drivers licenses, passports, and proof of address in India. It was relatively easy and within a week our cheque book and eftpos cards arrived...I don't see what all the hoo haa is about. It was easier than getting an account in France by the way.

Queenie




 
 
 

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#3  2011-10-15 08:29:04

Harmonie
ViP
Harmonie
From: Mauritius/Ile Maurice
Registered: 2011-06-13
Posts: 19273

Re: Opening a bank account in India

Thanks for your contribution Queenie!

Harmonie.




 

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#4  2011-10-25 16:48:08

rak100
Member
From: bangalore
Registered: 2009-12-19
Posts: 16

Re: Opening a bank account in India

Its not difficult to open an account however the paperwork is tiring.
The best way to go about it would be to take advise through a Registered Chartered Account who will list out the documents needed and the procedure to be followed. You can do it yourself, however the patience required for this is more.

Cheers
Rakshit




 

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#5  2011-10-26 06:34:31

Harmonie
ViP
Harmonie
From: Mauritius/Ile Maurice
Registered: 2011-06-13
Posts: 19273

Re: Opening a bank account in India

Hello Rakshit!

Thank you for your help.wink

Harmonie.smile




 

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#6  2011-11-22 13:47:03

BanksIndia
New member
BanksIndia
From: Chennai
Registered: 2011-11-22
Posts: 2

Re: Opening a bank account in India

Following are the documents required to open bank account:

• One who is willing to open an account should submit a properly filled application.

• The customer should submit his/her identity proofs.

• The customer should also submit the address proofs.

• The person who wants to open the account should carry along the original documents also with the photocopies if he/she is opening the account in person.

• If the customer wishes to open an account online the same documents are required. The customer should fill the required information, take a print out of the application form and mail it to the respective bank.

• Over writings should be carefully countersigned.




 

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#7  2011-11-22 13:53:16

Armand
Team
Armand
From: Ile Maurice / Mauritius
Registered: 2011-02-23
Posts: 21884

Re: Opening a bank account in India

Hi BanksIndia!

Thanks for your help!

Armand




 


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#8  2011-11-26 06:16:32

dilip pinto
Active member
dilip pinto
From: Dubai
Registered: 2010-04-24
Posts: 74

Re: Opening a bank account in India

Just to add on. Opening an account is possible. But for an expat I think they have to provide concrete address proof for the same




 
 
 

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#9  2011-11-26 06:18:15

dilip pinto
Active member
dilip pinto
From: Dubai
Registered: 2010-04-24
Posts: 74

Re: Opening a bank account in India

Also Julien, Getting a loan is possible if hte expat has a guarantor. If one is looking for a loan then private banks are good because the process that they follow are relatively easier. hdf bank, icici, axis bank




 
 
 

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#10  2011-11-26 16:51:03

Armand
Team
Armand
From: Ile Maurice / Mauritius
Registered: 2011-02-23
Posts: 21884

Re: Opening a bank account in India

Thanks for helping dilip pinto wink

Armand




 


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#11  2013-03-21 12:09:21

jaison0133
Active member
jaison0133
From: Bangalore
Registered: 2013-03-15
Posts: 28

Re: Opening a bank account in India

This is depends on the kind of Visa is holding.

Not difficult at all for those hold a job visa, let me know if any assistance require

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#12  2013-03-21 12:31:29

Aurélie
Team
Aurélie
From: Pamplemousses
Registered: 2012-05-02
Posts: 21335

Re: Opening a bank account in India

Thank you jaison0133! If you have more informations, do not hesitate to share them on the forum. wink

Aurélie




 


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#13  2013-03-22 07:35:47

saimans
ViP
saimans
From: RIYADH
Registered: 2012-02-06
Posts: 1581

Re: Opening a bank account in India

jurgengeorgian wrote:

(Moderated)

Just Cant Stop lol lol lol




 
 
 

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#14  2013-03-24 06:19:16

pempies
New member
pempies
From: Mumbai
Registered: 2013-03-24
Posts: 1

Re: Opening a bank account in India

Dear All,
Season greetings
as per Reserve Bank of India norms, Foreign tourists during their short visit to India can open a Non-Resident (Ordinary) Rupee (NRO) account (Current / Savings) with any Authorised Dealer bank dealing in foreign exchange. Such account can be opened up to a maximum period of 6 months.

Passports and other valid identification proofs are required for opening the accounts. Authorised Dealer banks are also required to follow the Know Your Customer norms while opening of the accounts.

Funds remitted from outside India through banking channel or those obtained by sale of foreign exchange brought by the tourists to India can be credited to the NRO account.

Foreign nationals resident in India can open and maintain a resident Rupee account in India in terms of Notification No.5/2000-RB dated May 3, 2000 viz., Foreign Exchange Management (Deposit) Regulations, 2000, as amended from time to time.

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#15  2013-04-01 09:16:46

kiwiflyboy
New member
From: Chennai
Registered: 2013-03-31
Posts: 3

Re: Opening a bank account in India

I have recently moved to Chennai.

I was advised to open an account with the Axis bank.

Very straight forward, fast and efficient. they also provide a simple service for foreigh exchange outward remittances on a regular basis. You need specific paper work for this but once in place no problem.

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