Eligibility of Foreign Nationals

• Foreign nationals can open bank accounts in India under specific conditions.
• Accounts are permitted for residents, students, employees, and NRIs.
• Temporary visa holders may be allowed restricted account access.
• All accounts must comply with RBI and FEMA regulations.
• Each account type is designed based on the individual’s purpose and stay duration.

Types of Accounts Available

• Non-Resident Ordinary (NRO) accounts for income earned in India.
• Non-Resident External (NRE) accounts for income earned abroad.
• Foreign Currency Non-Resident (FCNR) accounts for foreign currency deposits.
• Resident Foreign Currency (RFC) accounts for returning Indians.
• Students and employees on valid visas may open resident savings accounts.

Documents Required for Account Opening

• Valid passport with Indian visa or permit.
• Residential address proof in India and abroad.
• Passport-sized photographs and signature specimen.
• Overseas address verification such as utility bills or bank statements.
• Letter from employer, educational institution, or embassy if applicable.

Regulatory and Compliance Requirements

• All foreign accounts must comply with Know Your Customer (KYC) norms.
• FEMA (Foreign Exchange Management Act) guidelines must be followed.
• Banks conduct enhanced due diligence and documentation checks.
• Foreign currency transactions are monitored and reported to authorities.
• RBI regulations determine account operation and repatriation rights.

Account Usage and Operational Features

• Accounts can be used for remittance, savings, and permitted investments.
• International debit cards and online banking access are often provided.
• Interest earned may be tax-free in certain NRE and FCNR accounts.
• Currency conversion and repatriation services are available.
• Banks offer multilingual support and specialized NRI helpdesks.