Comming to india for 10 months, what bank should I open an acocunt in and whats the procedure
Hi all…I am in india for 10 months…I have come from US…can someone point the best bank to open an account with and what are the formalities etc…?
Stell
Related Questions:
Hi Stell
I would suggest you consider opening a bank account in India with one of the major Banks which have ATMs all over and also Offices/Agents in the US.
Advantages:
Deposit money in that account when you arrive or before you arrive. Ask for the NRE Account. This allows you to repatriate any unused funds back to your country.
Use of Local ATM.. No need to pay heavy charges if using some other bank ATM (charges for indian interbank ATMs are lower than for US banks)
Withdraw cash wherever you want. Even in smaller quantities.
Pay by check (since you get a checkbook).
Just a thought.. maybe worth looking into..
Some major banks are
http://www.hdfcbank.com (HDFC Bank)
http://www.icicibank.com (ICICI Bank)
State Bank of India
Indian Overseas Bank
Union Bank of India
Bank of India
Citibank
Standard Chartered Bank
ABN AMRO Bank
HSBC
etc etc…
I would recommend ICICI out of these i have tried and tested this…they are fast at opening accounts, resolving queries and money transfers…
Enjoy
Raghav
You can open an NRE Fixed Account by applying online or by downloading the account opening form, filling it up and mailing it with relevant documents to our India the following ICICI india address:
ICICI Bank Ltd.
RPC Mumbai,
Autumn Estate,
5th Floor, ‘A’ Wing,
Near Mhada, Chandivali, Andheri (E),
Mumbai – 400 072, INDIA.
Incase of further queries, please contact ICICI through Email
If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, now you no longer have to incur expensive courier charges to send us your documents, you can simply post them to the local P.O. Box in your respective countries.
Note: The P.O. Box is a service offered by ICICI Bank India, and any of the overseas branches or Representative Offices are not involved in this service.
Visit the following link for more details and FAQs on NRE accounts:
http://www.icicibank.com/pfsuser/icicibank/ibank-nri/nrinewversion/faq_NREfixed.htm#
Since you are a foreigner (non-Indian) you can only open an account in India if you have a valid Residence Permit from the police commissioner – means you need a longer term visa and a verified residence in India. If you are an NRI (non resident Indian) you can also have an account but the bank would expect regular payments into your account.
There are different account schemes like salary accounts and minimum-balance accounts, providing some free facilities. If you can keep a minimum average balance of 20,000 RS you would already get a decent account scheme at pretty much any bank.
Formalities include passport and visa copy, residence permit copy and another proof of address (e.g. utility bill).
Shilpi