How Foreign Students Can Open Bank Accounts in India ?

Know the various steps for Foreign Students to Open Bank Accounts in India – Any Banks in India can open the bank account of the foreign students in India as per the guidelines stipulated by the Reserve Bank of India (RBI) following the new know your customer (KYC) rules. Banks can open non-resident ordinary (NRO) accounts for foreign students on the basis of their passports after verifying their visa and immigration details, and on production of the admission letter from an educational institution.

This is also to be remembered that within 30 days of opening their accounts, the students should submit rent agreements as proof of local residential address. Banks should insist on visit by landlords to branch to verify rent documents. Alternatively, banks should adopt alternative mechanisms to verify the local address.

In case the student is staying in the facility provided by the institution, a letter from the educational institution can also be produced as proof of residence. However, students of Pakistani nationality will need the prior approval of RBI for opening the account.

Also Read – Rules – Transfer of Money from NRE account to saving account ?

Within the 30-day period, there would be cap of $1,000 on foreign remittances and Rs 50,000 on monthly withdrawal in Foreign Students Bank Account. After submitting the local proof of address, the Foreign Students bank accounts would be treated as normal NRO account.