±A - Subscribe to Our Newsletter
Our monthly newsletter contains health and financial news, expat articles, social media recommendations and more.
±A - Join Our Community
±A - Read Our Guide
±A - Compare Quotes and Save
±A - Listen to the Podcast
±A - Expert Financial
±A - ExpatFocus Partners
BankingBack to top Back to main Skip to menu
India - Banking
A foreign national desirous of opening an account in a bank must follow the eligibility norms as laid by the Reserve Bank of India.
Eligibility - One needs to be a foreign national temporarily residing in India, on account of his employment / profession, and holding a valid foreign passport. In addition, one must hold a valid business / employment visa and an employer's certificate / approval from the Reserve Bank of India (RBI) in case he is self employed.
Type of Account - As an individual one can open a Rupee Savings or Time Deposit Account.
Form QA 22 - Form QA 22 is a declaration of all sources of deposit to the account. As per RBI guidelines, form QA 22 needs to by duly completed by all persons authorized to operate the account.
a. Officials of Foreign Embassies, Consulates, Trade Representations, Other Foreign Government Establishments and the UNO in India b. Foreign nationals of non-Indian origin permanently resident in India c. Foreign nationals of Indian origin other than those residing in India for employment of specified duration d. Foreign born wives of Indian nationals and of persons of Indian origin resident in India
Remittances Account - For salaried employees, recurring outward remittances up to 75% of net salary, for family maintenance, etc. are permitted from the account. Self employed professionals and personnel of foreign diplomatic mission in India can also remit funds but need approval from the RBI.
Closure - On closure of the account, funds can be given to the person in Indian Rupees or remitted overseas with prior approval from the RBI.
If one ceases to be a resident of India, but still wishes to keep the account open, it will be maintained as an ordinary non-resident Rupee (NRO) account.
Read more about this country
Expat Health Insurance Partners
At Bupa we have been helping individuals and families live longer, healthier, happier lives for over 60 years. We are trusted by expats in 190 different countries and have links with healthcare organisations throughout the world. So whether you're moving abroad for a change of career or a change of scene, with our international private health insurance you will always be in safe hands.
Cigna has worked in international health insurance for more than 30 years. Today, Cigna has over 71 million customer relationships around the world. Looking after them is an international workforce of 31,000 people, plus a network of over 1 million hospitals, physicians, clinics and health and wellness specialists worldwide, meaning you have easy access to treatment.