Banking in India for expats has been made easier and accommodative over the last decade. As an expatriate working in India you can operate your foreign managed bank account with any of the locally present International banks. However, you will find that the banking network in India varies from region to region. It would be easier to find international banks operating in the metro cities of India but finding them in rural areas might be difficult. This is where opening a local bank account with wide domestic access becomes a necessity.
Essential Documents for Opening a Local Bank Account:
- A valid foreign visa along with other documents that can be proof of foreign residence (including utility bills of foreign residence)
- A valid employment visa or a valid letter of employment
- Two passport sized photos (attested in some cases)
- PAN number.
- Form QA22 in case of a QA22 account application request (this is a requirement set by the Reserve Bank of India and is crucial for expats as submission of this helps in dealing with varied international currencies)
- Recommendation from a current account holder which is also a resident of India
The above requirements may vary from bank to bank and account type. For a more up to date source of document submission it is best to call or simply visit a local bank in India. Moreover, majority of banks in India provide online account opening request form which can be submitted from the comfort of your home. Others are more stringent in their account opening procedures and would require your personal presence for opening an account.
Significance of having a Bank Account in India:
Living in India while having a functional bank account means that you can avail all sorts of banking facilities, 24/7. This includes but is not limited to loan extension facilities, interest earnings, credit card facility, debit card facility and bank draft. Moreover you can receive and deposit funds as and when you like through opening a QA22 account. The one thing that should not be overlooked is the account type, which in this case should be “International Savings Account”.
Account Management Tip:
Present a valid account signature that matches the one on your passport. The banking terms and conditions are regulated by the Reserve Bank of India and are subject to change. It is best to inquire about the latest regulations before signing up for a bank account in India.