Bank Account can be opened by foreign citizens studying in India
NRO account shall be opened for Foreign Students studying in India on the basis of their passport (with sufficient visa & immigration approval) containing proof of identity and address in their home country, along with a photograph and letter of admission from the educational institution, subject to:
Within a period of 30 days from the opening of the account, the international student should apply to the branch where the account is opened, in the form of a rental agreement or a letter from the educational institution, a valid address proof giving the local address as proof of living in a facility given by the educational institution. Banks should not rely on the landlord visiting the branch to verify the rent documents and banks may follow alternative means of verifying the local address.
For the 30-day duration, the account should be run with a condition of allowing foreign remittances to the account not exceeding USD 1,000 and a monthly withdrawal limit to Rs. 50,000/-, pending address verification.
The account will be regarded as a regular NRO account upon submission of proof of current address and will be run in compliance with existing instructions.
Within a period of 30 days from the opening of the account, the international student should apply to the branch where the account is opened, in the form of a rental agreement or a letter from the educational institution, a valid address proof giving the local address as proof of living in a facility given by the educational institution. Banks should not rely on the landlord visiting the branch to verify the rent documents and banks may follow alternative means of verifying the local address.
For the 30-day duration, the account should be run with a condition of allowing foreign remittances to the account not exceeding USD 1,000 and a monthly withdrawal limit to Rs. 50,000/-, pending address verification.
The account will be regarded as a regular NRO account upon submission of proof of current address and will be run in compliance with existing instructions.
