The foreign nationals on employment in India can maintain accounts in their individual names in the form of SB, Current Account and Term deposit. However, foreign companies are allowed to open and maintain current accounts in the banks. Nevertheless, they may be allowed to keep their surplus money in short-term deposits with a maturity not…
The foreign nationals visiting India on students Visa (including those coming to India for the study of Yoga, Vedic Culture, Indian System of Dance and Music) are allowed to open the bank account in India. For such students, Non-Resident Ordinary (NRO) account will be opened after completion of KYC (Know Your Customer) formalities like verification…
The foreigners who are on a short trip to India on tourist Visa may open their bank account in India. They are facilitated to open SB or Current account in the form of NRO (Non-Resident Ordinary) account. The accounts of tourists opened by the authorised dealer banks after completion of KYC (Know Your Customer) procedure…
The foreign nationals on employment in India are permitted to open and maintain domestic (Resident Rupee Accounts) accounts like SB, Current Account or Term Deposits with the authorized dealer banks in India. The accounts of foreign companies in India can be maintained only in current accounts. Such companies are allowed to keep their surplus money…
KYC is necessary for opening and maintaining current accounts of individuals, proprietorship, partnership firms, corporates, trusts, Associations, societies, clubs etc. When the bank accounts of individuals are opened, banks mainly look into the identity and address proof of the applicant such as official valid documents (OVDs) like Aadhar card, Voter ID, PAN card, Driving License,…
An individual or HUF can invest in Tax saver fixed deposits of banks, not exceeding the aggregate limit of Rs.150000.00 u/s 80 (C) of IT in a financial year is eligible for tax relief. The ‘deposit’ can be opened in single name or joint names of an adult with a minor or in the joint…
The operation procedure for old/sick/incapacitated bank customers is laid down in para 5.6.2 of RBI Master circular. According to the circular, the cases of sick/old/incapacitated account holders fall into the following categories: an account holder who is too ill to sign a cheque/can not be physically present in the bank to withdraw money from his…
The customers, both deposit and borrowal accounts can open the bank account using OTP based e-KYC. The Reserve Bank made the amendments to ‘Principal Directions on KYC ‘(Know Your Customer (KYC)) Directions, 2016 (Master Direction No.DBR.AML.No.81/ 14.01.001/2015-16 dated February 25, 2016) with effect from December 8, 2016. In terms of the e-KYC amendments now made…
(In some cases, photographs are not required for opening bank accounts. Find out here in which cases photographs not required.) While opening any type of accounts viz. Savings Bank, Current Accounts, Term Deposits, Recurring Deposits, or loan accounts, all the depositors/account holders have to submit two copies of latest photographs for the bank’s record. This…
The settlement of claims in respect of missing persons being done under the provisions of Section 107 / 108 of the Indian Evidence Act, 1872. Section 107 deals with the burden of proving whether a missing person is alive or dead and the burden of proving that he is dead is on the person who…