Restriction on Cash withdrawal limits from bank and ATM to go: RBI
The Reserve Bank of India (RBI) today Feb 8, 2017 (Wednesday) announced that all restrictions on cash withdrawal from savings bank account will be removed in two phases.In the first phase, the withdrawal limit will be raised to Rs 50,000 from existing Rs 24,000 a week, effective February 20. In the second phase, from March…
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Form ‘QA 22’ for opening bank accounts of foreign nationals
The foreign nationals employed in India can maintain accounts in their 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 exceeding three…
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Opening bank accounts of overseas students in India
Foreign nationals visiting India on student visas (including those coming to India for the study of Yoga, Vedic Culture, Indian System of Dance and Music) are allowed to open a bank account in India. For such students, a Non-Resident Ordinary (NRO) account will be opened after completion of KYC (Know Your Customer) formalities like verification…
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Bank account opening for a foreign tourist
Foreigners who are on a short trip to India on a tourist Visa may open their bank account in India. They are facilitated to open an SB or Current account in the form of an NRO (Non-Resident Ordinary) account. The accounts of tourists opened by the authorised dealer banks after completion of the KYC (Know…
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Bank accounts of Foreign Nationals on employment in India
The foreign nationals employed 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 in…
RBI cautions users of digital currencies like Bitcoins, litecoins etc
The Reserve Bank of India cautioned the general public that users or traders of virtual currencies are doing so at their own risk. RBI in its press release today said that it has not given any licence / authorisation to any entity / company to operate such schemes or deal with Bitcoin or any virtual…
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