Open an Account in a Bank of India

India is the country with one of the largest economies in the world. For this reason, it is attractive for relocating people and opening branches for businesses that plan to work and acquire assets in Asia. However, in order to live and work in this country, you need to register a bank account. It has its own specifics, so it is difficult to do without the help of professionals. Lawtter Solutions offers clients the opportunity to open an account in State Bank of India and other financial institutions. We provide fast registration of all types of accounts at affordable prices, with full legal support.

Service cost

1000 EUR*

Terms

1-3 months

Support

Multilingual

Type

With a personal visit

Opening an account

How to open an bank account in India

Foreign citizens have the right to open an account in India for both personal and corporate purposes. There are also offshore accounts here, which allow you to work in foreign markets. The jurisdiction offers to non-residents three types of accounts:

  • Non-Resident External (NRE) is designed for working outside India;
  • Regular (NRO) allows companies to accept payments within India;
  • Foreign Currency Non-Resident Account (FCNR) allows clients to receive money not only in rupees but also in US dollars and other currencies.

 

As for individuals, they can open a current account (for settlements) or a savings account for investment activities. It is possible to get a bank card. The bank account can also be opened in both rupees and foreign currencies. One can also open a salary account, which is mandatory for employment.

 

To open an account in India, one has to visit the bank branch in person. A foreign citizen or a company can’t open a bank account online in India.

 

 

Benefits of opening a bank account in India

 

A bank account in India allows you to get several important benefits. The main ones are as follows:

1

Ability to open an offshore account

Companies can conduct trading activities abroad using an account in India.
2

Multi-currency accounts are available

Foreign companies and individuals can open an account in different currencies.
3

Wide range of bank accounts available

Non-residents can choose any type of bank account they want based on their needs.
4

Wide choice of banks

More than 10 banks in India are licensed for financial activities, including local and international banks.