Where can I get an Indian bank account?

[yngmind]

I need an Indian personal bank account or EMI.

I guess I won't be able to register it as a foreigner, but I need one for one of my businesses, any recommendations?

Non-resident accounts are only available to Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs).

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[daniels27]

What do you need it for? India has very strict capital controls.

As a foreigner, you can open an NRO or SNRR account. But they are only to be used for honest transactions:
https://www.rbi.org.in/commonperson/english/scripts/FAQs.aspx

 

[yngmind]

daniels27 said:
What do you need it for? India has very strict capital controls.

As a foreigner, you can open an NRO or SNRR account. But they are only to be used for honest transactions:
https://www.rbi.org.in/commonperson/english/scripts/FAQs.aspx
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For some products and services that only be purchased using an Indian card and INR as a currency. I think the easiest way is just to find an Indian guy and pay him a small percentage.

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[letthelordbewithyou]

yngmind said:
For some products and services that only be purchased using an Indian card and INR as a currency. I think the easiest way is just to find an Indian guy and pay him a small percentage.
Click to expand...

As a Foreigner it's virtually impossible unless you are employed in india

 

[cuno]

daniels27 said:
As a foreigner, you can open an NRO or SNRR account. But they are only to be used for honest transactions:
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@letthelordbewithyou What do you say to the above suggested ?

letthelordbewithyou said:
As a Foreigner it's virtually impossible unless you are employed in india
Click to expand...

 

[letthelordbewithyou]

NRO is only for "indian Origin". As for Non-Resident Rupee Account (SNRR account) "Any person resident outside India, having a business interest in India for putting through bona fide transactions in rupees.

Technically this only allowed if you have a business or employed in India.
Reserve Bank of India

 

[daniels27]

letthelordbewithyou said:
NRO is only for "indian Origin". As for Non-Resident Rupee Account (SNRR account) "Any person resident outside India, having a business interest in India for putting through bona fide transactions in rupees.

Technically this only allowed if you have a business or employed in India.
Reserve Bank of India
Click to expand...

Actually, you mean NRI. For Indians NRI, for non-Indians NRO.

https://www.rbi.org.in/commonperson/english/scripts/FAQs.aspx?Id=3

Q1. Who is an NRI?
Answer: A ”˜Non-resident Indian' (NRI) is a person resident outside India who is a citizen of India.

Q5. What are the accounts that a tourist visiting India can open?
Answer: An NRO (current/ savings) account can be opened by a foreign national of non-Indian origin visiting India, with funds remitted from outside India through banking channel or by sale of foreign exchange brought by him to India. The balance in the NRO account may be paid to the account holder at the time of his departure from India provided the account has been maintained for a period not exceeding six months and the account has not been credited with any local funds, other than interest accrued thereon.
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[letthelordbewithyou]

daniels27 said:
Actually, you mean NRI. For Indians NRI, for non-Indians NRO.

https://www.rbi.org.in/commonperson/english/scripts/FAQs.aspx?Id=3
Click to expand...

non-Indians NRO, my bad.

 

[turmpy]

What's the outcome of the discussion you can open an account as foreigner with NRO if you are willing to undergo total control of all your money ?

 

[daniels27]

turmpy said:
What's the outcome of the discussion you can open an account as foreigner with NRO if you are willing to undergo total control of all your money ?
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Yes. You can. The account can only be used to spend money from abroad in India and you cannot get it back out unless the account was not open for over 6 months and you have not gotten any local money apart from interest. Also, expect the opening to be time consuming. In short, you can but I don't recommend.

 

[yngmind]

I guess banking there sucks, especially for the foreigners

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[Sols]

yngmind said:
I think the easiest way is just to find an Indian guy and pay him a small percentage.
Click to expand...

I'd do this 100 times over rather than go through the pain of opening and ”” worst of all ”” maintaining and using a personal account in India as a non-resident. As a domestic banking network, India is probably among the best in the world. But as soon as there's cross border involved, it gets horrendous.

It's easier to form an Indian company, hire a local director, and open an Indian corporate account. But even then, as soon as it's cross border, you'll wish you never even started.

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This is the probably the answer to your question.

 

[letthelordbewithyou]

Sols said:
I'd do this 100 times over rather than go through the pain of opening and ”” worst of all ”” maintaining and using a personal account in India as a non-resident. As a domestic banking network, India is probably among the best in the world. But as soon as there's cross border involved, it gets horrendous.

It's easier to form an Indian company, hire a local director, and open an Indian corporate account. But even then, as soon as it's cross border, you'll wish you never even started.
Click to expand...

Exactly, hence the reason hawala thrives india.

 

[lavel]

Why would you open an account in India, what is the purpose?

 

[andrew28fl]

yngmind said:
I need an Indian personal bank account or EMI.

I guess I won't be able to register it as a foreigner, but I need one for one of my businesses, any recommendations?

Non-resident accounts are only available to Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs).
Click to expand...

I have an Indian account because of my ties to the country. I wouldn't recommend Indian banks to an enemy. They find new ways to harass you every day, torture you even.