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Thread: Can a foreigner on a tourist visa open a bank account in India

  1. #1
    Junior Member
    Join Date
    Jan 2012

    Can a foreigner on a tourist visa open a bank account in India

    I was wondering if I would be allowed to open a local bank account in India while I am there and then maintain it even after leaving India because I would like to get some fixed deposits in India because of the high interest rates there and make a little bit of extra money on some of my investments. If not then I would appreciate if someone can point me in the right direction because 9.75% per annum looks like a dream come true even after considering any future fluctuations in the currency. Indian rupee has depreciated enough to stay stable for a couple of years at least.

  2. #2
    Junior Member
    Join Date
    Jan 2012
    New Delhi
    No a foreigner on a tourist visa cannot open a normal bank account that locals have and foreigners are not allowed to open fixed deposit accounts with high interest rates that locals have access to. You can open a temporary bank account in India that you can keep while you are in India and have to be closed before you leave the country and this account will not allow you to make fixed deposits with high interest rates. You can find out about NRO accounts and your eligibility but you would need to deposit foreign currency in that account and will be able to take out Indian rupees (I might be wrong) check with one of the banks. Icici bank has branches in many countries so it would be worth giving them a call.
    Sumit likes this.

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