Who among the following is eligible to open a bank account in India?
Who among the following is eligible to open a bank account in India?
1). Indian citizens
2). Non-resident Indians
3). Senior citizens
4). A 10-year-old minor
1 answers
Foreign nationals, who are staying in India for a long period due to work or business reasons, can open a bank account in order to make and receive rupee payments.
- Foreign nationals can open FA resident savings or current account with a bank in India provided they furnish requisite KYC documents.
- The foreign national can convert the account to NRO status when he completes his assignment in India and goes back to his own country.
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