Prasantananda (Monk) 26 February 2015

Savings account for foreign nationals

Dear sirs

My humble regards to the experts and others on the website. My question pertains to the eligibility of a foreign natipnal to have a savings account in Indian banks. If they can have an account would they need a special permission to transfer funds from their native country to such account in India? Also, what will be the taxation issues involved? Thank you.

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2 Replies

Advocate Kappil Cchandna (Expert Bail & Criminal Defence Lawyer at Delhi Supreme Court of India) 26 February 2015

Dear, Saving account has nothing to do with the transfer ...if you want to bring money from outside India there is limit to the amount you can and after that limit it has to be by the procedure established by the RBI and FEMA. . For tax related queries you can call and discuss with CA Karan at 9871563826.... Kapil Chandna Adv 9899011450

Prasantananda (Monk) 27 February 2015

Dear sirs Thank you for answering my question. However, the first part still remains unanswered. I would request you to enlughten me as to whether a foreigner is eligible to open and operate a savings account in indian banks.