NRO Bank Account How Foreign Student Can Open Bank Account Know Details

NRO Bank Account: Every year lakhs of students from India come from abroad to study. Students coming to India from abroad also have to fulfill many conditions. The most important thing in this is a bank account. Students coming from abroad have to open NRO Saving Account in India. RBI has fixed some important rules for foreign students studying in the country to open NRO account. Let’s know about these rules.

What is NRO Savings Account?

NRO Savings Account is opened for those who come to India from abroad. Through this account, these foreign nationals manage their money in India. Like other accounts, the benefit of interest is also available on the money deposited in this account. The Reserve Bank of India (RBI) sets some rules for these accounts as well. To open this account, foreign students must have passport of their country, visa of India. Along with this, it is also necessary for NRI to have a certificate and address proof of his country. In this, he can also submit the copy of the school certificate of his country.

What are the rules for opening an NRO account?

In the year 2013, the Reserve Bank of India had made some changes in the rules so that foreign students do not face difficulties in opening bank accounts in the country. According to RBI rules, any foreign student can open his NRO account in any government, private, state and central cooperative and rural bank. This account can be opened only on the basis of his passport. You will not need any identity card while opening the account.

Documents to be submitted within 30 days of account opening-

  • According to RBI rules, even if a foreign student does not have an address in India, he can open his NRO account.
  • After this he can submit those documents within 30 days.
  • This document is the local address
  • Rent Agreement
  • College/University Address

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