Bank Account

richie4india · Aug 9th, 2007, 18:16

Ok guys. I have posted here because for some reason I can't post on the main one! Anyway I'm in India from 28th November and will be for a while on a TOURIST visa.

I have heard of the NRO account - please do not jump the gun and confuse this with an NRI account - they are two different types!

Anyway this NRO account is available for tourists and travellers to deal with rupees for expenses whilst in India.

Does anyone know the best bank or has anyone used this service?

Cheers

richie4india · Aug 9th, 2007, 23:18

Do all banks offer this service or just some?

capt_mahajan · Aug 9th, 2007, 23:24

Any person normally resident outside India can open an NRO account. Most banks will offer this facility.

An NRO account can also be opened jointly with an Indian resident.

Incidentally, this is a Non Resident Account (full term Non Resident Ordinary); and there is nothing called a 'NRI account'.. It is NRE or Non Resident External.

'NRI' is a generic term used for accounts opened for Non Resident Indians. The majority of both NRE and NRO accounts will fall into this category.

Nick-H · Aug 9th, 2007, 23:43

When I was in Kerala, visiting Kovalam, which is a very touristy area, I saw signs at ATMs advertising that tourists could open short-term accounts.

My experience in Chennai was that, until I could produce a residents' permit, they were just not interested. Maybe I tried the wrong banks!

richie4india · Aug 9th, 2007, 23:51

Quote:

Originally Posted by capt_mahajan

Any person normally resident outside India can open an NRO account. Most banks will offer this facility.

An NRO account can also be opened jointly with an Indian resident.

Incidentally, this is a Non Resident Account (full term Non Resident Ordinary); and there is nothing called a 'NRI account'.. It is NRE or Non Resident External.

'NRI' is a generic term used for accounts opened for Non Resident Indians. The majority of both NRE and NRO accounts will fall into this category.

Yes I know what NRO stands for. Question is where to open one. Considering, what Nick said I guess I will have no trouble in Goa.

richie4india · Aug 9th, 2007, 23:55

Quote:

Originally Posted by capt_mahajan

Any person normally resident outside India can open an NRO account. Most banks will offer this facility.

An NRO account can also be opened jointly with an Indian resident.

Incidentally, this is a Non Resident Account (full term Non Resident Ordinary); and there is nothing called a 'NRI account'.. It is NRE or Non Resident External.

'NRI' is a generic term used for accounts opened for Non Resident Indians. The majority of both NRE and NRO accounts will fall into this category.

The NRO service I see any Non-Resident can open but some banks offer only to NRI's. Well atleast that is how it sounds.

I need the ones that will open one for a tourist too.

capt_mahajan · Aug 10th, 2007, 00:09

to confirm to what I said

(I know people living abroad, not all of Indian origin, who have NRO accounts with SBI and UTI)

Quote:

a. Any person/entity resident outside India may open NRO account with an authorised dealer or an authorised bank for the purpose of putting through bonafide transactions denominated in Rupees.

http://sify.com/services/legal/fulls...hp?id=13707556

GoanCanuck · Aug 10th, 2007, 03:25

Quote:

Originally Posted by richie4india

Does anyone know the best bank or has anyone used this service?

The HDFC bank in Calangute will be able to open an account for you. The address is,
HDFC bank, Shop No. 2/3, Ida Maria Apartments, Naikavaddo, Opp. Midas Touch, CALANGUTE

The State bank of India branch in Calangute will also be able to open an ccount for you. HFC is a private bank and SBI is a public sector bank.

richie4india · Aug 11th, 2007, 00:25

Quote:

Originally Posted by GoanCanuck

The HDFC bank in Calangute will be able to open an account for you. The address is,
HDFC bank, Shop No. 2/3, Ida Maria Apartments, Naikavaddo, Opp. Midas Touch, CALANGUTE

The State bank of India branch in Calangute will also be able to open an ccount for you. HFC is a private bank and SBI is a public sector bank.

Hi GoanCanuck,

Do you know if I can keep this account for future visits to India?

Is it better than using a UK based account whilst I'm there. Will I get a debit card or just a cash card?

I guess they will need to see my Tourist visa!

Many thanks

johnyoga2 · Aug 11th, 2007, 00:44

Richie- The State Bank of India has several London Branches. Why don't you contact them?

GoanCanuck · Aug 11th, 2007, 01:39

Quote:

Originally Posted by richie4india

Hi GoanCanuck,

Do you know if I can keep this account for future visits to India?

Is it better than using a UK based account whilst I'm there. Will I get a debit card or just a cash card?

I guess they will need to see my Tourist visa!

Many thanks

If you have a Nationwide account in the UK then you don't need to bother opening a NRO account.

You will get a debit card when you open the NRO account. The account is supposed to be valid only for 6 months for those on a tourist visa but many times the bank forgets to close it. You are supposed to open a new account every 6 months.

waving monkey · Jul 6th, 2008, 05:50

This is an interesting thread for me.

I have a citibank account but there are not any CB's in
the regions Im going.

I find only two locations here, NYC and LA I believe.

I have emailed several times my interest and have yet
to hear back.

Making stateside arrangements for electronic transfers would
be so much easier here.

These NRO would really help for term visitors.

There's no answer no this board i know ,just a comment

Thanks

wm

wonderwomanusa · Jul 6th, 2008, 06:01

There are Citibanks in most of the big cities of India... though I have recently heard that they are now charging an ATM fee to use the debit card outside the US. That's something I have to check out before I go, as I also have a Citi account. If they're going to charge me $3 for every withdrawal, it's not a good deal, and enough to make me think of moving my account to a credit union!

On my last visit, I had a card linked to a brokerage account, that charged me only $1 per withdrawal, and I used that almost everywhere. I'll have one of those with me in October, for sure!

waving monkey · Jul 6th, 2008, 06:18

Hi wonderwomenusa,

I did talk to Citi Bank this week and was told was 2% for
withdrawals at counter.citibank would be 2% plus 4% @ {example}
SBI atm's.

well thats 6% of say $500.00 is thirty USD. sorry thats worse then
user fees for loans.

I might have talked to the wrong person.

thanks for your response

wm

edwardseco · Jul 6th, 2008, 07:24

There was a provision posted on this site for a limited term tourist account at no interest but reconvertible. Maybe we will draw in that poster..

Aug 9th, 2007, 18:16	#1
richie4india Senior Member Join Date: Jan 2007 Location: London Posts: 164	Bank Account Ok guys. I have posted here because for some reason I can't post on the main one! Anyway I'm in India from 28th November and will be for a while on a TOURIST visa. I have heard of the NRO account - please do not jump the gun and confuse this with an NRI account - they are two different types! Anyway this NRO account is available for tourists and travellers to deal with rupees for expenses whilst in India. Does anyone know the best bank or has anyone used this service? Cheers

Aug 9th, 2007, 23:43	#4
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 26,856	When I was in Kerala, visiting Kovalam, which is a very touristy area, I saw signs at ATMs advertising that tourists could open short-term accounts. My experience in Chennai was that, until I could produce a residents' permit, they were just not interested. Maybe I tried the wrong banks! __________________ . Just one member of the IndiaMike Mod Team

Jul 6th, 2008, 05:50	#12
waving monkey Member Join Date: Jun 2008 Location: usa Posts: 90	Sbi This is an interesting thread for me. I have a citibank account but there are not any CB's in the regions Im going. I find only two locations here, NYC and LA I believe. I have emailed several times my interest and have yet to hear back. Making stateside arrangements for electronic transfers would be so much easier here. These NRO would really help for term visitors. There's no answer no this board i know ,just a comment Thanks wm

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Aug 9th, 2007, 23:18	#2
richie4india Senior Member Join Date: Jan 2007 Location: London Posts: 164	Do all banks offer this service or just some?

Aug 9th, 2007, 23:24	#3
capt_mahajan (in charge of navel affairs) Join Date: Sep 2005 Location: India Posts: 10,105	Any person normally resident outside India can open an NRO account. Most banks will offer this facility. An NRO account can also be opened jointly with an Indian resident. Incidentally, this is a Non Resident Account (full term Non Resident Ordinary); and there is nothing called a 'NRI account'.. It is NRE or Non Resident External. 'NRI' is a generic term used for accounts opened for Non Resident Indians. The majority of both NRE and NRO accounts will fall into this category.

Aug 11th, 2007, 00:44	#10
johnyoga2 Member Join Date: Sep 2006 Location: Indiana Posts: 62	Richie- The State Bank of India has several London Branches. Why don't you contact them?

Jul 6th, 2008, 06:01	#13
wonderwomanusa Maha Guru Member Join Date: May 2003 Location: Northern California Posts: 3,512	There are Citibanks in most of the big cities of India... though I have recently heard that they are now charging an ATM fee to use the debit card outside the US. That's something I have to check out before I go, as I also have a Citi account. If they're going to charge me $3 for every withdrawal, it's not a good deal, and enough to make me think of moving my account to a credit union! On my last visit, I had a card linked to a brokerage account, that charged me only $1 per withdrawal, and I used that almost everywhere. I'll have one of those with me in October, for sure!

Jul 6th, 2008, 06:18	#14
waving monkey Member Join Date: Jun 2008 Location: usa Posts: 90	Hi wonderwomenusa, I did talk to Citi Bank this week and was told was 2% for withdrawals at counter.citibank would be 2% plus 4% @ {example} SBI atm's. well thats 6% of say $500.00 is thirty USD. sorry thats worse then user fees for loans. I might have talked to the wrong person. thanks for your response wm

Jul 6th, 2008, 07:24	#15
edwardseco Maha Guru Member Join Date: Sep 2001 Location: Land that shakes and bakes. Posts: 3,929	There was a provision posted on this site for a limited term tourist account at no interest but reconvertible. Maybe we will draw in that poster..

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