Thursday, 15 March 2007

Requirement for opening a bank account in Mumbai

If you have decided to stay in Mumbai then you need to have a bank account. Banking can be complicated in Mumbai due to the constantly changing Reserve Bank of India (RBI) regulations governing foreign exchange. Generally, most local and international banks are having 24 hours ATM services in all major cities but you are allowed to withdraw not more than 15000 rupees per day.

Depending on the currency and your country of citizenship, there are various types of bank accounts that you can apply for. If you are expatriates then you can apply for QA22 account. Currently, the QA22 allows the account holder to bank funds in local currency (INR) as well as foreign currency, withdrawals are possible in local currency only, but it is possible to withdraw money via ATM outside the country. You must remember to choose the saving account option internationally.

Following is a list of documents required for a QA22 bank account application:

Each bank have their own ‘QA22 account’ application form which has to be completed with all the information and you must personally meet with the bank official for an interview before your application can be accepted.

You need to have declaration of overseas sources of credit into account

You must have two copies of your recent passport-sized photographs.

Get the letter of appointment from your employer

You will need one US dollar to open the account.

You will also need a copy of valid passport and employment visa (E-type)

When you open an account with a foreign bank, do check whether it has a tie-up with local banks so that you can access money from the ATM, where your bank has no presence. Before you commit yourself with any bank, you must check their fees and charges.

If you wish to remit money home by way of Telegraphic Transfer or Demand Draft, you must complete your bank’s documents and several government forms, Form 2 Declaration-cum undertaking, Form A2 Application for Remittance Abroad and a copy of your monthly play slip. The amount sent must not exceed 75 percent of the monthly salary.

Many banks are allowing the transfer to international accounts via internet but still, the basic procedure has to be followed.

Do check to confirm that your money has been successfully transferred.

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The name "Bombay" was derived from 'Bom Bahia' (The Good Bay),

.... a name given by Portuguese sailor Francis Almeida, in 1508 ....“Bounce back Mumbai” it is called by the locals, it is a city that has been through a lot in the recent past – floods, bomb blasts, riots – and come out stronger each time.

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