Opening a bank account in Mumbai is straightforward. Some banks allow you to open an account online or download an online application to open an account. However, most want you to fill out the form, make an appointment and submit it personally at the bank.
Opening a Bank Account
One account of particular interest for expats is a QA22 account. This account allows the account holder to bank funds in Indian currency (INR) as well as in foreign currency. Though withdrawals are only possible in local currency, you can withdraw money via an ATM when you are abroad.
You are not forced to open a QA22 account; you could open a regular checking or savings account. The process is the same for both.
Some banks, such as HSBC, might require a large deposit of about $20,000.00 to open a bank account.
Documents and Process
- Obtain an application for either a new account or for a QA22 account from the internet or from a branch office.
- Fill out the application form.
- Call the bank to book an appointment for an interview.
- Personally meet with the bank official for an interview at the appointed time.
- At the interview, you will need to present some or all of the following documents:
- A declaration of overseas sources of credit into account
- Two recent passport-sized photographs
- Letter of appointment from your employer’s Indian office
- One US dollar to open the account
- A copy of valid passport and employment visa (E-type)
After the interview, and after the documents have been checked, the bank will then decide if they’d like to accept you as a customer or not. If you are denied, find out the reason why, and see if it’s possible to apply for a different type of account instead. If that fails, which is unlikely, try a different bank.
Tip: Be sure to mention at the interview if you are interested in an extra credit card or debit card for your partner. It can sometimes be difficult to get new cards after the application process.
NB When you open an account with a foreign bank, check to make sure you can access money from the ATMs of other local banks in places where your bank has no presence. Before you commit yourself with any bank, you must check their fees and charges for withdrawals in different currencies and ATMs belonging to other banks.
