Banking in India is a little different than the ways banks
operate in the west. The nationalized or public banks (govt. owned) are a
throw back to the Raj era during the British times, but their services
are being upgraded constantly to catch-up with the current times and now
a lot of them a fully computerized, though their customer services
leave a lot to be desired for. The private banks are more suited to the
expatriates' needs and expectations.
The QA22 account is the most viable option for expatriates. The QA22 account allows you to bank in funds in Rupees (national currency of India) along with selected foreign currencies, but withdrawals are limited to India rupees only. Repatriation of funds out of India (in foreign currency) at the time of closing the account may be vary from bank to bank, but withdrawal of all account funds in Indian rupees is allowed.
Documents required for a QA22 bank account application are as follows:
* You need to complete the QA22 form of the particular bank of you choice and give an interview in person at the premises of the bank.
* You need to declare the overseas source of credit (funds) in the bank account.
* 2 passport-size photos.
* Letter of employment from the local office of your company.
* A photocopy of your current and valid employment visa and passport, get them notarized if possible.
An average quarterly balance of Rs 10,000. is required by most banks. The banks provide ATM services, which are available at multiple locations and no charges are levied if you use the ATM of a bank other than yours.
The weekly working hours are generally from 8:30am to 5:30 pm (Monday to Friday) and 9 am to 1 pm on Saturdays, though some private banks close later.
Telephone and Internet banking is available at most banks.
The QA22 account is the most viable option for expatriates. The QA22 account allows you to bank in funds in Rupees (national currency of India) along with selected foreign currencies, but withdrawals are limited to India rupees only. Repatriation of funds out of India (in foreign currency) at the time of closing the account may be vary from bank to bank, but withdrawal of all account funds in Indian rupees is allowed.
Documents required for a QA22 bank account application are as follows:
* You need to complete the QA22 form of the particular bank of you choice and give an interview in person at the premises of the bank.
* You need to declare the overseas source of credit (funds) in the bank account.
* 2 passport-size photos.
* Letter of employment from the local office of your company.
* A photocopy of your current and valid employment visa and passport, get them notarized if possible.
An average quarterly balance of Rs 10,000. is required by most banks. The banks provide ATM services, which are available at multiple locations and no charges are levied if you use the ATM of a bank other than yours.
The weekly working hours are generally from 8:30am to 5:30 pm (Monday to Friday) and 9 am to 1 pm on Saturdays, though some private banks close later.
Telephone and Internet banking is available at most banks.
Sandeep Sharma is a relocation expert. He has over 15 years of experience in the International Relocation and Packers and Movers industry.
Article Source:
http://EzineArticles.com/expert/Sandeep_K_Sharma/370783
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