RBI mandates NRO bank account for foreign students in India: Learn how to open this account

NRO Bank Account: Millions of students travel to India each year in order to gain education. These students must fulfil a number of requirements before coming  to India, which includes creating a bank account. A Non-Resident Ordinary (NRO) Savings Account is among the most crucial sorts of bank accounts that international students should open. For international students studying in India, the Reserve Bank of India (RBI) has established specific guidelines for opening an NRO account. 

What is an NRO Savings Account?

An NRO Savings Account is opened for foreign nationals who come to India. They may manage their money in India with the help of this account, which also allows them to earn interest on their deposits. Specific guidelines are established for these accounts by the Reserve Bank of India. A passport from their home country and an India visa are required in order to open an NRO account for international students. Along with a copy of their school certificate, they also need to submit a certificate from their country of residence attesting to their address.

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What requirements need to be met to open an NRO account?

To make it simpler for international students, the Reserve Bank of India modified the requirements for opening an NRO account in 2013. Any overseas student may create an NRO account at any government, private, state, central cooperative or rural bank in accordance with RBI regulations. Only the student's passport may be used to open the account; another form of identification is not required.

Documents that must be submitted 30 days after the account is opened:

1. Foreign students can still register an NRO account even if they don't have a residence address in India.

2. They must present specific documentation within 30 days of starting the account.

3. Among these records are proofs of local address, such as rental agreements or address of the college or university.

4. It is significant to note that the account may be cancelled or frozen if these documents are not submitted within 30 days.