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Resident Indians

As per the recent survey performed by Boston Consulting Group, about 47% of Indians don't have a bank account. The problem is even graver for rural economy of India where 70% of villagers don't have a bank account.

At Banyan we assist our clients to obtain the right bank account that would satisfy their financial requirements. While this may sound a simple enough task for a person to get it done by visiting a bank, however our experience in dealing with people from weaker sections of the economy proves it otherwise. Most of the people are unable to comply with the KYC norms of the banks. Further, they are unable to decide which bank to chose from and which type of account they need to open. With banks branding their bank accounts with different names and features, a simple task of selecting the right account becomes even challenging for people who don't have the right financial background.

Non-Resident Indians

It is not common for NRIs to have Non Resident bank accounts in India. While most of them may have a resident bank account which were opened and used prior to leaving India, NRI bank accounts are generally opened when demanded by investment needs in India.Primarily there are two NRI bank accounts - Non Resident External (NRE) and Non Resident Ordinary (NRO). Details on type of non resident bank accounts can be obtained at our Guide To Nri Bank Accounts page.

The biggest difficulty which comes across with regards to NRI bank accounts is the logistics involved in getting the documentation submitted from the foreign country of NRI to the respective Bank in India. Interesting enough, at times it becomes difficult for a NRI to prove themselves as a NRI without which a NRI bank account can not be opened. Who is classified as a NRI can be understood from our NRI's Guide to Investing page. An example can be where a NRI is born in UK and his father was born in Kenya and his grandfather was born in India. In order to prove as NRI, all relevant proofs would have to be present with the person. This is easier said than practical. Consider in the above example, proof of birth of grandfather in India (which would be probably over 20-70 years old), relationship between father & grandfather and father & NRI in many cases is not easily available.

We specialise in getting non resident bank accounts opened for our clients from the comfort of their home in their respective foreign country. From getting the application form filled, attaching relevant documents to the chasing up with the respective Bank to get the account opened - you name it and we do it all.
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