Which Indian banks offer foreign students savings accounts?

OPENING BANK ACCOUNTS OF OVERSEAS STUDENTS IN INDIA

Students with student visas can open bank accounts in India. After KYC (Know Your Customer) verification of identity, address, and photos, such students will receive a Non-Resident Ordinary (NRO) account. Foreign students’ passports with visa and immigration endorsements verify their identity and address in their home country. A letter from the school confirming admission is required.

Local address proof:

Within 30 days after creating the bank account, the student must produce a rental agreement or a statement from the educational institution stating that they provided dormitory facilities. Banks are not allowed to require landlords to visit their branches to confirm the rental arrangement.

When doubts emerge, they can verify the account holder’s local address using other methods. The account holder may operate his/her account with remittances up to US$1000/- or its equivalent for 30 days following local address verification. During local address verification, the maximum monthly withdrawal is Rs.50K. After submitting local address verification, NRO accounts under schedule 3 of FEMA Act can operate normally.

Foreign exchange permission:

Overseas students/trainees can take up to US$1000 in foreign exchange for vacation/holiday travel to their homeland or country. However, only inward remittances should be used to convert Indian Rupees to foreign money.

Funds transfer permissions while leaving India

Students can transfer their account balance after leaving India. The authorized bank permits such transfers from the student’s account if the balance represents allowed inward remittances from overseas, rupee earnings of foreign exchange transferred to India, or government stipend/scholarship.

You can find more official information here – RBI Website

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