Opening an Account - Application Criteria and Process
Opening a personal trading account - Simple online application criteria and process, once your personal money transfer account is opened you can make international payments online. An account will provide you with a lot of financial benefits and stability if you buy or sell goods. Through this account, one can invest foreign currency and withdraw it in Indian currency for any purpose. This can be done especially with the account. So if you are looking to open this account, here are a few steps you will need to follow:
Step 1: Contact the Bank
You can contact a bank of your choice by either calling them on their helpline or even have them call you. Certain banks offer an online contact form wherein you just fill in the required options, and they will contact you back. When these representatives call you, he will assist you in the type of account you want or would require. This can include a single account, joint or even if you need particular documents for the kind of account you want as well.
Step 2: Book an appointment to fill the form
Don't be surprised if you find numerous pages attached in your mail for the account application. This paperwork is very simple and will take a minimum of 15 minutes to fill it up. Additionally, the representative of the bank or financial institute will assist you in each step, so you don't have to worry about making any mistakes. You will only need to make a printout of the forms before you begin filling it up. If during any step of the process you are unsure of what to fill, you may leave that option blank.
Step 3: Get the documents ready.
No doubt when opening any account, you will need to submit a set of documents. These documents will differ on the basis of your country of origin in addition to the account type you want to open. However, here are a few common documents you will need to keep handy:
A copy of passport pages.
A copy of visa pages. (if required)
Proof of residence.
Filled up account application forms.
You may have to get some documents notarized. However, in some cases, you need to only submit self-attested documents.
Step 4: Attestation of the required documents.
Most banks and financial institutes require documents that are attested by an official institute. You can always approach the Indian Consulate, overseas bank or a foreign notary to notarize your documents. Alternatively, you can furnish the additional approved documents with a self-attestation documents.
Step 5: Mail documents for processing.
Once all the required documents are collected, and forms are filled, you can send them to the required financial center. Normally, the bank will provide you with such details. You may need to send it to the local bank branch, or you may have to send back to your home country.
If there is a need for any requirements for assistance, you can always call a bank or financial institute on the helpline. In most cases, a representative will be assigned to your applicant, wherein which, you can contact them whenever you need any clarification or assistance.
Personal Foreign Currency Accounts
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