Opening a bank account in India
Currently, India is a country with a booming economy (and, accordingly, the banking system). This progress is due to the following factors:
- The rapid development of international trade.
- Regular increase in GDP.
- Production of various industrial products of a wide range (high-tech devices, computer and space technology, etc.).
- The rapid progress of the IT industry and science.
All of the above factors make India an extremely attractive country for storing funds (both private and corporate).
Benefits of the Indian Banking System
According to studies conducted by the Federation of Chambers of Commerce and Industry of India, the local banking system has the following advantages:
- High quality loan programs. Local banks offer customers extremely favorable interest rates on payments.
- Continuous development of the technological part. One of the main directions in this industry is to maximize the safety of deposits. Protective systems of banks are constantly being developed and improved to prevent access to deposits from intruders and simply third parties. Also improved the program of remote access and control of accounts. Thanks to modern banking applications, the client can carry out any financial transactions from anywhere in the world.
- Excellent quality of service. Currently, the quality of service in Indian banks complies with international standards, and is not inferior to the level of service in leading Western financial institutions.
- Financial transactions are performed as soon as possible.
What documents are required to open an account?
When registering an account with Indian banks, a foreign client will need the following documents:
- Tax Identification Number.
- Documents on the company.
In some cases, bank management may request additional paper. Important! To open an account, the State Bank of India requires to provide recommendations.
Cyworld Wealth Limited specializes in registering accounts in all banks of the world. Our lawyers are professionals in the field of international financial law with a wealth of practical experience. We will prepare the required documentation package in a short time, monitor the progress of all stages and provide the client with full support.