One or more bank accounts.
Querist :
Anonymous
(Querist) 05 November 2011
This query is : Resolved
is there any problem opening two or more bank accounts?
prabhakar singh
(Expert) 05 November 2011
No there is no such problem in opening several a/cs in several Banks branches.
There may be a problem if similar class of two are more a/cs if opened in the same very bank branch.
Shailesh Kr. Shah
(Expert) 05 November 2011
anyone can open any number of account. but in same bank and same can't open two account.
Shailesh Kr. Shah
(Expert) 05 November 2011
Mr. Sheikh
i didn't understand. Please clarify.
Gulshan Tanwar
(Expert) 05 November 2011
You cannot go through with two bank accounts as there is restriction from the RBI.
"Any person who is in transaction for more than Rs.2,00,000/- must take permission from the RBI for the same"....
prabhakar singh
(Expert) 05 November 2011
@@Expert : Gulshan Tanwar !
will you kindly explain a bit more about what you mean to convey.
Give me answer in particular about following:
1]i think i can open a saving bank a/c in several banks in the same city.
2]i think i can open a current a/c ,a saving bank a/c and a recurring a/c as well as a Fixed Deposit a/c in any bank branch being same.
3]i think i can not open two a/c of similar category such as saving and current in the same branch of any bank.
please answer in yes or no but in case your answer is negative to my understanding then i request you to give reason also.
Please also explain a little more about what you mean by your phrase"Any person who is in transaction for more than Rs. 2,00,000/- must take permission from the RBI for the same".
Guest
(Expert) 06 November 2011
I agree with common opinion of experts.
Shailesh Kr. Shah
(Expert) 06 November 2011
Shri Gulshan Tanwar
I have checked official website of RBI for confirmation of your opinion.
But no such information have been found. I shall grateful to you, if you provide information relating to one person cannot go through with two bank accounts as there is restriction from the RBI.
Thanks
with Regards,
Gulshan Tanwar
(Expert) 06 November 2011
http://www.rbi.org.in/scripts/BS_ViewMasterCirculars.aspx?Id=6497&Mode=0
Gulshan Tanwar
(Expert) 06 November 2011
Also go through different provisions of FEMA and FERA.....
Gulshan Tanwar
(Expert) 06 November 2011
The accounts can be used for channeling cross- border inward remittances into India primarily on private account. The remitter and the beneficiary should be individuals barring a few exceptions. Remittances through Exchange Houses for financing of trade transactions are permitted up to Rs 2,00,000 (Rupees two lakh only) per transaction. The accounts should not be used for cross-border outward remittances from India.
(b) The accounts should run on a credit basis. No overdraft should be granted to the account holders. However, in case of Designated Depository Agency (DDA) procedure, the funds lying in the DDA A/c may be taken into account, if need be. AD Category-I banks shall adopt value dating where on-line debit to Rupee Vostro Account is not possible on a real time basis when any payment is made at drawee branches, to check adequacy of funds and detect concealed overdrafts. However, in such cases, it may be ensured that the drawee branches are networked at the earliest.
(c) Separate Rupee Vostro account shall be maintained for each arrangement. The accounts should be funded by sale of permitted foreign currency to the AD Category-I bank, which maintains the account. Rupee funds transferred from another AD Category-I bank or from another Vostro account will not be eligible for credit to the account.
(d) Debits of permitted types of inward remittances [vide item 4(a) above] may be allowed freely and given the same status as remittances made in foreign exchange in an approved manner to India. Thus, such payments will be eligible for credit to Non-Resident (External) Rupee Accounts maintained by Non-Resident Indians, or for acceptance under priority allotment, etc. schemes. In order to facilitate tourists (whether Indian or not), receiving remittances through such accounts to prove the external sources of the funds wherever required (such as for payment of passages in India or for re-conversion of unutilised balances), AD Category-I banks may issue certificates in the same form as obtaining for inward remittances received through Rupee accounts of overseas banks.
Gulshan Tanwar
(Expert) 06 November 2011
Permitted Transactions
Drawing Arrangements with Exchange Houses are primarily designed to channel cross-border inward personal remittances. Under no circumstances, donations / contributions to charitable institutions should be routed through the Exchange Houses. The following is the list of permissible transactions under Drawing Arrangements with Exchange Houses:
(i) Credit to Non-resident (External) Rupee accounts maintained by Non-Resident Indians in Indian Rupees.
(ii) Payments to families of Non-resident Indians.
(iii) Payments in favour of Insurance companies, Mutual Funds and the Post Master for premia / investments.
(iv) Payments in favour of bankers for investments in shares, debentures.
(v) Payment to Co-operative Housing Societies, Government Housing Schemes or Estate Developers for acquisition of residential flats in India in individual names, subject to compliance of regulations applicable thereof, by the Non-resident Indians.
(vi) Payments of tuition/ boarding, examination fee, etc., to schools, colleges and other educational institutions.
(vii) Payments to medical institutions and hospitals for medical treatment of NRIs / their dependents and nationals of Gulf Countries in India.
(viii) Payments to hotels by nationals of Gulf countries / NRIs for their stay.
(ix) Payments to travel agents for booking of passages of NRIs and their families residing in India towards their travel in India by domestic airlines / rail, etc.
(x) Trade transactions up to Rs.2,00,000.00 (Rupees Two lakhs only) per transaction.
Note : No cash disbursement of remittances received is allowed under Rupee / Foreign Currency Drawing Arrangements.
Gulshan Tanwar
(Expert) 06 November 2011
There is a restriction by the RBI over the Individual who are sending money to their relatives in foreign countries, the total transaction should not be more than Rs.2,00,000/- and if it exceeds it then RBI sanctions the same and if the individual violates it through other accounts, then FEMA and other regulations comes into act.
Generally banks are not looking after their customer's "KYC" but state bank of India had started the same for the last three-four years in selective branches. Very soon law is coming that one person one account and thus to curb corruption.
Gulshan Tanwar
(Expert) 07 November 2011
Hope reply gives the detailed answer..... I deal in Indian as well as International laws of the globe.
prabhakar singh
(Expert) 07 November 2011
@@Expert : Gulshan Tanwar !
i do not dispute info available at site http://www.rbi.org.in/scripts/BS_ViewMasterCirculars.aspx?Id=6497&Mode=0
also i do not dispute enactments FEMA and FERA
i do not dispute you practice all over globe??
BUT
yet i wish to have answers about questions i asked you??
Gulshan Tanwar
(Expert) 12 November 2011
@@ Expert: prabhakar singh!
I cannot fulfill your wish as you are more learned than me.....better make it a separate query and then I can only answer.
