How to Open a Bank Account Overseas from India

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With the rise in international transactions among Indians, opening an overseas bank account has become a common consideration. Having such a bank account is beneficial for various purposes such as higher education, long-term international stay or diversifying foreign currency holdings.

This article provides a clear overview of how one can open an international bank account online, eligibility requirements and factors to consider when selecting an account.

What is an Overseas Bank Account?

An offshore account is a financial account held in a foreign country outside the individual's country of residence.

Indian citizens can open an overseas bank account in accordance with the Reserve Bank of India’s Liberalised Remittance Scheme (LRS), which permits outward remittances of 250,000 per year.

Key Advantages of Holding an Offshore Checking Account

Maintaining an offshore account can offer the following benefits:

• Access to multiple currencies and global transaction capabilities
• Smoother payments for international expenses such as tuition or mortgage
• Convenient fund transfers through structured remittance services
• Lower foreign exchange charges through currency-specific balances
• Protection against currency depreciation

DBS Treasures offers Premium Savings Accounts that enable multi-currency access and allow clients to manage global expenses more efficiently.

Types of Offshore Bank Accounts Available for Indian Residents

There are several types of accounts available depending on your purpose:

• Personal savings accounts: Suitable for everyday foreign transactions
• Offshore checking accounts: Ideal for frequent withdrawals or payments abroad
• Multi-currency accounts: Allows the account holder to hold their currency in USD, EUR, GBP, and more
• Investment-linked accounts: For global portfolio diversification

Who Can Open an Overseas Bank Account?

Eligibility to open an overseas bank account depends on the regulations and laws of the host country. Most financial institutions require the following:

• Resident individuals making remittances under LRS
• High net-worth individuals with international financial needs

• Overseas Indian Citizens (OCIs) or Non-Resident Indians (NRIs)

• Indian students going abroad for higher studies

Some banks may also request a minimum deposit or monthly average balance.

Documents Required

To open an overseas account, the following documents are typically required:

• Valid passport and recent passport-size photograph
• PAN card
• Proof of address (India and overseas, if applicable)
• Income proof or bank statements
• FATCA and CRS declaration
• LRS declaration form

Many institutions accept soft copies or facilitate submission through secure online portals.

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How to Open an International Bank Account Online from India

The process for account opening has become simpler with the support of digital banking platforms. Here is a typical step-by-step approach:

1. Research and compare offshore banking options, including fees and services
2. Complete the application form available on the bank’s official website

3. As directed by the bank, submit KYC and compliance documentation.

1. Fund the account using authorised remittance channels
2. Receive account details upon successful verification and activation

Some banks also support account set-up through partner branches or relationship managers in India.

With DBS Treasures Remittance Services, clients can transfer funds to global accounts seamlessly, often with same-day credit and competitive exchange rates.

Recommended Banking Locations and Account Options (2025)

Indian residents often consider countries with stable banking regulations and tax clarity. Popular jurisdictions include:

• Singapore: Favourable for Indian investors due to banking transparency and currency stability
• United Kingdom: Widely accepted banking structure and global payment compatibility
• United Arab Emirates: Preferred by NRIs and business professionals
• United States: Offers strong digital banking support for Indian residents with ties to US-based education or property

Choose institutions that offer strong digital support, low account maintenance charges, and currency flexibility.

Key Considerations Before Opening an Overseas Account

Before applying, keep the following points in mind:

• The LRS's account funding limits, which are now USD 250,000
• Currency volatility and interest rate differences.
• Minimum balance requirements and penalty structures.
• Transaction and remittance charges.
• Ease of repatriation for funds sent back to India
• Availability of online and mobile banking for international access

Taxation and Legal Reporting

All offshore assets and income must be disclosed in the Indian tax return if you are a resident. Key guidelines include:

• Report all overseas assets under Schedule FA when filing your Income Tax Return
• Income earned abroad might be taxable in India based on the Double Taxation Avoidance Agreement
• Failing to disclose can attract penalty under the Black Money Act (Undisclosed Foreign Income and Assets)

It is essential to maintain transparent records of fund transfers and income earned through offshore accounts. For guidance, clients can consult DBS Treasures Wealth Management experts to align their global financial activities with applicable tax laws.

Myths and Facts About Offshore Bank Accounts

Despite growing interest, several misconceptions still surround offshore bank accounts. Here is a quick check.

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Conclusion

Opening an overseas bank account online is now easier for Indian residents, thanks to improved digital access and clear regulations. With the right bank and full compliance, managing global expenses and assets is more seamless.

DBS Treasures offers end-to-end support through its Premium Savings Account, Remittance Services, and Wealth Management solutions.