Indian tourists, students can now open bank accounts in Russia, deposit funds remotely
Indian rupee
Russia has tweaked its regulations for Indian tourists and students in the country who are vying to open bank accounts with Russian financial institutions, making the process simpler. In a positive step, Russia will now permit the Indian nationals to get Russian bank cards remotely.
The announcement was made by the Russian Embassy in India which in a statement on X social media platform said, “We are excited to announce the decision of the Russian government to introduce simplified norms for Indian nationals seeking to open bank accounts with Russian financial institutions."
The embassy said that as per the new norms, Indian national tourists and students will be able to open bank accounts remotely, along with making deposits.
"It is now possible to open bank accounts or deposit funds in Russian banks remotely," the embassy said.
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What is the process for opening bank accounts?
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Sharing further information on its embassy's X account, the mission advised Indian nationals to reach out to an Indian bank in partnership agreement with the Central Bank of the Russian Federation to seek help in opening up the bank accounts.
"The process is straightforward: Indian nationals wishing to open such a bank account are advised to approach an Indian bank that has a partnership agreement with the Central Bank of the Russian Federation for guidance," the embassy statement added.
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The changes made by Russia will assist Indian tourists and students in getting Russian bank cards as soon as they land in Russia.
Once the bank account is opened, the financial transaction can then be easily carried out by Indian nationals.
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It added, "Upon arrival in Russia, it will be possible to quickly obtain a bank card in a partner Russian bank and initiate financial transactions. This feature is especially convenient for Indian tourists and students."
(With inputs from agencies)