Forex bank account meaning

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Help Centre Application Form. Current Account A deposit that is repaid upon demand or upon the owner's instruction through issuing Bank's cheques. Current Account The Current Account is a transactional non-interest bearing account wherein a deposit is placed with the Bank for an unspecified period of time and the depositor can withdraw or transfer the funds whenever required through different means.

Statements issued on required frequency. Can be opened in local currency as well as foreign currency. The opening and transaction in a foreign currency account is subject to Nepal Rastra Bank regulations. Benefits Convenience and security. Access to Online Banking Service. Any branch banking service. Call Us Call our hotline for further information. Email Us Please send us a message and we will be in touch as soon as possible.

Relative as defined under Companies Act, viz. Relative joint account holder cannot operate the account during the life time of the account holder. Unless otherwise specifically stated in the features of the account, a foreign currency account maintained by a person resident in India with an authorized dealer in India can be opened, held and maintained in the form of current or savings or term deposit account in cases where the account holder is an individual, and in the form of current account or term deposit account in all other cases.

The account can be held singly or jointly in the name of person eligible to open, hold and maintain such account. When can a resident individual open a foreign currency account outside India?

A resident individual can open a foreign currency account with a bank outside India in the following cases:. All credits to the account from India should be made in accordance with FEMA and the rules and regulations made thereunder. The balance in the account should be repatriated to India on return of the account holder to India.

Can a resident continue to maintain an account outside India which was opened by him when he was a non-resident? A person resident in India may maintain a foreign currency account outside India if he had opened it when he was resident outside India or inherited it from a person resident outside India.

What is the status of the account held outside India on the demise of the account holder? A resident nominee of an account held outside India has to close the account and bring back the proceeds to India through banking channels. Skip to main content.