Do you wish to open a US bank account as a resident Indian? Whether it is for travel, investment or business having a US bank account is rewarding.
Importance of having a US bank account for Indian citizens
Having a bank account in the US can unlock powerful benefits for Indians who frequently travel internationally, shop from international online stores, invest in global investment products, or have friends/families in the US. Here are some more benefits of opening a US bank account via Vested Money:
- Indian residents can save in USD and hedge against INR depreciation
- Indian parents who wish to send their kids to the US for higher education can start saving early in USD (as the outward remittance limit is $250,000 per year)
- Shop from global brands/international online stores and subscribe to services with your USD-denominated Visa card, and avoid paying exorbitant FX fees
- Invest in US stocks, ETFs, etc.
- Send money to kids studying in the US or family members living in the US
- Receive your US salary/income directly in a US bank account
- Build your credit history in the US
Wondering if you can open a US bank account from India?
Indian citizens are allowed to open and maintain a bank account in the US under the Liberalized Remittance Scheme (LRS) of the Reserve Bank of India. The LRS is a policy of the Reserve Bank of India that governs the remittances from India to overseas. Under the Liberalized Remittance Scheme, all resident individuals of India, including minors, are allowed to remit up to USD 250,000 per financial year.
Taxation implication for a resident Indian holding a Vested Money account
With respect to their Vested Money account, Indian Residents will need to disclose the following information in their ITR Form:
- Name of the Institution in which account is held
- Address of the institution along with county name, state, and zip code
- Name of the Account holder and account number
- Peak Balance (in Rupees) during the Financial year
- Whether personal income accrued is taxable: if yes, the amount of Income accrued in the account and out of which Income is offered in the Income-tax return.
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