Opening Dollar Account

POSTED BY Javed Khan ON December 16, 2012 4:55 pm COMMENTS (4)

Hi Guys,

I am working for a Canadian Company, they dont have any setup in India.So I am working from home getting the data from Ftp ites and stuff.My salary is in USD and they remit it to my ICICI bank account by converting the money to INR from USd. Is it possible to open some acount whereby I can ask my company to deposit USD and I can convert the money when I want to.

 

Regards,

JAved

4 replies on this article “Opening Dollar Account”

  1. Thanks BFA. Didnt know that now residents can open FC accounts. ICICI website states:

    As per RBI circular (RBI/2012-13/151, A. P. (DIR Series) Circular No. 12), dated July 31, 2012, the deposits in this account during a calendar month should be converted into Indian Rupees by the last working day of the succeeding month.

  2. BanyanFA says:

    Javed,
    There is a type of account which is called Resident Foreign Currency Account which can be opened by residents of India to hold foreign currency such as $,£, etc.

    Visit nearest branch of ICICI / HDFC and check the details on this from them.

  3. Muthu Krishnan V says:

    nowadays indian government has allowed investments of upto 2L USD abroad. given that there must be provision for indian citizens to open USD accounts. You will have to explore more. Check with a competent chartered accountant. you can call up citibank office and also enquire about possibilities there.

  4. I dont think this is possible, Perhaps if you go for a trip to Canada then you could open an account with ICICI Bank, Canada and continue to use it from here if that is permissible.

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