Russian banks now allow Indians to open account remotely
The Russian government has introduced simplified processes for Indian citizens to open bank accounts in Russia. The Russian Embassy in India revealed on social media platform X that Indian nationals can now remotely set up bank accounts and deposit money with Russian banks. This initiative aims to provide ease and accessibility to Indian travelers and students in the Russian Federation. It could particularly benefit tourists who wish to extend their stay there.
Swift acquisition of bank cards upon arrival in Russia
Upon reaching Russia, Indian individuals will have the opportunity to promptly obtain a bank card from affiliated Russian banks. This will enable the rapid commencement of financial transactions, offering added convenience for Indian tourists and students. "Upon arrival in Russia, it will be possible to quickly obtain a bank card in a partner Russian bank and initiate financial transactions," the Russian Embassy in India stated.
Russian Embassy announces initiative
How to open bank account in Russia?
Any individual wanting to open a bank account in Russia needs to approach an Indian bank that has a partnership with the Central Bank of the Russian Federation for guidance. The user can deposit money in their account from India and apply for a bank card as soon as they land in Russia. Russian bank cards allow Indians to initiate a wide range of financial transactions without much problem. These transactions encompass deposits, withdrawals or transfers.
Strengthening financial ties between India and Russia
The streamlined regulations for opening bank accounts with Russian financial institutions signify an attempt to reinforce financial connections between India and Russia. Russian banks have already initiated remote account opening services for enterprises, legal entities, individual entrepreneurs, and individuals involved in private initiatives. In June, the State Duma passed a law to allow friendly countries such as China, India, and the Middle East to pay using Mir e-bankcards in Russia.
