Normally, when you see bank account name, it means the name of the account holder. This is the very first instinct that comes to your mind, they are requesting for my name. However, they may be requesting the type of account you have with the bank and not necessarily the name on bank account.

Can you have a bank account without a name?

Anonymous bank accounts are no longer possible because banks have CDD, KYC, AML rules that require them to verify the identity of the ultimate beneficial owner (UBO). But another person is the actual owner and uses the account from behind the scenes.

When can a resident individual open a foreign currency account outside India?

When can a resident individual open a foreign currency account outside India? Answer: A resident individual can open a foreign currency account with a bank outside India in the following cases: 1) A resident student who has gone abroad for studies for the period of stay abroad.

Who is authorized by the Reserve Bank to sell foreign exchange for travel purposes?

Ans. An Authorised Dealer (AD) is any person specifically authorized by the Reserve Bank under Section 10 (1) of FEMA, 1999, to deal in foreign exchange or foreign securities (the list of ADs is available on ) and normally includes banks. Q 2. Who are authorized by the Reserve Bank to sell foreign exchange for travel purposes?

Can a student open a bank account in India?

All credits to the account from India should be made in accordance with FEMA and the rules and regulations made thereunder. On the student’s return to India after completion of studies, the account will be deemed to have been opened under the Liberalised Remittance Scheme (LRS).

What are the Frequently Asked Questions of Reserve Bank of India?

29. Can one freely create a pledge/mortgage/hypothecation/charge on immovable/moveable property or other financial assets of Indian party/group companies in favour of a non- resident? 30. Can the shares of a JV/WOS abroad be pledged for the purpose of financial assistance? 31. What are the valuation norms referred to in Q. 17 and Q. 13? 32.