Russian government simplifies opening bank accounts for Indians | Business Upturn

Russian government simplifies opening bank accounts for Indians

The Russian government has introduced new, simplified norms that make it easier for Indian nationals to open bank accounts in Russia.

The Russian government has introduced new, simplified norms that make it easier for Indian nationals to open bank accounts in Russia. Notably, these accounts can now be opened remotely, which was announced by the Russian Embassy in India on November 1.

“We are excited to announce the decision of the Russian government to introduce simplified norms for Indian nationals seeking to open bank accounts with Russian financial institutions. It is now possible to open bank accounts or deposit funds in Russian banks remotely,” the embassy said in a statement issued on social media platform X.

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This new process allows Indian individuals to open bank accounts or deposit funds in Russian financial institutions with ease. According to the embassy, the procedure is straightforward, and interested parties are advised to approach Indian banks that have partnered with the Central Bank of the Russian Federation for guidance.

Upon their arrival in Russia, individuals will have the opportunity to quickly obtain a bank card from a partner Russian bank, enabling them to initiate financial transactions with ease. This development is particularly beneficial for Indian tourists and students.

Indian students have shown considerable interest in studying in Russia, primarily in medical courses. In 2021, the year preceding the Russia-Ukraine conflict, a total of 15,814 Indian students were admitted to Russian colleges and universities, as reported by government data.

This simplification of the bank account opening procedure comes on the heels of Russia’s announcement that Indians can apply for electronic visas to enter the country. Notably, Moscow has extended the e-visa facility to India, along with 53 other countries.