At present, a resident in India is permitted to retain up to $2,000 or its equivalent in cash and/or travellers cheques provided the foreign exchange has been acquired through legal channels.
Can I keep dollars in Indian bank account?
Originally Answered: Can I deposit USD in my savings account in an Indian bank in India? Yes. Your USD will be converted in to Indian Rupees at the going exchange rate plus nominal expenses. You can then open a fixed deposit and get the same rate as applicable to all other deposits say 7.5%.
Can I hold foreign currency in my bank account?
For one thing, unless you plan to take another trip right away, you’ll likely want to put your foreign currency, from whatever zone or country, into the bank. U.S. banks do not accept deposits of foreign currency into personal savings or checking accounts. A conversion must take place before the deposit can be made.
Can you deposit dollars in bank?
Your bank will convert your foreign currency into U.S. dollars before depositing it into your account. … While many financial institutions provide this service, smaller branches of some banks may not be able to process your deposit.
Which foreign currency is not accepted by RBI?
Let us now take a look at the RBI rules regarding currency exchange in India. Limit of up to USD 2,50,000 or its equivalent in any currency out of which only up to USD 3,000 can be purchased as cash per trip abroad. The rest of the money can be carried in forex card or in traveller’s cheque for that trip.
Which currency is not accepted by RBI?
Recently, banknotes in the denomination of ₹500 and ₹1000 issued under the Mahatma Gandhi Series have been withdrawn from circulation with effect from the midnight of November 08, 2016 and are, therefore, no more legal tender.
Does Chase Bank offer foreign currency accounts?
Yes, Chase bank is open for exchanging foreign currency, anyone can exchange foreign currency at chase bank within its operating hours. Chase bank and the other popular banks, including Wells Fargo and the bank of America, have almost the same exchange rates of 15% below the currency stalls and by Travelex kiosks.
Should I keep foreign currency?
Saving your money in another currency is an option you can make if you’re willing to take some risk. One good reason for saving your money in a foreign currency is the stability of certain currencies. For example, you may live and work in a country that has an unstable currency or its value is not that great.
How much cash one can keep in India?
Media reports said that the government would set a limit on the amount of cash that can be kept at home. The limit was speculated to be between Rs 3 to15 lakhs.
Is buying foreign currency illegal?
Forex trading is legal, but not all forex brokers follow the letter of the law. … Forex, or the foreign exchange market where investors and institutions trade currencies, is the biggest financial market in the world.
How many dollars can I keep at home in India?
You can bring into India foreign exchange without any limit. If, however, the value of foreign currency in cash exceeds US$ 5,000 and/or the cash plus TCs exceed US$ 10,000 it should be declared to the customs authorities at the airport in the currency declaration form (CDF), on arrival in India.