Russian Government simplifies the banking norms for Indian Citizens

The Russian government has eased the banking rules and regulations for Indian citizens as per the update shared by the Russian Embassy in India on 1st November 2023. As per the new norms, Indian citizens residing in Russia can open new bank accounts in any financial institution ‘remotely’ in a straightforward manner. 

This decision came after Moscow announced that Indian citizens can apply for an e-visa, showcasing the close ties between the two countries. The Russian embassy wrote “We are excited to announce the decision of the Russian Government to introduce simplified norms for Indian nationals seeking to open bank accounts or deposits with Russian financial institutions. It is now possible to open bank accounts or deposit funds in Russian banks remotely” on X (formerly Twitter). 

This decision will benefit Indian citizens to a larger extent as the new regulations aim to eliminate the unnecessary red tape making the opening of new bank accounts more convenient. This decision would definitely strengthen the economic relationship between Russia and India.

Indian citizens who wish to open a bank account in Russian financial institutions are advised to visit an Indian bank partnered with the Central Bank of the Russian Federation for guidance. After arriving in Russia, it would be easy for Indian nationals to obtain a bank card from a partner Russian bank to initiate any transactions. 

This simplified banking process removes the need for lengthy and hectic paperwork and makes it an easy and convenient option for all those who are in Russia for shorter periods.