Russia has tweaked its regulations for Indian tourists and students in the country who are vying to open bank accounts in the country’s financial institutions, making the process simpler. In a positive step, Russia will now permit Indian nationals to get Russian bank cards remotely.
Announcement
The announcement was made by the Russian Embassy in India which in a statement on the social media platform X, said “We are excited to announce the decision of the Russian government to introduce special, simplified norms for the Indian nationals seeking to open bank accounts with Russian financial institutions
The Embassy also said that as per the new norms, Indian national tourists and students will be able to open bank accounts remotely and making deposits. “It is now possible to open bank accounts remotely, the embassy said.
The Process
Sharing further information on its embassy’s X account, the mission advised Indian nationals to reach out to an Indian bank in partnership agreement with the Central Bank of the Russian Federation to seek help in opening up bank accounts.
“The Process is straightforward: Indian nationals wishing to open such a bank account are advised to approach an Indian bank that has partnership agreement with the Central Bank of the Russian Federation for guidance, the embassy said. The changes made by Russia will assists Indian tourists and students in getting bank cards as soon as they land in Russia.
Once the bank account is opened, the financial transactions can then easily carried out by Indian nationals. It added, “Upon arrival in Russia, it will be possible to obtain a bank card in a partner Russian bank and initiate financial transactions. This feature is especially convenient for Indian tourists and students.
Advantages
This simplified banking process is especially convenient for Indian tourists and students who may have not an extended stay in Russia but still require efficient access to financial services. It eliminates the need for lengthy paperwork or complex procedures making it very attractive option for those who are in Russia for shorter periods.
A Significant number of Indian students travel to Russia to pursue courses especially medical courses. In 2021, the year before the Russia-Ukraine War broke out, a total of 15,814 Indians has taken admission in Russian colleges and universities as per government data.
The simplification of the bank account opening procedure has been announced by Russia weeks after it said that Indians can apply for electronic visas to enter the country. Along with India, 53 other countries were extended the e-visa facility in Moscow in September 2023.
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