Updated By: LatestGKGS Desk
Bank Account: Eligibility for opening an account in Swiss Bank, History
FEMA: Eligibility for opening an account in Swiss Bank And "Great Council of Geneva" held in Geneva in 1713
In the meeting of the "Great Council of Geneva" held in Geneva in 1713, the rules were made for banks that they would not give their customers' bank details to any other person. Since then, Swiss bank accounts have become famous as the safest accounts in the world. Although the account is not easily opened in Switzerland's banks.
Many types of accounts are opened in Switzerland's banks, where the account opening conditions and security measures are different with the initial deposit amount. What kind of security and transaction facility will be provided to the account holder, it depends on the type of account he has opened and how much he has deposited.
The Foreign Exchange Management Act (FEMA) allows a person to open a Swiss account with the intention of doing business. If an Indian wants to open an account in a Swiss bank, then he or she should be more than 18 years old. If Swiss banks feel that the person who opened the account has earned money from illegal activities like money laundering, corruption or terrorism, then he can also refuse to open the account.
In Swiss Bank, you can open accounts in almost any currency, although most people open accounts in Swiss francs, US dollars, euro or sterling.
A non-resident Indian who becomes a resident Indian can operate the international bank account without any problem.
To open an account in Swiss Bank, the minimum balance varies according to the type of account (i.e., from a few thousand dollars to one million dollars or more). Generally, an initial deposit of at least $ 100,000 is required, and the account holder has to bear the cost of $ 300 or more per year for the maintenance of this account.