I would like to setup a new bank account to transfer funds to an overseas broker using the Liberalized Remittance Scheme(LRS). This will be for a resident Indian who also has an overseas trading account. Would anybody be able to advise me on which banks would be the most hassle free to do this?
Also as far as I've read on the RBI FAQ on the LRS, there's no requirement that a special "international" account be opened to transfer funds under the LRS. I was hoping someone could confirm that it is indeed fine to transfer funds from an ordinary savings account under the LRS.
The reason I ask here is because every bank seems to say something different about requirements, waiting periods, etc.. I was hoping someone with experience could guide me on the quickest way to get this done. A humble thanks to anyone who can offer some advice.
Also as far as I've read on the RBI FAQ on the LRS, there's no requirement that a special "international" account be opened to transfer funds under the LRS. I was hoping someone could confirm that it is indeed fine to transfer funds from an ordinary savings account under the LRS.
The reason I ask here is because every bank seems to say something different about requirements, waiting periods, etc.. I was hoping someone with experience could guide me on the quickest way to get this done. A humble thanks to anyone who can offer some advice.