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If you want, you can open your account in Swiss Bank located in Switzerland from India while sitting at home. Read more on Dynamite News
Swiss Bank (Image Source: Internet)
New Delhi: If you want, you can open your account in Swiss Bank located in Switzerland from India while sitting at home. This bank is known for its strong banking system. But is it really so difficult to open an account in Swiss Bank? And can common people also open an account in it? To know the answers to these questions, we have to understand the privacy and rules of Swiss Bank.
According to Dynamite News correspondent, Swiss banks are famous all over the world for their confidentiality. It started in 1713, when the Great Council of Geneva made a law that banks should keep their customers' information confidential.
Its main purpose was to keep the money of the citizens of unstable countries safe. Over time, this facility became a big means of hiding black money. Especially big banks like UBS (Union Bank of Switzerland) and Credit Suisse are known for their confidentiality. Here in the 'numbered account' system, the account holder does not have a name but a number so that his identity remains confidential.
Can common people open an account in a Swiss bank?
Any person can open an account in Swiss Bank. However, there are some conditions and criteria for this. Under the Foreign Exchange Management Act (FEMA), Indian citizens can also open an account in Swiss Bank for the purpose of trade or investment. But opening it is not as easy as opening a common Indian bank account. For this, Swiss banks have some strict conditions, which are mandatory to be fulfilled.
Account opening conditions and requirements
1. Age limit: The person opening the account must be above 18 years of age.
2. Minimum deposit amount: The minimum deposit amount to open an account in a Swiss bank starts from $100,000 (approximately Rs 85 lakh). In some special accounts, this amount can go up to $10,000,000.
3. Interest rates and maintenance fees: Swiss banks do not offer much interest on their accounts, but a maintenance fee of $300 (approximately Rs 25,000) is charged every year.
4. Identity proof: A valid passport and proof of address are mandatory to open an account.
5. Source of funds: It is important to provide proof of the money you have. Banks check this thoroughly.
6. Numbered account: If you want to open a numbered account without a name, then for this you will have to go to Switzerland in person.
How to open an account
Opening an account in a Swiss bank is no longer as difficult as it used to be. You can also apply online. For this:
1. Visit the official website of the bank and fill out the application form.
2. Submit identity proof and property-related documents.
3. The bank will check your background and check the source of funds.
4. If all the criteria are met, your account will be opened.
However, if you want a 'numbered account,' you will have to go to Switzerland. This account provides utmost privacy, but now transparency is also being brought into it. The Swiss government has made agreements with many countries to share information so that black money can be curbed.
