Indians can now open a bank account in the US while sitting in India using an Indian passport. Aeldra, a US-based fintech start-up, is providing bank accounts to Indians without a social security number or a US address.
Sukeert Shanker, the founder and CEO of Aeldra, said in a release, “The bank account can be opened with an Indian passport and other local documents for KYC (know your client). We are in the beta phase and opening about 30 accounts a day. We have a waitlist of about 5,000 customers who want to open a US bank account.”
Aeldra was launched in 2020 with a focus to bridge banking between India and the U.S. Indians can now open an FDIC-insured U.S. bank account with a Mastercard Debit Card from India using one’s mobile phone.
Notably, all Indians need to apply for a bank account through a valid Indian Passport and Aadhaar number. The account opening, as per Aeldra, will take a mere 10 minutes and the money could be transferred from India into the Aeldra account through the Liberalised Remittance Scheme of the Government of India.
Also, using the account, a user can also do account-to-account transfers, real-time Peer-to-peer transfers, deposit checks, lock/unlock the Debit Card with one click, review transactions, and more through the Aeldra mobile banking App.
For the unaware, FDIC (Federal Deposit Insurance Corporation) is a United States agency that protects people against the loss in case an FDIC insured bank fails. It is backed by the full faith and credit of the United States government.
Also, you must be aware that Aeldra bank is a neo bank, which means it doesn’t have a banking license. and operates with the support of established banks. Aeldra is planning to offer the same services in counties including Canada, UK and Australia.
Shanker said, “There are many Indians who invest in the US for different reasons. They may want to take an exposure to the market. They could be traveling to the country for business or because they have relatives. There are others who start remitting money abroad as they want to send their children for further studies to the US.”
Under RBI’s Liberalised Remittance Scheme, an Indian citizen, each financial year, can remit up to $250,000 freely to a foreign country. These remittances are for different purposes like an individual can remit funds to another country for private or business travel, gift or donation, employment, etc.