Can an Indian Resident individual open a multi-currency account overseas?

Yes, Indian citizens and residents are free to open and maintain a foreign currency account overseas under the RBI's LRS (Liberalized Remittance Scheme) guidelines. You can find the same in Q 23 of the LRS FAQ on RBI's website.

As an Indian resident individual, you are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both under the LRS.

You can use the foreign currency account opened overseas to remit all transactions permitted under the LRS. You will need an account with an Authorized Dealer Category I Bank (AD Bank) in India.

If you have invested in US securities, you can also retain and reinvest the income earned from portfolio investments made under LRS. You can find the same in Q4 on RBI's website.

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