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According to RBI notification(Circular No. 64 ) dated Feb 04, 2004, under the Liberalized Remittance Scheme, resident individuals (an Indian) can open, maintain and hold foreign currency accounts in banks outside the country and transfer up to $100,000 (about Rs 41 lakh) a year in them without prior approval of the Reserve Bank. The amount deposited in foreign bank accounts may be utilized to invest in mutual funds, venture funds, unrated debt securities, promissory notes and shares under the scheme. Under LRS, an individual will have to quote his or her PAN to avail the benefit of the scheme. Get in touch with any of the commercial banks in India also operating in the city/location in USA where you wish to have a bank account. The bank will help you complete the formalities and open an account in USA. You can also apply for the international credit cards (ICCs), once you will have an account with the foreign bank .

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