RBI has simplified the procedure of opening a bank account for foreign students. In a notification issued from Mumbai, RBI has asked banks to open a Non-Resident Ordinary bank account of a foreign student on the basis of his/her passport along with appropriate visa and immigration endorsement. A photograph and a letter offering admission from the educational institution should also be attached for verification. RBI has said that students will have to submit a valid address proof giving local address, in the form of a rent agreement or a letter from the educational institution in case of hostel facility within 30 days of opening the account. It has further asked banks not to insist on the landlord visiting the branch for verification of rent documents and to adopt alternative means of verification of local address. RBI has said that during the 30-day period, the account should be operated with the condition of allowing foreign remittances not exceeding 1,000 US Dollars into the account and a cap of monthly withdrawal to 50,000 rupees pending verification of address.