Two British banks, a Swiss lender, and an Emirates institution severed ties with over two dozen Indians in the last two months. These individuals had initially opened accounts under the RBI s Liberalised Remittance Scheme (LRS), allowing up to $250,000 annual investment. Some offshore banks demand a minimum balance exceeding $1 million, urging clients to use wealth management for investments, as banks earn fees, incentivizing client retention despite shrinking account balances.
Two British banks, a Swiss lender, and an Emirates institution severed ties with over two dozen Indians in the last two months. These individuals had initially opened accounts under the RBI s Liberalised Remittance Scheme (LRS), allowing up to $250,000 annual investment. Some offshore banks demand a minimum balance exceeding $1 million, urging clients to use wealth management for investments, as banks earn fees, incentivizing client retention despite shrinking account balances.