Good Banks for people coming to India from abroad

Banks play an important role in the economy for offering a service for people wishing to save. Banks also play an important role in offering finance to businesses who wish to invest and expand. These loans and business investment are important for enabling economic growth.

Indian banks have a substantial presence abroad, be it public sector banks or private banks. There are a total of 185 branches of domestic banks across the globe as per RBI, with a major presence in the UAE, UK, Singapore, and others. In addition, Indian banks also have subsidiaries abroad which offer many of the services delivered by their own branches.

Foreign nationals who are staying in India for a long period due to work or business reasons, would need to make and receive rupee payments. It is therefore a good idea for them to have a bank account in India. Here’s how foreign nationals can go about opening a bank account in India.

Are you a frequent flier? Or do you travel overseas every now and then? Travelling frequently on budget literally requires you to keep a track of every dime and it gets too hard when you have to keep converting currencies. The savviest international travellers predominantly rely on debit cards rather than cash or credit cards as using debit cards helps them save more on currency conversion charges and provides them superior fraud protection. International debit cards come with unique benefits, enhanced limits, exclusive privileges, power packed features and convenience of cashless shopping. These debit cards enable frequent travellers to save on extra charges that are levied on every transaction made in foreign countries. Cash can be easily withdrawn anytime from ATMs which in return minimises the risk of carrying lot of cash.

Here are some of the top banks that offer international debit cards in India:

  1. State Bank of India
  2. HDFC Bank
  3. ICICI Bank
  4. HSBC Bank
  5. Axis Bank

Source: https://www.paisabazaar.com/savings-account/which-indian-bank-should-you-open-an-account-in-if-you-live-abroad/

Steps To Open A Bank Account In India

The foreign national is required to furnish copies of the following documents to open the bank account:
  1. Valid foreign passport.
  2. Valid Indian visa ( it should be a longterm visa: valid for more than 182 days).
  3. Copy of Foreigners Registration Office (FRO) permit.
  4. Overseas address proof.
  5. Indian address proof.

Source: https://economictimes.indiatimes.com/wealth/save/how-foreign-nationals-can-open-bank-accounts-in-india/articleshow/60982658.cms?from=mdr

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