Open a bank account in India

Even if the banking system has significantly improved in recent years in India, there is still progress to achieve. Major banks are settled in most major Indian cities, but outside of urban centers, it is sometimes difficult to find a bank, even an ATM. 

In major cities, you'll be sure to find Citibank or HSBC ATMs accepting international credit or debit cards (subject to fees and commissions, unless your originating bank has branches in India or local partners contractually applying no charge).

If you are staying several months in India, it is better to open a bank account in the country. However, procedures and controls are numerous.

How to open a bank account in India?

To open a current account in India, the document's checklist generally includes: a valid visa, two passport-sized photos, proof of residence (gas, electricity utility bill etc.), your PAN number, and possibly the recommendation of a referent in India.

If you work in India, your company can take in charge the opening of your bank account for you with its partner bank.

Identity verifications are very strict in India and it will be imperative that your signature is in every respect identical to that of your passport. Also note that cash deposits are highly regulated in the country. Try to make your first deposit by check with the help of a local friend or acquaintance.

Once your account is open, you will receive a checkbook and a debit card. Getting a credit card can be very difficult if you are not a permanent resident or if your credit history is insufficient.

 Attention:

The information provided in the current article is purely informational and you will find many conflicting information on the Internet. However, the information given here is accurate in most cases. If you have any doubt, the best thing to do is check with your current bank for a list of partner banks in India, or to directly contact Indian banks for additional information.

 Good to know:

NSF checks are severely punished in India.

Also, most banks offer Internet platforms to manage your account from home, which is time saving since waiting queues are quite frequent in Indian banks' branches.

 Useful links:

Bank of India

http://www.bankofindia.com/

HSBC India

http://www.hsbc.co.in/1/2/

Citibank India

http://www.online.citibank.co.in/ 

 

Print

Subscribe