India (IN)
India is the world's most populous nation and a fast-rising global power — a vibrant federal republic of extraordinary cultural, linguistic, and geographic diversity.
Banking in India
Recommended banks, payment culture and credit score basics.
India has a sophisticated banking system regulated by the Reserve Bank of India (RBI). For expats on Employment Visa or OCI, the best account type is an NRO (Non-Resident Ordinary) account — held in rupees, allows receipt of Indian income, and remittance abroad after tax compliance. HDFC Bank and ICICI Bank are the best choices for expats: full English-language service, internet banking, and international card support. India's UPI (Unified Payments Interface) payment system is one of the world's most advanced — once you have an Indian bank account, UPI via PhonePe, Google Pay, or BHIM makes cashless payments frictionless.
Recommended banks
HDFC Bank
EnglishMonthly fee: ₹0–350 depending on account type (₹10,000 minimum balance required for regular savings; zero-balance options for salary accounts)
Requirements: Passport + Visa + FRRO certificate + PAN application proof + 2 passport photos + address proof (rental agreement). Best visited in person at branch.
- + Best private bank for expat experience
- + Full English-language internet banking and mobile app
- + NRO accounts specifically designed for foreign residents
- + Good international card (Visa/Mastercard) for foreign transactions
- + Dedicated NRI/Foreign National helpdesk
- + Wide ATM network across India
- - Minimum balance requirements (₹10,000 for regular savings)
- - Some bureaucracy for initial account opening
- - Charges for international remittances
ICICI Bank
EnglishMonthly fee: ₹0–500 depending on account type
Requirements: Passport + Visa + FRRO certificate + PAN + address proof. Online account opening partially available for some categories.
- + Excellent English digital banking
- + Strong SWIFT/international transfer infrastructure
- + Good global presence — familiar to many multinational employers
- + iMobile Pay app — feature-rich
- + NRO account with easy online management
- - Minimum balance requirements
- - Customer service can be slow at branches
Standard Chartered India
EnglishMonthly fee: No monthly fee if minimum quarterly average balance (QAB) maintained (₹25,000–1,00,000 depending on account tier); ₹500–750/quarter fee if balance falls below threshold
Requirements: Higher minimum balance (typically ₹25,000–1,00,000). Best for higher-income expats.
- + International bank — familiar infrastructure
- + Priority Banking service for qualifying balances
- + Good cross-border transfer integration with home country accounts
- + English-language service as standard
- - Higher minimum balance requirements
- - Fewer branches than domestic banks
- - Higher fees on lower-balance accounts
HSBC India
EnglishMonthly fee: No fee if minimum relationship value maintained (Advance: ₹1,50,000; Premier: ₹5,00,000 in deposits/investments); ₹599/month fee otherwise on Advance accounts
Requirements: High minimum relationship balance. Passport + employment documents + FRRO registration.
- + Global bank — seamless with existing HSBC accounts abroad
- + Premier/Advance banking benefits
- + International transfer at preferential rates
- + English as standard
- - Very high minimum balance/relationship value
- - Limited branch network in India
- - Not cost-effective for lower-income expats
State Bank of India (SBI)
Monthly fee: ₹0 for basic savings (Jan Dhan); ₹3,000 minimum balance for regular
Requirements: Passport + FRRO + PAN + address proof. Best for those in areas with limited private bank access.
- + Largest bank in India — ubiquitous branches and ATMs
- + Government-backed security
- + Very low fees and minimum balances
- + Good for remittances to certain countries (NRE/NRO)
- - Limited English-language banking
- - Branch service can be very slow (long queues)
- - Digital banking less polished than private banks
Payment culture
India has undergone a payment revolution. UPI (Unified Payments Interface) dominates small and medium transactions — virtually every merchant, street vendor, and auto-rickshaw now displays a QR code. PhonePe and Google Pay (GPay) are the dominant UPI apps; Paytm UPI continues to function via bank partnerships though Paytm Payments Bank's licence was cancelled in April 2026. Cash remains important for rural areas, markets, and small transactions under ₹50. Cards (Visa/Mastercard) widely accepted at restaurants, malls, and petrol stations. Contactless payments growing rapidly. NEFT (National Electronic Funds Transfer) and RTGS (Real-Time Gross Settlement) for large bank transfers.
Cash access
ATMs are widely available in all cities and most towns. Major ATM networks: SBI, HDFC, ICICI, Axis. Foreign cards: expect ₹150–250/withdrawal fee plus your home bank's international fees. Withdrawal limits: typically ₹10,000–20,000 per transaction. Daily limit: ₹20,000–50,000 on most foreign cards. Inform your home bank before arriving. Airport ATMs work but have worse rates — withdraw from bank ATMs in the city. Carry emergency cash (₹2,000–3,000) for situations where ATMs and UPI fail.
CIBIL Score (TransUnion CIBIL)
Check at cibil.com. Free annual credit report available (1 per year free). Paid premium at any time. Also: Experian India, Equifax India, CRIF Highmark — all provide reports.
Free annual check: One free CIBIL report per year on cibil.com. Paytm, BankBazaar, and most banking apps provide free CIBIL score monitoring.
CIBIL score range: 300–900. Score of 750+ is considered good for loan/credit card eligibility. New arrivals have no CIBIL history — this can make getting credit cards or loans difficult initially. Build credit: secure credit card with fixed deposit backing is the standard entry point for those without credit history.
International transfers
FEMA (Foreign Exchange Management Act) governs all forex transactions. Employment income can be freely remitted abroad with a CA certificate (Form 15CA/15CB for amounts above USD $5,000). Maximum remittance: USD 250,000 per financial year under LRS (Liberalised Remittance Scheme) for Indian residents — note this is per person per April-March year. NRO account holders (non-residents) can remit up to USD 1 million/year after Indian tax clearance. Best transfer services: Wise — excellent rates; Remitly; your Indian bank's SWIFT transfer. Avoid airport money changers. The INR is not freely convertible internationally.