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Good Banks for people coming to India from abroad

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

Indian banks have a large 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. Indian banks have subsidiaries abroad that offer services delivered on their own.
 
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 thus 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 now and then? Traveling on a budget requires you to keep a track of every dime. It gets too hard when you have to keep converting currencies. The savviest international travelers rely on debit cards rather than credit cards. It helps them save more on currency conversion charges. And provides them with superior fraud protection. International debit cards come with unique benefits, exclusive privileges, and cashless shopping. These debit cards enable you to save on extra charges that are levied on every transaction made. Cash can be withdrawn anytime from ATMs which in return minimizes the risk of carrying a lot of cash.
 
Here are some of the top banks that offer international debit cards in India:
 
  1. State Bank of India

The largest public sector bank in India is the State Bank of India (SBI). As the Bank of Calcutta, it was the first bank to be founded in India. Following the merger of its five affiliate banks and Bharatiya Mahila Bank, the bank. The headquarters is in Mumbai. Currently operates in 36 countries and has over 24,000 branches. 59,000+ ATMs, and 195 international offices (as of 1st April 2017). Savings accounts, credit cards, fixed deposits, and personal loans. Services like house loans, business loans, debit cards, gold loans, and other products.

  1. HDFC Bank

In India, HDFC Bank is regarded as one of the top financial institutions. Incorporated in August 1994 with its headquarters in Mumbai. HDFC Bank has 5,130 branches and 13,395 ATMs spread over 2,764 cities and towns (as of June 30, 2019). As listed below, the bank provides a vast array of banking and financial services.

 
  1. ICICI Bank

As of March 31, 2018, ICICI Bank had consolidated assets totaling Rs. 11,242.81 billion, making it the largest private sector bank in India. The World Bank took the initiative to form ICICI Bank in 1955. To develop a financial institution to offer long-term project finance. In 1999, ICICI Bank became the first Indian business. And the first bank from Asia outside of Japan to list on the New York Stock Exchange. ICICI Capital Services Limited amalgamated with ICICI Bank in October 2001.

 
  1. HSBC Bank

Since its founding in 1865, HSBC has grown to become one of the biggest providers of banking services. It has a network of over 40 million people and operates in 65 countries and territories. The bank has territory throughout North America, America, Europe, Asia, and Africa. The bank provides a broad array of services, including loans, credit cards, debit cards, etc.

 
  1. Axis Bank

The third-largest private sector bank doing business in India is Axis Bank. The bank was founded in 1993, and it started running in 1994. Axis Bank has a vast nationwide network of 4,050 domestic branches, 11,801 ATMs, and 4,917 cash recyclers. The bank has nine worldwide offices spread out over the world. It includes branches in Singapore, Dubai, and Colombo, as representative offices in Dhaka.

 
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 required copies of the following documents to open the account:
 
  1. Valid foreign passport.
 
  1. Valid Indian visa ( it should be a long-term visa: valid for more than 182 days).
 
  1. Copy of Foreigners Registration Office (FRO) permit.
 
  1. Overseas address proof.
 
  1. Indian address proof.
Qualifications for Opening a Bank Account
For customers to open a savings account in India, certain conditions must be met.
 
 
  • Nationality of India.
  • The applicant must be at least 18 years old to be eligible.
  • Legal guardians can open an account on their behalf if the child is the intended beneficiary.
  • The applicant must provide valid government-approved identification and evidence of address.
 
Following are the bank’s acceptance. The applicant must make an initial deposit that will depend on the savings account.
 

Documents Required to Open an Account 

 
Documents for Basic Savings Account :
  • Two recent passport-size photos
 
  • Documents proving your address and identity. Only one copy is required if the document is included under both address and identification evidence.
 
  • If the addresses are different, you must supply address-proof documentation. Documentation for both your mailing address and your permanent address.
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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