Banking in India

Information on how to choose a bank in India and the services available…

Major banks are found in every town and city in India. They are open six days a week and close early on Saturdays. ATMs accept international credit or debit cards. Transactions are subject to fees and commissions, unless the card issuer has branches in India or a local partner.

In India, banks are divided into three main categories:

  • Nationalised banks in which the government has a stake
  • Private banks that may be publicly listed on stock exchanges
  • Foreign banks

Foreign and local banks offer broadly the same services: accounts, loans, credit and debit cards, ATM facilities, and phone and Internet banking. However, their service charges will differ.

Banks are usually located on major roads in commercial areas. They generally open between 08:00 and 10:00 and close at 19:00 or 20:00. Most banks open on Saturdays from 08:00 or 10:00 to 14:00.

Employers often use “salary accounts” at a particular bank to pay their employees’ salaries on a monthly basis. For this reason, employees may not be able to choose into which bank their salary is paid.

The main banks include: