Using an Indian Bank Account

Find out about facilities offered by accounts in India, including methods of payment and transferring money…

Banks in India encourage minimal interaction with customers, making all products and services available online. All banks also offer telephone banking services.

Bank statements are generated on a monthly basis and sent to clients by post or email. These can also be viewed online. Many banks send clients an SMS or email detailing each transaction that takes place on their account.

Some banks offer the services of a dedicated relationship manager, who can assist clients with all their requirements.

Most branches of banks have a drop-box facility, where customers can drop off cheques that need to be paid in, rather than queuing inside the bank.

Debit and Credit Cards

In cities across India, credit and debit cards are accepted in most shops and restaurants. However, cash still remains the most popular method of payment, followed by cheques. For everyday retail transactions, cash is the preferred method of payment by smaller shops and businesses, while bigger ones will accept payment by card. For the payment of larger amounts, as well as rent and utilities, cheques are commonly used.

While some banks offer fast online credit card applications, others require prospective clients to apply in person. Conditions vary from one bank to another, but a minimum balance is usually required. There might be a penalty if a customer does not have sufficient funds in their account when trying to withdraw money with a credit card.

A debit card is generally used to withdraw money from an ATM. Banks permit a certain number of monthly withdrawals (usually five) for free. Payments in shops by debit cards do not usually incur a charge. Banks will have a toll-free telephone number to report the loss or theft of a card. The local police station must be informed of a lost or stolen card, so that a report can be issued.

Transferring Money

Most international and national banks offer the facility to transfer money to overseas bank accounts. Banks apply their own rates and fees. Transfers generally take two or three days. Customers will need to provide proof of identity and to fill out an A2 application form, which is available at all banks that have foreign exchange services.

  • For further information on transferring money at HSBC: Click here
  • For further information on transferring money at ICICI Bank: Click here
  • For further information on transferring money at State Bank of India: Click here