Banking, Money and Taxes in India
Banking in India is modern, secure, and usually has the amenities expats are accustomed to such as ATMs, debit, and internet banking.
Foreign bank accounts can be easily accessed in India but charges for withdrawing or transferring money will motivate most to open an Indian account. Even tourists often open an account. India expats with a residence visa will want to open a resident account although expats or tourists on shorter stays can open a non-resident account for a maximum of 6 months. To open a resident account expats should bring their passport, residence card, photos, proof of address, and proof of employment.
The choice of bank is sometimes decided by an employer who pays directly into an expat's bank account. Some international banks in India, such as HSBC or Citibank, have specific expat services that can help with transfers, questions and even taxes. Recently banks in India have become more accessible for India expats who want to secure home loans or credit cards.
Foreign bank accounts can be easily accessed in India but charges for withdrawing or transferring money will motivate most to open an Indian account. Even tourists often open an account. India expats with a residence visa will want to open a resident account although expats or tourists on shorter stays can open a non-resident account for a maximum of 6 months. To open a resident account expats should bring their passport, residence card, photos, proof of address, and proof of employment.
The choice of bank is sometimes decided by an employer who pays directly into an expat's bank account. Some international banks in India, such as HSBC or Citibank, have specific expat services that can help with transfers, questions and even taxes. Recently banks in India have become more accessible for India expats who want to secure home loans or credit cards.
