NRI BANKING SERVICES - BANKS IN INDIA

Selecting a bank for NRI banking services . . . . .

Banking in India has changed considerably in the past decade. Just about every international bank has a presence now in India. I remember the time in India when customers who went to cash a cheque at their local banks, had to first line up to present the cheque to a bank teller and were then given a token to take to a different teller to get their cash. Fortunately things have changed for the better now. Indian banks are now almost at par with foreign banks when it comes to service. Non resident Indians living abroad often open accounts with Indian banks such as The State Bank of India and ICICI bank that have set up foreign branches abroad to attract NRIs. ICICI bank vigorously advertises to attract non resident Indians to get their accounts. The reality is that while some banks will go all out and outspend each other to get customers they don't seem to be putting enough thought into customer service. Just check the Internet and NRIs seem to have quite a few complaints about bank customer service.   The competition from foreign banks within India though has resulted in improvements for Indians in the banking sector. Banks in India now offer services to their customers that are not only comparable to western banks but also some services that are not offered in the west, such as home banking. Home banking facility is one special customer service that banks in India offer. Some Indian banks now have also opened branches overseas and while the majority of their overseas customers probably tend to be Non Resident Indians these banks are doing well as they offer attractive rates and services to the thousands of NRIs living abroad. When it comes to selecting a bank to do business with. NRIs have lots of choices. Here is some information that may help you make an informed decision on selecting a bank in India. Do remember that when choosing a bank don't let a high interest rate be the only criteria in choosing a particular bank. In India, banks running into financial problems is not uncommon. Last year 28 financial banking institutions ran into trouble. Check bank account safety page for a list of failed institutions. Update: During my visit to India in February 2011, I was informed that Axis bank had discontinued the service of sending money to customers at their residence.

Types of banks in India

The types of banks in India are: Public Sector Banks  Private Sector Banks Co operative Banks  Foreign Banks.

List of Public Sector Banks in India

Allahabad Bank Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank Dena Bank Indian Bank Indian Overseas Bank Punjab & Sind Bank Oriental Bank of Commerce Punjab National Bank Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank State Bank of India & its Subsidiaries

List of Foreign Banks in India:

AB Bank Ltd. - Bangladesh The Royal Bank of Scotland N.V.  - Netherlands Abu Dhabi Commercial Bank Ltd.  - UAE American Express Banking Corporation - USA Antwerp Diamond Bank N.V. - Belgium Bank Internasional Indonesia - Indonesia Bank of America  - USA Bank of Bahrain & Kuwait BSC - Bahrain Bank of Ceylon  -  Sri Lanka Bank of Nova Scotia - Canada Barclays Bank Plc.  - United Kingdom BNP Paribas  - France Credit Agricole Corporate & Investment Bank - France Chinatrust Commercial Bank - Taiwan Citibank N.A.  - USA DBS Bank Ltd. - Singapore Deutsche Bank  - Germany HSBC Ltd - Hong Kong
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com

List of Private Banks in India

Bank of Punjab Bank of Rajasthan Catholic Syrian Bank Centurion Bank City Union Bank Dhanalakshmi Bank Development Credit Bank Federal Bank HDFC Bank ICICI Bank IDBI Bank IndusInd Bank ING Vysya Bank Jammu & Kashmir Bank Karnataka Bank Karur Vysya Bank Laxmi Vilas Bank South Indian Bank United Western Bank Axis Bank (formerly UTI Bank)

List of Foreign Banks in India

J.P. Morgan Chase Bank N.A. - USA JSC VTB Bank - Russia Krung Thai Bank Public Co. Ltd - Thailand Mashreq Bank PSC. - UAE Mizuho Corporate Bank Ltd. - Japan Oman International Bank SAOG - Oman Shinhan Bank - South Korea Societe Generale - France Sonali Bank Ltd. - Bangladesh Standard Chartered Bank  - United Kingdom State Bank of Mauritius  - Mauritius The Bank of Tokyo- Mitsubishi UFJ Ltd  - Japan UBS AG - Switzerland FirstRand Bank Ltd - South Africa United Overseas Bank Ltd - Singapore Commonwealth Bank of Australia - Australia Sberbank - Russia Credit Suisse A.G - Switzerland Australia and New Zealand Banking Group Ltd.
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NRI BANKING SERVICES IN INDIA

Selecting a bank for NRI banking

services . . . . .

Banking in India has changed considerably in the past decade. Just about every international bank has a presence now in India. I remember the time in India when customers who went to cash a cheque at their local banks, had to first line up to present the cheque to a bank teller and were then given a token to take to a different teller to get their cash. Fortunately things have changed for the better now. Indian banks are now almost at par with foreign banks when it comes to service. Non resident Indians living abroad often open accounts with Indian banks such as The State Bank of India and ICICI bank that have set up foreign branches abroad to attract NRIs. ICICI bank vigorously advertises to attract non resident Indians to get their accounts. The reality is that while some banks will go all out and outspend each other to get customers they don't seem to be putting enough thought into customer service. Just check the Internet and NRIs seem to have quite a few complaints about bank customer service.   The competition from foreign banks within India though has resulted in improvements for Indians in the banking sector. Banks in India now offer services to their customers that are not only comparable to western banks but also some services that are not offered in the west, such as home banking. Home banking facility is one special customer service that banks in India offer. Some Indian banks now have also opened branches overseas and while the majority of their overseas customers probably tend to be Non Resident Indians these banks are doing well as they offer attractive rates and services to the thousands of NRIs living abroad. When it comes to selecting a bank to do business with. NRIs have lots of choices. Here is some information that may help you make an informed decision on selecting a bank in India. Do remember that when choosing a bank don't let a high interest rate be the only criteria in choosing a particular bank. In India, banks running into financial problems is not uncommon. Last year 28 financial banking institutions ran into trouble. Check bank account safety page for a list of failed institutions. Update: During my visit to India in February 2011, I was informed that Axis bank had discontinued the service of sending money to customers at their residence.

Types of banks in India

The types of banks in India are: Public Sector Banks  Private Sector Banks Co operative Banks  Foreign Banks.

List of Public Sector Banks in India

Allahabad Bank Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank Dena Bank Indian Bank Indian Overseas Bank Punjab & Sind Bank Oriental Bank of Commerce Punjab National Bank Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank State Bank of India & its Subsidiaries

List of Foreign Banks in India:

AB Bank Ltd. - Bangladesh The Royal Bank of Scotland N.V.  - Netherlands Abu Dhabi Commercial Bank Ltd.  - UAE American Express Banking Corporation - USA Antwerp Diamond Bank N.V. - Belgium Bank Internasional Indonesia - Indonesia Bank of America  - USA Bank of Bahrain & Kuwait BSC - Bahrain Bank of Ceylon  -  Sri Lanka Bank of Nova Scotia - Canada Barclays Bank Plc.  - United Kingdom BNP Paribas  - France Credit Agricole Corporate & Investment Bank - France Chinatrust Commercial Bank - Taiwan Citibank N.A.  - USA DBS Bank Ltd. - Singapore Deutsche Bank  - Germany HSBC Ltd - Hong Kong List of Private Banks in India Bank of Punjab Bank of Rajasthan Catholic Syrian Bank Centurion Bank City Union Bank Dhanalakshmi Bank Development Credit Bank Federal Bank HDFC Bank ICICI Bank IDBI Bank IndusInd Bank ING Vysya Bank Jammu & Kashmir Bank Karnataka Bank Karur Vysya Bank Laxmi Vilas Bank South Indian Bank United Western Bank Axis Bank (formerly UTI Bank) List of Foreign Banks in India J.P. Morgan Chase Bank N.A. - USA JSC VTB Bank - Russia Krung Thai Bank Public Co. Ltd - Thailand Mashreq Bank PSC. - UAE Mizuho Corporate Bank Ltd. - Japan Oman International Bank SAOG - Oman Shinhan Bank - South Korea Societe Generale - France Sonali Bank Ltd. - Bangladesh Standard Chartered Bank  - United Kingdom State Bank of Mauritius  - Mauritius The Bank of Tokyo- Mitsubishi UFJ Ltd  - Japan UBS AG - Switzerland FirstRand Bank Ltd - South Africa United Overseas Bank Ltd - Singapore Commonwealth Bank of Australia - Australia Sberbank - Russia Credit Suisse A.G - Switzerland Australia and New Zealand Banking Group Ltd.
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Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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