Janice Lozano
When it comes to choosing a bank, international students in India have a variety of options to consider. These include public sector banks like the State Bank of India (SBI), as well as private sector banks such as ICICI Bank and Axis Bank. ICICI Bank provides foreign exchange services and a comprehensive checking solution for students studying abroad. Meanwhile, Axis Bank offers student loan programs to support the cost of education. HSBC, an international bank with a presence in India, offers preferential rates and global support for students. Additionally, services like OhentPay provide seamless international money transfers. With a range of options available, international students can make informed choices based on their specific needs and preferences.
| Characteristics | Values |
|---|---|
| Banks for international students in India | State Bank of India (SBI), ICICI Bank, HDFC Bank, Axis Bank, HSBC, Kotak Mahindra Bank, Yes Bank, Federal Bank, Chase Bank, Bank of America, Wells Fargo, Barclays Bank |
| Services | Savings accounts, fixed deposits, personal loans, education loans, international wire transfers, foreign exchange accounts, student loans, in-house financing, international banking support, international debit cards, emergency cash, international travel insurance coverage, money transfers, forex cards |
| Benefits | Low/no monthly service fees, access to ATMs and branches, mobile banking apps, competitive exchange rates, low interest rates, 24/7 customer support, free international debit card issuance, seamless fund transfers, preferential rates, no withdrawal fees |
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What You'll Learn
International student accounts at Indian banks
International students in India have a variety of banking options to choose from, each with its own unique features and benefits. Here is some information about international student accounts at Indian banks to help you make an informed decision:
State Bank of India (SBI)
SBI is the largest government bank in India and offers a range of international financial services to students. The SBI NRE Savings Account is a popular choice among international students due to its wide accessibility and attractive features. SBI provides services such as savings accounts, fixed deposits, personal loans, and education loans. In 2023, SBI also partnered with Flywire Corporation to ease Indian students' international education payments.
ICICI Bank
ICICI Bank, also known as the Housing Development Fund Corporation Bank (HDFC Bank), is one of the biggest private-sector banks in India. It has a wide network of branches and ATMs both domestically and abroad. ICICI Bank offers the NRE Account, which provides Indian students studying abroad with benefits such as free international debit card issuance, 24/7 customer support, and easy fund transfers.
Axis Bank
Axis Bank offers a dedicated NRE Rupee Checking Account for Indian students studying overseas. This account provides benefits such as multi-city banking facilities, competitive exchange rates, and a user-friendly mobile banking app. Axis Bank is also one of the few private banks that provide in-house financing for students studying in or outside India.
HSBC India
HSBC India offers the Student Checking Account, specifically designed for international students. This account has benefits such as no monthly maintenance fees and unlimited ATM fee rebates worldwide. HSBC has a global presence, providing seamless access to funds internationally. They also offer preferential rates on money transfers for tuition fees and overseas education-related costs.
Kotak Mahindra Bank
Kotak Mahindra Bank's NRE Savings Account caters to the banking needs of Indian students studying abroad. The account offers competitive interest rates, free international debit card issuance, and seamless online fund transfers. Students can also easily obtain a Kotak Mahindra Forex card to manage their expenses.
Other Options
In addition to the above-mentioned banks, there are several other international banks operating in India, including Citibank, Barclays, and NatWest Group. These banks may offer various services to NRIs and expats, although their offerings may be more limited compared to other international banks in the country. Furthermore, money transfer services like OhentPay can be useful for sending and receiving money internationally.
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Foreign banks operating in India
Foreign banks play a significant role in strengthening India's financial system by promoting international trade, offering specialised banking services, and introducing global best practices in banking operations. As of 2025, there are 44 foreign banks operating in India, accounting for approximately 7% of the total assets of the Indian banking sector. These banks operate through branches, representative offices, or wholly-owned subsidiaries, with their headquarters located outside India.
Some of the major foreign banks operating in India include Standard Chartered Bank, which is one of India's largest foreign banks with around 100 branches across the country. It is a British multinational banking and financial services firm, providing a range of services such as banking, investment, mortgages, lending, and business solutions. Bank of America, an international financial services company headquartered in the United States, is another top international bank in India, facilitating transactions between India and America. Citibank, an American multinational bank, has been operating in India since 1902 and is known for offering various banking services to its customers.
HSBC is a leading bank in India, providing services specifically for Non-Resident Indians (NRIs) who are returning to India or moving abroad. Residents of India can open bank accounts, credit cards, loans, and investments with HSBC, which also offers a range of benefits such as preferential rates on money transfers for tuition fees and overseas education-related costs. Additionally, HSBC provides international banking support to students studying abroad, including assistance with opening a non-resident account in India and a local account overseas.
Other foreign banks operating in India include the UK-based NatWest Group, which allows account holders to use their cards in India and access travel benefits. Deutsche Bank, a German bank, offers a range of services in India, including accounts, loans, investments, insurance, and NRI banking. They also provide fixed deposits, money transfers, and private banking services.
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International banks with a presence in India
As of 1 April 2025, there were 44 foreign banks in India. These international banks play a crucial role in India's economy by fostering competition, improving services, providing access to international capital and expertise, and facilitating international trade and investment. Here is a list of some notable international banks with a presence in India:
HSBC
HSBC India Limited is a wholly-owned subsidiary of The Hong Kong and Shanghai Banking Corporation. It has a long history in India, offering a wide range of financial products and services, including personal, corporate, retail, and investment banking. HSBC provides international students with preferential rates and fee waivers when applying through their International Banking Centre. They also offer a Student Checking Account with no monthly maintenance fees and worldwide unlimited ATM fee rebates.
Standard Chartered Bank
Standard Chartered is one of the oldest and most trusted foreign banks in India, with a presence of over 160 years. It has a vast network of more than 100 branches across 42-43 Indian cities. The bank offers a range of services, including business, private, consumer, institutional, commercial, and corporate banking.
Citibank
Citibank, formerly the City Bank of New York, has had a significant presence in India since 1902. It is known for its strong international network, making it ideal for those who frequently conduct international transactions.
BNP Paribas
BNP Paribas has a long history with India, dating back to 1860 when it opened a branch in Kolkata (formerly Calcutta). It was one of the first foreign banks in the country and has actively supported India's economic development.
Bank of America
Bank of America operates in India as a separate entity licensed by the Reserve Bank of India (RBI). The Indian unit has its own board of directors and is subject to Indian laws and regulations.
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Mobile apps for international money transfers
International students in India have a variety of mobile apps available to them for international money transfers. These apps offer low fees, competitive exchange rates, and flexible pricing options. Here are some of the best mobile apps for international money transfers, tailored for international students in India:
Wise (formerly TransferWise)
Wise is a widely used money transfer app that allows users to send and receive money internationally with low fees and competitive exchange rates. It is regulated by the UK's Financial Conduct Authority (FCA) and complies with US financial regulations, providing a secure and legally compliant service. Wise offers a multi-currency account and the ability to obtain local bank details in multiple currencies. It also provides real-time exchange rate tracking and customizable rate alerts, making it a strong option for users managing multiple currencies.
PayPal
PayPal is a well-known and widely accepted international money transfer app that offers flexible and secure solutions. It supports free transfers from a bank account, PayPal balance, or Amex Send account. PayPal Instant Transfer is also available for instant money transfers, although there is a cost associated with this service.
Remitly
Remitly is an online remittance service that facilitates international money transfers to over 170 countries. It has established partnerships with a global network of over 5 billion bank accounts and mobile wallets, as well as approximately 470,000 locations for cash pickup options. Remitly provides a diverse range of receiving options, including cash pickup and home delivery, and offers flexible pricing options.
Revolut
Revolut is a digital banking application that allows users to send and receive money internationally, exchange currencies at competitive rates, and split bills. The app also offers cashback and interest on selected plans. Revolut operates in 150 countries and regions, but personal accounts are only available to residents of specific countries, including the UK, US, and Australia.
WorldRemit
WorldRemit enables users to transfer money directly to an Indian business or individual bank account. It also allows users to add mobile credit to prepaid phones in India. The sender is charged a transfer fee and a set exchange rate.
OhentPay
OhentPay is a mobile app that lets international students in India send and receive money internationally at competitive rates. With OhentPay, users can send and receive money to over 190 countries and exchange over 40 currencies.
In addition to these mobile apps, international students in India can also consider using traditional methods such as bank transfers, peer-to-peer transfers, and debit/credit card transfers. It is important to compare exchange rates, fees, and transfer speeds before selecting a money transfer service.
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International student accounts at US banks
International students in the US have several banking options available to them, including national banks, state-specific banks, online banks, and credit unions. When choosing a bank, it is essential to consider the associated fees, access to ATMs, and the ability to build a credit score.
National Banks
National banks, such as Bank of America and Chase, are a good option for international students as they offer a wide network of ATMs across the country. Bank of America offers two types of checking accounts: the Advantage SafeBalance account, which provides a debit card without overdraft capabilities, and the Advantage Plus account, which offers both checks and a debit card. Chase also offers a College Checking Account with free access to Chase ATMs and local payments but does not support international transfers.
State-Specific Banks
If you plan to stay in one state during your studies, state-specific banks may be a suitable option. These banks typically have branches and ATMs located within the state, making it convenient for students who primarily conduct transactions locally.
Online Banks
Online banks are another option for international students, as they often have low or no fees and higher interest rates. They can be a safe choice for those who are not yet comfortable setting up an account in English, as there is no requirement for an in-person conversation. However, online banks generally do not have physical locations or their own ATMs, which may be a consideration for some students.
Credit Unions
Credit unions may offer perks similar to those of banks, although they may not have specific accounts for international or college students. Checking with your school to see if there is an affiliated credit union is a good place to start.
Other Considerations
When choosing a bank account, it is essential to consider the fees associated with the account, such as monthly fees, service charges, and ATM fees. Additionally, international students should ensure that the bank provides access to remittance services and the ability to build a local credit history, which can be beneficial for seeking additional finance options in the future.
In summary, international students in the US have a range of banking options to choose from, including national banks, state-specific banks, online banks, and credit unions. By considering factors such as fees, ATM access, and the ability to build a credit score, students can make an informed decision about which bank best suits their needs.
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Frequently asked questions
There are several banks in India that cater to international students. Here are some of the best options:
- State Bank of India (SBI): SBI is the largest government bank in India and offers a range of international financial services to students, including savings accounts, fixed deposits, personal loans, and education loans.
- ICICI Bank: ICICI Bank has a digital platform called 'Campus Power', which offers banking and value-added solutions in one place. They provide overseas accounts, education loans, and tax benefits.
- HDFC Bank: HDFC Bank offers a wide range of foreign exchange services, such as international wire transfers and foreign exchange accounts, even for international students.
- Axis Bank: Axis Bank offers a student loan program to help students afford the cost of their education abroad. They also provide an NRE Rupee Checking Account with benefits like multi-city banking facilities, competitive exchange rates, and a user-friendly mobile banking app.
ICICI Bank's 'Campus Power' platform offers a comprehensive suite of banking and value-added solutions. Some benefits include free international debit card issuance, 24/7 customer support, and easy fund transfers.
Yes, there are several international banks that operate in India. Some examples include:
- Citibank
- Barclays
- Bank of America
- HSBC
There are specific accounts designed for international students in India, such as:
- HSBC Student Checking Account: Offers benefits like no monthly maintenance fees and unlimited ATM fee rebates worldwide.
- Chase Bank College Checking Account: Offers zero monthly service fees for up to five years while in college and access to a large network of ATMs and branches.
