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What is the local currency?
The Indian monetary unit is the Rupee (Rs. or INR), which can be divided into 100 Paise.
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What denominations does it come in?
1000, 500, 100, 50, 20, 10, 5 and 1 Rupees. Coins come in denominations of Rupees 10, 5, 2, 1 and Paise 50,and 25.
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What is the best way to exchange currency?
The best way is to go through a licensed moneychanger. Most banks and larger hotels offer this facility. Avoid using the airport or hotel to exchange larger amounts as the exchange rates provided are generally lower compared to a dedicated foreign exchange agency.
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What are commonly-used forms of payment for everyday purchases (such as groceries)?
Major credit cards, debit cards and cash are the most commonly-used forms of payment for everyday purchases. However, smaller establishments only accept cash, so it is recommended to always carry a small sum of cash on you at all times.
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Will I be able to use my credit card around town? If not, list when I’ll need cash.
Many businesses, such as supermarkets, restaurants and gas stations, accept major credit cards, debit cards and cash. However, smaller shops, markets and some other business types only accept cash.
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By what method are bills (such as rent and utilities) paid?
Bills can be paid by check, but many utilities (like telephone or electricity bills) can also be paid online.
Credit cards can now be used to pay utility bills online on some dedicated websites. Additionally, one can set up an electronic collection system, which allows the billing company to directly debit your bank account for that amount.
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What are the requirements for opening a bank account? At what stage of the settling-in process should I open it?
Crown Delhi recommends the QA22 account for expatriates, as it offers flexibility. Currently, the QA22 account allows the account holder to bank with funds in local currency (INR) as well as in foreign currency, however withdrawals are only possible in local currency. Repatriation of funds out of India (in foreign currency) at the time of closure may be limited (varies by bank).

The following is a list of documents required for a QA22 bank account application:
A completed QA22 application. Each bank has its own respective form for the QA22 account.
The employee needs to complete all information and meet personally with the bank official for an interview before the application will be accepted.

  • Declaration of (overseas) sources of credit into account
  • Two recent passport-size photos
  • Letter of employment from the local office of your company
  • One U.S. dollar to open the account
  • Copy of valid passport and employment visa (E-type)

Most banks insist on an average quarterly balance of INR 10,000.
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Will foreign residents be able to find banking services in their native languages?
All banking materials are available in English or Hindi. Although banking services are mainly in English or Hindi, several of the major banks also have staff who can speak a variety of foreign languages.
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Are there any restrictions on services for those who are new to your country?
The only exception would be regarding an overseas money transfer. Transfers up to 80% of your annual salary abroad are allowed. However, only with an employment visa can you open a bank account that would make international transfers possible.
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What are typical banking hours?
Typically, banks are open from 9:30 a.m. to 5:30 p.m. on weekdays, and 9:00 a.m. to 1:00 p.m. on Saturday. Sunday is the weekly holiday, and banks are closed. However, many banks have one or more of their branches open on Sundays for the convenience of people who work. National holidays and state holidays are observed by most of the banks in India. (Please check with the specific banks for their declared holidays.)
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Are automatic teller machines (ATMs) available around the clock?
Yes, ATM machines are available 24 hours a day, 7 days a week and can be found throughout the city. Internet banking options are also available for most of banks in India.
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Is there any other money information that might help me?
The Indian numeric system is similar to the Western decimal system, although Indians use the terms Lakhs and Crores to describe certain large numbers. A Lakh is equal to 100 thousand and a Crore is equal to 10 million. Even when writing numbers, this uniquely Indian system is used. 100,000 is 1 Lakh and 10,000,000 is 1 Crore.

Be aware: If you are handed a grubby note, insist on having it exchanged for a newer one, since others might refuse to accept it from you; counterfeit bills are common. Have an adequate supply of small bills, as most stores don't carry sufficient change.
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Crown Relocations has made every effort to present accurate information. However, regulations, rates and other variables are subject to change and Crown Relocations cannot accept responsibility for the errors that might result. Should you have any questions or need additional information, please contact your local Crown representative.

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