Finance: Core Banking in India



Go back to Immigration, Taxes & Finance

See Also:
Section 4c1.  Opening a bank account
Section 4c2.  Types of bank accounts
Section 4c3.  Global Remit
Section 4c4.  International Wire Transfers
Section 4c5.  Indian domestic funds transfers - NEFT and RTGS

Banking in India is heavily regulated by the Reserve Bank of India - the country’s central bank.  But with the introduction of recent financial reforms, the banking sector has become competitive.  Banks are allowed to set their own interest rates as long as they do not violate RBI rules.  Returnees will find that Indian banks offer exceedingly attractive interest rates on their term deposits.  These deposits are not FDIC insured - but deposits with public sector banks are deemed to be backed by the full faith and trust of the Indian government.

We shall limit discussion of this section to immediate banking needs for the returning family - savings/deposit accounts and internet banking.

No comments:

Post a Comment

Thank you for your note. Please consider signing up for email or RSS updates on our home page www.relocationtoindia.com