Most international banks now have branches in all the larger cities across the country. The Indian bank with the largest distribution network is the State Bank of India , though there are other major banks with a national presence. The services they offer include international money transfers.

Banking hours are between 9.30/10am–2pm (Mon–Fri), and 9.30/10am–12 noon (Sat). Try to arrive early to avoid the long queues. Banks are always closed on regional and national holidays and occasionally they shut down without any notice at all in response to public protests or strikes.

In India, banks offer the best exchange rates, though most good hotels also change money for resident guests. LKP Forex Limited  is a reliable foreign exchange broker, and there are numerous other brokers who also change money at the official rates for major international currencies. Rates of exchange are subject to fluctuation, so check any national daily newspaper for the current rate. The “blackmarket” in India, operating through literally thousands of touts, offers much better rates than the official ones, but it is safer to go to authorized dealers.

Traveller’s cheques are convenient, safer to carry than large amounts of cash, and give better exchange rates than currency. All major brands of traveller’s cheques are accepted in India, with American Express  and Thomas Cook  being the most widely used, and US dollars and pounds sterling the most widely exchanged currencies. Banks have the lowest surcharge and give the best value. They charge a small fee per cheque so using large denomination cheques is more economical. Traveller’s cheques can be encashed easily in large cities and towns. Smaller towns, though not all of them, also have registered dealers. Keep a record of the serial numbers of cheques, as well as the proof of purchase slips, in case of loss or theft. Also, be sure to keep records of encashment, as you will need these should you wish to reconvert rupees to other currencies when leaving the country.

Credit cards are now widely accepted in most big hotels, restaurants and department stores. The most common are VISA, MasterCard, Diner’s Club and American Express. Air and rail tickets can also be paid for by credit card, and cash advances can be made at the parent bank. For example, Citibank account holders can directly access their account with their Citibank Card. However, many smaller establishments, even in the bigger cities, only accept cash. Credit card-related fraud is on the increase, so keep your cards safe, and insist that receipt vouchers are made out in front of you.

Most foreign, and many Indian, banks in large cities have 24-hour ATMs (automatic teller machines). Instructions are displayed in English, and cash is dispensed in rupees. Check with your bank at home which Indian banks will accept your ATM card, as not all machines are compatible. Some ATMs will dispense cash against credit cards. Cards with a PLUS or CIRRUS symbol are accepted at the following ATMs: Citibank, Standard Chartered, and Hong Kong and Shanghai Bank.

The Indian rupee (Rs) is divided into 100 paisas. The most commonly used coins are 50 paisa, 1, 2, and 5 rupee coins. Currency notes are available in denominations of Rs5, 10, 20, 50, 100, 500 and 1,000. Be careful not to mix up the 100 and 500 rupee notes as they look very similar. Beware of accepting torn or damaged notes, as shops and even banks are often reluctant to accept or exchange them. Banks often give notes stapled together in large packs. Ask them to remove the staples for you as you will find it difficult to do it yourself without tearing the notes.

Foreign nationals are not permitted to bring or take Indian currency into or out of the country.