Indian Currency – A Practical Guide to Using Money in India

India is a versatile country and its history states that India was the first country to issue coins. Because of this, it has seen a variety of monetary units. Indian currency is called ‘Rupees’ and denominations less than 1 Rupee which is issued in coins is called ‘Paise’. Rupees came into existence from the British era.

India currently has the below mentioned in Currency Notes and Coins.

1. Currency Notes – Rs.10, Rs.20, Rs.50, Rs.100, Rs.500 and Rs.2000.
2. Currency Coins – 50 Paise, Rs.1, Rs.2, Rs.5 and Rs.10.

Please find below the list of Largest Banks in India

1. State Bank of India
2. HDFC Bank
3. ICICI Bank
4. Punjab National Bank
5. Axis Bank
6. Canara Bank
7. Bank of Baroda
8. Union Bank
9. IDBI Bank
10. Bank of India

The banks in India function from 9:00 Am to 4:30 PM till Saturday. Second and Fourth Saturdays are holidays for the banks.

List of International Banks in India

Additionally, to the banks mentioned above, there are international banks also available with their branches in various parts of the country. Please find the list of banks below

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1. Citibank
2. Standard Chartered Bank
3. HSBC Bank
4. Deutsche Bank
5. Bank of Scotland
6. Barclays Bank
7. The Bank of America
8. DBS Bank
9. Doha Bank
10. Bank of Bahrain and Kuwait

A word of caution before you read further: Please do not accept any soiled or damaged currency notes or coins while you are transacting in India. At the same time, please do not offer any damaged or soiled notes while you are exchanging the currency.

Exchanging Money in India and Indian Currency Exchange rates

Be it a business trip or a business tour, exchanging your currency with Indian Rupee becomes important. How to go by doing it, let’s learn this briefly

It is advised to get the Indian currency before you step out of the Airport. And suggest you bring lower denominations of your currency as few of them may not accept higher denominations for an exchange.

1. You can approach a currency exchange kiosk at the Indian airport
2. You can withdraw cash from an ATM at the Indian airport
3. You can approach the foreign exchange houses and money changers authorized by Reserve Bank of India
4. You can also exchange the currency at Banks approved by Reserve Bank of India

Money changers will be the quick option apart from ATMs currently. It is advised to go through the exchange rates carefully before transacting.

As of 6^th January 2020, the Indian currency exchange rate table is below

1 US Dollar                                                 = Rs. 72.068

1 Euro                                                         = Rs. 80.44

1 British Pound                                           = Rs. 94.30

1 Australian Dollar                                      = Rs. 50.02

1 Canadian Dollar                                      = Rs. 55.52

1 Swiss Franc                                             = Rs. 74.21

1 Malaysian Ringgit                                    = Rs.17.53

1 Japanese Yen                                         = Rs. 0.66

Chinese Yuan Renminbi                            = Rs. 10.33

1 Bahrain Dinar                                         = Rs. 191.67

1 Kuwaiti Dinar                                          = Rs. 237.56

Is cash the best option?

It is suggested to travel with multiple money options; credit cards, debit cards, cash, travelers’ checks. Credit and Debit card becomes a good combination, however, having cash becomes a bonus. You will get to understand, be it a large city or a small village, you may need cash in hand to get around the place. Using ATMs attracts service charges and few incidences of cash coming out of the machine after a relatively long period.

How much money should I have in hand while I travel around?

Carry around Rs.10,000 in hand and keep your credit and debit cards safe and put it to maximum use unless there is no option left with you.

Are ATMs economical?

ATMs are available in every part of the city, town or village in India. It is easy to access and yes, English is also an operating language in the ATMs. Visa, Master, Cirrus and Maestro are commonly accepted cards. There may be a limit set for your card to the ATM, it may vary from Rs.2000 to Rs.10,000. You will also be charged a fee every time you withdraw cash and the fee is not cash withdrawal amount specific but transaction-specific. It is advised to withdraw large amounts to keep it handy so that the transaction fee becomes less. It is good to withdraw Rs.10000 once than withdrawing Rs.2000 – five times.

Credit cards are also the best option; however, cash advance rates and service charges differ from the home transaction. Please have a clear idea of the exchange rates and transaction rates.

Preventive Measures: Check with your bank, if you can access your card in the banking networks of India. If the services are on, then notify your bank about the card usage in India.

How about Travelers Cheques?

Major brands are accepted; however, few banks accept only Amex and Thomas Cook. Please make a note of cheques’ serial numbers, along with encashment certificates and photocopied passport. As credit cards are widely accepted, travelers’ cheques are not recommended as it is getting harder for the vendors too.

How much does it cost me for a day in India?

A trip to India offers the best value for money. India can treat you fabulously cheap or arrogantly expensive depending on your travel style. Low-end travel can end up between $15 to $25 a day per person including your accommodation, food, and travel.

A normal end journey to India may cost you up to $40 to $60 a day per person. This will help you stay in good places.

A high-end trip to India may go up to $100 a day person. You can be in luxury spending $100 a day with luxurious hotels to stay.

Final Tips before you travel to India

1. Negotiate the price for almost anything you wanted to buy
2. If you feel that you cannot bargain after a limit, you can silently walk away from the shop. You may not believe; he may call you back and offer it for the price you wanted
3. Please do not get angry while bargaining
4. Don’t pull out the entire cash in the pocket while buying any item
5. Check for the prices before paying for any items
6. The above point holds good even for hotel check-in, please get it clarified if there is any other charge in the final bill
7. Check for multiple travel options before finalizing on one mode

India is a land of beauty, visiting it on a budget is always in cards. India is also considered to be the less expensive tourist country and more value for money.