BANKING (long term)

  • Foreign students are not allowed to open an account in the SBI opposite Godavari. Only in the SBI on Old Campus (1000 am - 130 pm, 230 - 4pm, Sat. to 1 pm). Only Rupee accounts; you can deposit (not withdraw) foreign currency.

  • Ask for your encashment certificate when changing money in a bank, with your rupees you can then buy dollars. All big hotels change (worse rate than banks). Open 24 hr: the Central Bank in Ashok Hotel (Chanakyapuri), Thomas Cook in New Delhi Rly Station, and SBI in IGI.

  • Changing travellers' cheques is no problem. When American Express (A block, CP, 9am-7pm) or Thomas Cook's (Rishyamook Building, 85-A Panchkuian Rd., 930am-600pm) travellers' cheques are stolen, ring within 24 hours (see TELEPHONE NUMBERS).


- two days off;
- form QA22(1) from the SBI on Old Campus;
- an introduction form (green, perforated): an account holder (a Prof.) has to sign it;
- your passport with visa and a photocopy of it;
- your RC and a photocopy of it;
- 2 passport pictures;
- a bonafide student certificate;
- Rs. 300 (or $ 100) for the deposit (refundable);
- “proof of residence” = letter from hostel/landlord;

  • To make a draft (also only on Old Campus), mention the bank branch where the beneficiary can claim your money, pay the commission (e.g. Rs. 15 up to Rs. 1,000; 25 up to 5,000; 30 up to 10,000) and keep the receipt.

  • Cashing Indian cheques is possible in the Godaveri SBI (10 am-130 pm; Sat. - 12 pm): date and sign on the back of the cheque and show your I-card. If you don't have a bank account, get also the signature/account number of any account holder on the back of the cheque, get it verified in the first room of the bank and queue in the second room. (SBI - "Self Banking in India" - means that the officer will sometimes ask other people in the queue to count and give you the money they deposit for the amount you claim from the bank. Always double check.)

  • VISA/MASTERCARD holders can use the three 24 hr ATMs next to Priya Cinema in Vasant Vihar. For instance, from the Hongkong Bank you can get cash rupees. If your card is swallowed by the Hongkong Bank ATM, you can get it back the next day after 2 PM from the CP corner "ECE House" across Scindia House. With an American Express card (office in CP) you can also get dollar travellers' cheques. Check before you buy if you can use your credit card (e.g. for the Railways).

  • Transferring money to India is time-consuming; use a foreign bank with branches in India.

  • We have been promised that a new full-fledged branch of another bank (Canara Bank?) would be opened in the new campus where foreign students can open a bank account and with foreign exchange facility.

  • Stapled money is okay, but if a banknote is even slightly torn, refuse it or nobody will accept it. People generally have no small change, so do not take Rs. 500 notes (which may be fake too).


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