Banking & Money: how it works in India — first-hand

From real experience

• In India, ATM withdrawal limits are typically 10,000 INR per transaction. In some locations (e.g., Rishikesh), limits can be as low as 4,000 INR. It is often possible to perform up to 4 consecutive transactions. A common commission fee is approximately 300 INR. The presence and amount of commission can depend on both the Indian bank and the user's home bank.
• Opening a traditional Indian bank account on a tourist visa is extremely difficult due to strict KYC requirements (rental agreements, Aadhar, police verification). 'Cheq' is a widely used alternative for Russian tourists to manage local payments (Uber, local deliveries). Key facts: requires an activation fee (approx. 1000 INR), does not support Apple Pay, and functionality with online e-commerce platforms like Amazon is inconsistent.
• In India, PAN cards and Aadhar numbers must be linked for Indian citizens to open bank accounts or work; failure to do so can result in account blocking. This requirement does not apply to foreigners or Non-Resident Indian (NRI) accounts, which have different regulations. The deadline for this linkage was July 21, 2024.
• When opening certain local service accounts or applications in India, it is possible for a manager to contact the client via WhatsApp and arrange a home visit for activation. This convenient service bypasses the need for the client to go to an office.
• Tourists in India cannot open standard international-capable bank accounts. For digital payments (Uber, shops, cafes), they can use the Cheq app, which allows verification and funding via transfers from foreign bank accounts (like Sber) to pay via QR codes. It is highly recommended to link these services to a foreign phone number, as Indian SIM cards issued on a tourist visa are typically deactivated after 90 days.
• To top up a Cheq wallet in India from Sberbank Online: 1. Ensure the Cheq wallet is activated. 2. Navigate in Sberbank Online: "Платежи" (Payments) -> "В другую страну" (To another country) -> "Индия" (India) -> "По номеру телефона" (By phone number). 3. Enter the phone number used for Cheq registration (starting with 7 or 91). 4. Select "Cheq" as the recipient. 5. Minimum transfer amount: 1500 RUB. 6. Commission: 1%, with a minimum of 30 RUB.
• In India, the regulator has banned UPI ID request payments for fraud prevention. Consequently, many major vendors now support only 1-3 UPI apps (e.g., GPay, Amazon Pay). Flipkart, however, has updated its system to accept payments from any UPI application. This impacts payment options for users.
• In India, ATMs for "РСХБ" (Russian Agricultural Bank) are extremely rare (approx. 8 nationwide), making them impractical for cash withdrawals. ATMs supporting "АТБ" (Asian-Pacific Bank) cards are widely available, with the notable exception of SBI (State Bank of India) ATMs, which frequently decline transactions from these cards without clear reasons.
• Rosbank cards have limited usability in India. Cash withdrawals are only possible at HSBC ATMs (not HDFC), which are scarce, with none available in Goa. They can be found in Delhi and Mumbai. Online and terminal payments are not supported. Overall, Rosbank cards are largely impractical for use in India.
• Online shopping in India via Amazon or Flipkart requires caution. Major tips: Use Cash on Delivery (CoD) to avoid scams or delivery issues, check seller ratings carefully, and be aware that international bank cards may have trouble linking to UPI platforms like PhonePe.
• Provide the following information regarding the Cheq mobile payment service in India: **Topping up:** * Via Sberbank Online: Payments -> To another country -> India -> By phone number (starting with 7 or 91, linked to Cheq) -> Cheq. * Minimum top-up: 1500 RUB. * Commission: 1% (minimum 30 RUB). * One-time activation fee: 999 INR upon first top-up. **Account Validity:** * Active until visa/passport expiration OR 365 days after last app use. * Account freezes if one of these events occurs, requiring re-submission of documents for unblocking (funds remain). * Payment operations are only possible while in India. **Transaction Limits:** * Initial 'cooling period' (24 hours after first transaction): 5 transactions, total 50,000 INR. * After 24 hours: 10 transactions per day, total 100,000 INR. * Monthly limit: 300,000 INR.

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