Hi,
I am planning to open a INR rupee checking account and use ATM debit card during my one month visit to India.Could anyone please enlighten me about who could be the better option between ICICI,SBI and citibank?
I actually would like to avoid the hassle of carrying $$$ and then converting to INR and partcularly poor exchange rate in the airport.

Thanks

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ani

Citibank offers free international ATM card and free draft issuing facility. I do not know if Citi makes this up by giving a bit poor exchange rate.

ICICI bank charges a yearly free for the international ATM card, not sure if you can issue draft. You can send electronic payment to any bank account in India for free for both Citi and ICICI.

Not sure what SBI offers.

Best would be call all three and know the exchange rate offered and service charges, etc.

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I feel Citibank provides the best service among all 3 banks. They also have a dedicated relationship manager in Toronto. However, their exchange rate for transfers is very bad.

You are not restricted to use their money transfer services. You can use ICICI's money2india or remit2india to transfer money from your CAD checking account to the Citibank NRE account.

Thank you guys for your input.
I talked with both ICICI and CITI folks and one major diffrence that for CITI I need to keep minimum balance of $1000 where as ICICI only 10,000 Rs.
Are there exchange rate is worse than airport exchange.My friend recently visited India and was saying he only got Rs 33 per CAD at airport .

Thanks

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ani

Hi,

Citibank has some special offers going on where you don't need to keep any minimum balance for 10 years. check it out.

Ash

For Citi, you can open an account with CAD 650 and there is no minimum balance requirement for 10 years if you mention 'offer code 620'. https://www.online.citibank.co.in/portal/Landingmaster.jsp?TID=t1&PID=rca&CID=t1a1p12c1&LMS=RCA$RCAO$RGX$2GCACNRI$2GCACNRI$Google&frmtp_rca
Don't know the exchange rate they are offering since you have to call to get rates. Someone (out of bank's profit or consumer's pocket) must be paying for free ATM card and free draft facility to anyone in India including the courier charges.

Money2India from ICICI bank is offering Rs 36.43 for 1 CAD currently. http://www.money2india.com" rel="nofollow">LINK and click on exchange rates. With Money2India, you can send money only to an ICICI bank account including the NRE account that would open in India.

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Thanks again.
Did anyone used Canadian ATM debit card in India?
The signs on the backside of my BMO debit card actualy has CIRRUS and Mastero and one of my friend in India said that Bank ATM machines nowadays carry most of international money transfer signs particularly CIRRUS and Mastero.
This could perfectly meet my requirement as I can withdraw exactly that much I need and not transfering all CAD$ into INR via rupee checking account.
Any advice on this option?

Thanks

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ani