5 best Indian Bank for forex services

Forex services are a must for any country and when we talk about India it becomes essential for traders to trade in currencies. The Indian market has millions of active traders and the number is at an increase.

As the number of young traders rises here we have the five best Indian banks for forex services. It will support them trade smoothly and successfully with top-notch facilities.

Top Indian Banks

India is the sixth largest consumer market in the world. It has the fastest growing economy in the world which makes it important for the country's traders to have a bank account to access the range of facilities and trade in currencies.

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However, the market has certain restrictions on currency pair trading. Here, we have the top five Indian banks that traders can rely upon for efficient services.

HSBC Bank

HSBC bank is operating under the HSBC Holdings plc. It is a British multinational universal bank and financial services company. The bank has been active in India for development of the Indian banking industry.

It gave the Indian market its first ATM in 1987. The bank was founded in 1865 to meet the needs of merchants. HSBC is a foreign sector bank in India and it has total assets worth 2202 crore.

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The headquarters of the bank lies in London. In India the bank has 50 branches and around 150 ATMs across the country. Some of its branches are in:

Andhra Pradesh

Chandigarh

Gujarat

Delhi

Haryana

In India, the bank has headquarters in Mumbai. Hitendra Dave is the CEO of the bank in India.

Citibank

Citibank is the oldest bank in India. The banking company is foreign bank in India offering a range of services. It has headquarters in Mumbai, Maharashtra. The bank is an ancillary of Citigroup.

Citigroup is a multinational financial services corporation with headquarters in New York City, United States.

In the Indian market, the bank has investment banking, advisory, transaction, capital markets, retail banking, cards and risk management services. Most of the workforce of the bank is based out of Chennai and is followed by Mumbai and Gurugram.

State Bank of India

State Bank of India is a public sector bank. The financial services company is headquartered in Maharashtra. Being the 49th largest bank in the world it has various services that support clients in financial transactions.

The bank is traded on NSE, BSE, LSE, BSE SENSEX and NSE NIFTY 50. Founded in 1955 the bank serves globally.

Using the services of the bank, traders can trade in currency pairs while making payments through credit cards, debit cards, bank transfers and other modes available. Thus, a great option for forex traders.

Standard Chartered Bank

Standard Chartered bank is a British multinational bank. It offers services in consumer, treasury, institutional banking, and corporate services. The bank has its branch in India to offer international services.

The bank's 90% profit comes from Asia, Africa and Middle East parts. In India the bank has been operating over 160 years now. Thus, it is one of the oldest foreign banks in India offering the best of forex services.

It has a network of 100 branches across 42 cities. The key areas of its operations are corporate, commercial and institutional banking. Besides, traders can also access business, private and consumer banking services.

HDFC Bank

HDFC is an Indian bank which operates under the brand name of HDFC Bank Limited. The financial services company has its headquarters in Mumbai. One of the biggest private sector banks.

In aspects of the assets of the bank it holds 10th position by the market capitalisation. Traders can open their bank account to trade in currency pairs using the various payment options accessible.

Some of products of the bank includes:

Credit cards

Consumer banking

Commercial banking

Investment banking

Private banking

Mortgage loan

Finance and insurance

Private equity

Wealth management

Conclusion

The article mentions top five Indian banks that offer their services to support people. Traders can learn about them and their services to choose a suitable bank. All the banks are top-notch as they have been operating over years now in the market.

Each bank has various services relating to trade. Forex traders can use the bank accounts to connect with the international market, make transactions and have the services of credit/debit cards.

Thus, making trading in currencies easier for Indian traders.