Top 10 Foreign Banks in India 2023 & their Headquarters - 26th December 2023 (2024)

It is now a well-established fact that India is one of the fastest-growing economies of the world. Hence, it didn’t come as a surprise when India received the highest Foreign Direct Investment (FDI) till date, from April to September 2020, amounting to a whopping $500.12 billion. As one might expect, this boom in the economy has led to the unparalleled growth of existing as well as new financial institutions in the country. As a matter of fact, as many as 46 foreign banks are operational in India in 2023.

The country enjoys two-fold benefits owing to the presence of these foreign entities; the first being boost in international transactions, and the second being increased employment opportunities for qualified nationals. For what they’re worth, the foreign banks in India have also helped India establish a firmer international presence while bringing in ease of business on a global scale for the domestic enterprises.

What are Foreign Banks?

Foreign banks are a kind of International Bank that are obligated to follow the regulations of the home country as well as the host country. These foreign banks are classified as banks from a foreign country that is working in India through its branches. Foreign banks have presence in India either as a representative office or as a branch.

How many foreign banks in India?

There are a total of 46 foreign banks in India as of now as per the RBI. The list includes American Express Banking Corporation, Barclays Bank Plc, Bank of America, Bank of Bahrain & Kuwait BSC, Citibank N.A, Deutsche Bank, DBS Bank India Limited, Emirates Bank NBD, HSBC Ltd, Industrial & Commercial Bank of China Ltd., Standard Chartered Bank, and others.

Best bank for International banking in India

The best banks for international banking in India are American Express Banking Corporation, Barclays Bank Plc, Bank of America, Citibank N.A, Deutsche Bank, DBS Bank India Limited, HSBC Ltd, Standard Chartered Bank, and others. Standard Chartered Bank ranks the best in terms of credit card services.

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List of Foreign Banks in India

1. HSBC India

HSBC Bank India is a subsidiary of the Hong Kong and Shanghai Banking Corporation. The Indian subsidiary headquartered in Mumbai offers numerous services including but not limited to retail banking, personal banking, debit and Credit Cards, loans, as well as foreign exchange amongst others. With more than 24 branches across the nation, the bank is well-known for offering India its first ATM, back in the year 1987.

2. Deutsche Bank

As the name suggests, the Deutsche Bank has its roots in Frankfurt, Germany. The Indian subsidiary of the bank was established in the year 1980 in the financial capital of the country – Mumbai! Today, the bank enjoys as many as 17 branches across the country with a respectable customer base of 5 Lakh. Offering all the elementary banking services, the bank employs as many as 11,000 people.

3. Royal Bank of Scotland (NatWest Markets PLC)

The Royal Bank of Scotland was established in India in the year 1921 with the aim of offering a wide array of banking services. The bank, fairing amongst the best foreign banks in India,currently operates in the country through its 10 branches, strategically located in the leading metropolitan cities and offers debt capital market services, financial advisory as well as foreign exchange services amongst many others. In a recent change, it was announced that the bank’s Indian subsidiary shall now be known as NatWest Markets PLC.

4. DBS Bank

Essentially a subsidiary of the Development Bank of Singapore, DBS was established with the precise objective of encouraging financial interaction between India and Singapore. Founded in the year 1994, the bank’s Indian headquarters are located in Mumbai. With as many as 12 branches in India, DBS Bank offers personal and Business Banking Services, complete with Wealth Management.

5. Barclays Bank

Enjoying a strong presence in India since the year 1990, the UK based Barclays PLC employs over 23,000 people in its banking, technology, and shared services verticals. Headquartered in Mumbai, the bank has as many as 7 branches across the nation. Some of the leading services offered by the bank include- Commercial Banking, Loans, Credit Cards, and Treasury Solutions amongst others.

6. Bank of America

Yet another foreign bank that enjoys its headquarters in the city of Mumbai, the Bank of America, as the name suggests, finds its origins in the USA. With a total of 5 branches in India, the bank does an excellent job of supporting the international transactions between India and America. Established back in the year 1964, the bank has stood the test of time with over 5 decades of offering numerous services to its patrons.

7. Bank of Bahrain and Kuwait

With its roots in the Middle East, the Bank of Bahrain and Kuwait was founded in the year 1971, in Bahrain. It was in the year 1986 that the bank was brought to India, in a bid to serve both –Residents as well as Non-Resident Indians. Today, the bank boasts of 4 branches in the country, located in Mumbai, Hyderabad, Aluva (Kerala) and New Delhi.

8. Doha Bank

Established quite recently, in the year 2014, Doha Bank has shown incredible promise. Originally headquartered in Qatar, the bank enjoys a strong presence in India through its 3 branches in the cities of Mumbai, Chennai, and Kochi. The bank is known for offering a wide array of services including Corporate Banking, NRI Banking, Personal Banking, Loans, Trade Services as well as Foreign Exchange amongst others.

Fixed Deposits (FDs) are a popular investment option offered by many top foreign banks. They provide a secure and predictable way to grow savings. With fixed tenures and guaranteed returns, FDs are favored by risk-averse investors looking for stable growth. These accounts typically offer competitive interest rates, making them an attractive choice for those seeking to preserve capital while earning passive income. For individuals looking to diversify their investment portfolio and achieve financial stability, Fixed Deposit offered by reputable foreign banks are a reliable choice.

Top Foreign Bank FAQs

✅ What is an International Bank?

An international bank is foreign location based financial institution that provides banking services to clients across the world.

✅ Which is the largest foreign bank in India?

The largest foreign bank in India is Standard Chartered, a UK based bank. Standard Chartered Bank currently has 100 branches in India.

✅ How many International banks in India?

At present, there are total 46 international banks in India.

✅ Which Indian bank has most international branches?

The State Bank of India (SBI) has 52 overseas branches, making it the largest international bank of India at present.