Study costs & money in India
Tuition, living-cost context, banking, taxes and practical money guidance for students planning to study in India.
Read the complete India study abroad guide.
Bank Accounts
A bank may open a Non-Resident Ordinary account using your passport with visa and immigration endorsement, home-country identity and address, a photograph and your Indian admission letter. Ask the branch which originals, translations or additional declarations it requires.
You must provide a declaration of your local Indian address within 30 days of opening the account, and the bank must verify it. Do not assume every branch will complete the process in the same way or on the same day.
Source: https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=10292
Taxes
A Permanent Account Number (PAN) is a ten-digit alphanumeric tax identifier used for tax administration and specified financial transactions. You may need one if you receive taxable income or undertake a transaction for which PAN must be quoted.
From 1 April 2026, fresh PAN applications use the new forms under the Income Tax Rules, 2026. The Income Tax Department lists Forms 93 to 96 for new PAN applications; use the form that matches your applicant category rather than older Form 49A/49AA guidance. Tax residence and liability depend on your circumstances, so seek qualified advice if you receive income, stipends, investment returns or other payments in India.
Source: https://www.incometax.gov.in/iec/foportal/help/all-topics/e-filing-services/income-tax-forms
Common questions
What should international students know about banking in India?
Foreign students have a specific NRO account route, but banks still apply their own checks.
What should international students know about taxes in India?
PAN rules changed in April 2026; do not use pre-2026 application forms.