Cost of living

India Flag - India cost of livingIndia is quite cheap as compared to many other countries. Cost of living depends on what you do and where you live in the India. Basic need living costs such as food, water and shelter costs you around 15000 to 20000 INR. Depending on your expense, it may result in a higher amount or lower amount.

Two Indian women - India cost of livingThe cost of living in India depends not just on the city that you want to live in, but also on the area of the city and what kind of a lifestyle you aspire to live. If you are planning to move to one of the India’s metro cities then you should expect to pay more. The room rent in the best areas varies from INR 7000 to 15000 per month. Landlords are often flexible as far as the number of occupants is concerned.

So, generally 3-4 people live together in a house, and these houses have facilities such as air conditioner, water, TV, and power inverter. Some enterprising people attract people by offering them Wi-Fi services at nominal extra cost. It is advisable to use a cost of living calculator tool such as money control to estimate the total cost. This calculator lists expenses in various categories such as food, groceries, transport etc. Moreover, it will provide the budget to spend and helps you to maintain your current living standard.

Money and banking

The Indian rupee is the currency of India. The currency code for rupees is INR, and the currency symbol is (). There are various ways of making payments such as cash, credit cards, debit cards, electronic wallets, smart cards, net banking and many more. As per the government initiative for cashless transactions, you can do payment by just scanning the QR code only. Companies such as Paytm, Phonepe, BHIM UPI provides you electronic wallet which is linked with your bank account, so all you have to scan the code to make a payment.

Foreign nationals, who are staying in India for a long period due to work or business reasons, would need to make and receive rupee payments. Therefore, it is a good idea for them to have a bank account in India. They can open saving or current account with any of the banks in India. The foreign national is required following documents to open a bank account.

  • Valid foreign passport
  • Indian visa
  • Overseas address proof
  • Indian address proof
  • Passport size photograph

After opening an account at the bank, you can apply for a credit card. Applying for a card with a bank, where you have an account can also help you to get an enhanced credit limits as your income/spending grows. In addition to that, you can also open your account by using the Internet banking facilities.

The reputed banks in India are:

  • State bank of India
  • ICICI bank
  • Punjab national bank
  • HDFC bank

Travelling costs for India cost of living

The cost of travelling in India can vary depending on the level of comfort you need and your style of travelling. People can reach their destination cost effectively by using the local transportation like buses, taxis and trains in India. You can also book a private taxi from the mobile applications. An application such as Ola cab, Uber gives you flexibility to book a taxi from anywhere and anytime. In metro cities and localities where taxis are expensive, people use share taxis. These are taxis which carry one or more travelers travelling to destinations either en route to the final destination or nearby the final destination. The travelers are charged according to the traveled destination and number of people travelling together.

The Indian transport system offers you variety of services that suits you and your pocket as well. It totally depends on the how you want to travel and what kind of comforts you want during the journey. As India is changing and modernizing quickly, so the range of options and services for travelers are increasing. You can still travel in India very cheaply or you can also travel in good comfort, or even ultimate luxury if you are prepared to pay.

Here, you can find what are the prices for travelling, for a restaurant and so on…

Do you want to learn more about business culture in India