Banking in France for Indians: Savings & Current Accounts Explained

Settling in France as an Indian—whether as a student, a salaried professional, or an entrepreneur—requires one essential step: opening a bank account. From paying rent to receiving salaries or handling investments, your French bank account will be the foundation of your daily financial life.

This guide explains savings accounts (already popular in France) and current accounts (the one you will most likely need to start with). Real-life examples of Indians in France show how others navigated the system.

Part 1: Savings Accounts in France

French savings accounts are tightly regulated, with interest rates often set by the Banque de France. Many of them are tax-free and designed for residents. Popular types include:

• Livret A – Open to everyone, tax-free, 1.7% interest in 2025.

• Livret Jeune – For those aged 12–25, tax-free, also 1.7%.

• LEP (Livret d’épargne populaire) – For low-income households, 2.7% interest.

• LDDS (Développement durable et solidaire) – For tax residents, 1.7%.

• PEL / CEL – Linked to housing loans, fixed rates, minimum yearly deposits required.

• Bank-offered savings accounts (Livrets d’épargne) – Rates vary, often 0.5%–4%.

💡 Tip for newcomers: Students and new arrivals usually start with a Livret A because it’s simple, tax-free, and available to everyone.

Part 2: Current Accounts in France

A current account (compte courant) is what you need for daily use—salary deposits, rent payments, bills, and online shopping.

Features of a current account in France:

• IBAN (International Bank Account Number) – Needed for all transactions, including rent.

• Carte Bancaire (debit card) – Standard Visa/Mastercard linked to your account.

• Online banking & apps – Most French banks have them, though not always in English.

• Monthly fees – Typically €2–15 depending on the bank and type of card.

For different profiles:

• Students – Many banks offer reduced or free fees. Online banks like Revolut are also widely accepted in Europe and are a practical alternative.

• Salaried professionals – Employers require a French IBAN to pay your salary, so a current account is non-negotiable.

• Business owners/investors – You will need a professional current account (compte professionnel), which requires more documents (company registration, proof of address, business plan for startups).

Real-Life Experiences

• Shareya Mehrotra (Student, Lyon)
  Shareya arrived in Lyon for her Master’s program. She needed a French IBAN quickly to pay her housing deposit. Traditional banks asked for a rental contract and proof of residence, but she didn’t have everything yet.
  👉 Solution: She opened a Revolut online account, which gave her a working IBAN within hours. Later, once settled, she opened a Livret A at BNP Paribas to start saving.

• Shankar Sharma (IT Engineer, Michelin, Clermont-Ferrand)
  Shankar came with a work contract at Michelin Tyres. His employer required a French current account for salary transfer. Opening at Crédit Agricole took longer than expected because he didn’t yet have a utility bill in his name.
  👉 Solution: He used an attestation d’hébergement (a letter from his landlord confirming his stay) plus his work contract. Within two weeks, his account and debit card were active.

• Raghu Rampalli (Entrepreneur, Nice)
  Raghu moved to Nice to start a coffee shop. As a foreign entrepreneur, he had to open a business current account. French banks asked for detailed documents—business registration, proof of investment, and a business plan. Initially frustrated by the paperwork, he worked with a French accountant who helped him prepare the file.
  👉 Solution: After initial hiccups, he successfully opened his professional account at Société Générale and linked it with a PEL account to build future credit lines for expansion.

Key Takeaways for Indians in France

• Students: Start with an online bank like Revolut for speed. Later, open a Livret A for savings.

• Salaried professionals: Bring your work contract and proof of address. Use an attestation if you don’t yet have bills in your name.

• Entrepreneurs/investors: Be prepared for paperwork. A professional bank account is mandatory for startups. French accountants and chambers of commerce can help.

India vs France: Banking at a Glance

Final Word

Banking in France may feel bureaucratic at first, but with the right approach you’ll quickly have both a current account for daily life and a savings account for financial security.

👉 If you are an Indian student, professional, or entrepreneur preparing to move to France and need step-by-step help with accounts, documents, or financial planning, you can always reach out to  L’Association Frehindi  at 📧  haru@frehindi.com 

We’ll be glad to make your transition smoother.

Team L’Association Frehindi

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With Le Frehindi by your side, banking and settling in France becomes easier, smoother, and stress-free.

Warm regards,
Haru Mehra
President,

L’Association Frehindi

 haru@frehindi.com |  www.frehindi.org |  +33 6 27 92 43 98