When a student travels to India, he/she needs to bring enough money to cover his/her immediate needs on arrival in India, including transit expenses, customs charges, transportation fares, initial expenditure at his/her place of study and emergency expenses. It would be practical to bring cash in US Dollars which can be exchanged at the airport and other authorized exchange centers much easily. International debit/credit cards are mostly functional and accepted in India. Traveller's Cheques are accepted only at certain places, and banks readily exchange them.
One of the prerequisites of student residential permits in India is that the students must have a bank account. To open an account in India, International students will need to have their admission letter, residential permit and passport, and some banks may also need the student bona fide certificate as evidence or may require some more documents. Individual banks have different policies and charges for opening a bank account. It normally takes few working days to receive the cheque book and card so a student must bring some cash/travellers cheques to carry him/her through this time. One can also exchange the foreign currency at any bank or foreign exchange office.
For information of student life in India read further on https://admissiondesk.org/cms/Life%20in%20India