Some of the world's largest and flood‐prone river basins experience a seasonal flood regime driven by the monsoon weather system. Highly populated river basins with extensive rain‐fed agricultural productivity such as the Ganges, Indus, Brahmaputra, Irrawaddy, and Mekong are examples of monsoon‐driven river basins. It is therefore appropriate to investigate how precipitation forecasts from numerical models can advance flood forecasting in these basins. In this study, the Weather Research and Forecasting model was used to evaluate downscaling of coarse‐resolution global precipitation forecasts from a numerical weather prediction model. Sensitivity studies were conducted using the TOPSIS analysis to identify the likely best set of microphysics and cumulus parameterization schemes, and spatial resolution from a total set of 15 combinations. This identified best set can pinpoint specific parameterizations needing further development to advance flood forecasting in monsoon‐dominated regimes. It was found that the Betts‐Miller‐Janjic cumulus parameterization scheme with WRF Single‐Moment 5‐class, WRF Single‐Moment 6‐class, and Thompson microphysics schemes exhibited the most skill in the Ganges‐Brahmaputra‐Meghna basins. Finer spatial resolution (3 km) without cumulus parameterization schemes did not yield significant improvements. The short‐listed set of the likely best microphysics‐cumulus parameterization configurations was found to also hold true for the Indus basin. The lesson learned from this study is that a common set of model parameterization and spatial resolution exists for monsoon‐driven seasonal flood regimes at least in South Asian river basins.