The spatial and temporal scale of rainfall datasets is crucial in modeling hydrological processes. Recently, open-access satellite precipitation products with improved resolution have evolved as a potential alternative to sparsely distributed ground-based observations, which sometimes fail to capture the spatial variability of rainfall. However, the reliability and accuracy of the satellite precipitation products in simulating streamflow need to be verified. In this context, the objective of the current study is to assess the performance of three rainfall datasets in the prediction of daily and monthly streamflow using Soil and Water Assessment Tool (SWAT). We used rainfall data from three different sources: Climate Hazards Group InfraRed Rainfall with Station data (CHIRPS), Climate Forecast System Reanalysis (CFSR) and observed rain gauge data. Daily and monthly rainfall measurements from CHIRPS and CFSR were validated using widely accepted statistical measures, namely, correlation coefficient (CC), root mean squared error (RMSE), probability of detection (POD), false alarm ratio (FAR), and critical success index (CSI). The results showed that CHIRPS was in better agreement with ground-based rainfall at daily and monthly scale, with high rainfall detection ability, in comparison with the CFSR product. Streamflow prediction across multiple watersheds was also evaluated using Kling-Gupta Efficiency (KGE), Nash-Sutcliffe Efficiency (NSE) and Percent BIAS (PBIAS). Irrespective of the climatic characteristics, the hydrologic simulations of CHIRPS showed better agreement with the observed at the monthly scale with the majority of the NSE values ranging between 0.40 and 0.78, and KGE values ranging between 0.62 and 0.82. Overall, CHIRPS outperformed the CFSR rainfall product in driving SWAT for streamflow simulations across the multiple watersheds selected for the study. The results from the current study demonstrate the potential of CHIRPS as an alternate open access rainfall input to the hydrologic model.