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Can NRIs Use UPI in India? Everything You Need to Know
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You can transfer money with UPI throughout the day. The transfers are instantaneous and not affected by NRI banking hours or holidays.
If you change your mobile number, inform your bank to update your records. Once this is done, you can access your UPI.
If you change your mobile number, inform your bank to update your records. Once this is done, you can access your UPI.
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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The last time you visited India, were you impressed by the convenience of digital payment offered by India’s Unified Payments Interface (UPI)? Here’s some good news for you. With the recent development, NRIs can now also access UPI services. With their international mobile numbers linked to their NRE/NRO accounts, NRIs can opt for convenient and cost-effective UPI transactions in India. Let us take a closer look at how NRIs can use UPI.
Here’s what we’ll cover in this article:
Understanding UPI and Its Expansion for NRIs
UPI was launched in 2016 by the National Payments Corporation of India. It revolutionized the digital payment management in the country, enabling instant money transfers to NRI bank accounts using mobile devices.
Now, NPCI has recognized that Indians across the globe may have financial engagements back home and has extended the UPI services to NRIs. The National Payments Corporation of India (NPCI) allowed Non-Resident Indians (NRIs) to use UPI with their international mobile numbers linked to their NRE/NRO accounts in January 2023.
So, you can link your Non-Resident Ordinary (NRO) or Non-Resident External (NRE) accounts to UPI. This supports quick transactions, easy bill payments, and more, irrespective of where you live across the globe.
Eligibility and Limitations when Using UPI in India
Want to use UPI in India? Make sure you satisfy these criteria:
As of now, residents of 10 countries can use UPI with their international (non-Indian) number. Hence, you can use this facility if you live in the UK, the USA, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, Singapore, or the UAE.
How to Set Up UPI with Your International Mobile Number
Want to start using UPI for your financial transactions in India? You can easily set it up with the mobile number you use in the resident country by following these steps:
Link Your Mobile Number to Your NRI Account
Your overseas mobile number must be registered with your NRE or NRO account. This is an important step, as UPI transactions are authenticated only through this number.
Download a UPI-Enabled Application
Choose a UPI application that supports international mobile numbers. For example, download the Kotak Mobile Banking app to start using UPI by creating your Virtual Payment Address (VPA) and linking it with your NRI bank accounts.
Register and Create a UPI ID on the Kotak Banking App:
Set Up a UPI PIN
To enhance security, create a UPI personal identification number (PIN). You will have to enter this every time to authenticate your UPI transactions.
Know the Transaction Limits and Security Measures for UPI for NRIs
There is a limit to the amount of money you can transfer with UPI. When using the Kotak Mahindra app, you are allowed a maximum of 20 transactions/day with a limit of ₹1,00,000 per day.
When it comes to UPI transactions, security is of prime importance. For every transaction you make, you must enter a UPI PIN. This means that even if you lose your mobile phone or it gets compromised, there will be no unauthorized transactions. So, keep your UPI PIN confidential.
Permissible UPI Transactions for NRIs
You are allowed to make the following transactions when using UPI:
Know the Benefits of Using UPI for NRIs
There is no denying that UPI has made life easier for everyone. It comes with a lot of benefits for NRIs, too, such as:
Unmatched Convenience
You can manage and execute transactions directly from your smartphone from your resident country. This eliminates the need for you to visit India or deal with paperwork physically.
Quick Processing
UPI allows you to make real-time transactions. Thus, your payments and transfers are processed instantly.
Cost-Effective Method
When compared to the money remittance method you currently use, UPI is definitely cost-effective. Usually, there is no or minimal processing fee for every transaction.
Enhanced Security
An advanced encryption technology has been put in place to secure users’ data. So, all your information and every transaction are safe.
Conclusion
With the extension of UPI services to NRIs,cross-border transactions have become easier. Thus, it is now easier to manage your finances in India. With Kotak Mahindra’s mobile app, link your NRI account to UPI and start making transactions today. Easy, safe, and convenient, it is a game-changer for managing your finances from abroad.
This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Mutual Fund investments are subject to market risks read all scheme related documents carefully before investing
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