NRIs Can Now Get Credit Cards in India: Banks Offer Rewards, Lounge Access and Forex Benefits
ICICI, IDFC FIRST, Kotak and Axis Bank provide specialized credit cards for Non-Resident Indians with benefits for domestic and international spending
Auf einen Blick
- Non-Resident Indians can now obtain credit cards from major Indian banks including ICICI, IDFC FIRST, Kotak and Axis Bank.
- These cards offer benefits such as reward points, lounge access, fuel transaction waivers and reduced foreign exchange markups.
- Required documents include passport, work permit, address proofs, PAN card and FATCA declaration.
KI-generierte Zusammenfassung
Warum es wichtig ist
Non-Resident Indians have historically faced challenges accessing Indian banking products. This article highlights how major Indian banks are now offering specialized credit cards tailored to NRI needs, with features like international lounge access, reduced forex markups and reward programs.
You may be unaware that you can obtain a credit card issued in India even if you are a non-resident Indian (NRI). A credit card gives you easy access to credit for both domestic (Indian) and foreign transactions, and it may be quite helpful in managing both scheduled and unforeseen expenses.
Cards like ICICI Bank NRI Coral credit card, IDFC FIRST WOW credit card, Kotak NRI Royale Signature credit card and Axis Bank SELECT credit card provide features such as reward earnings on spends, lounge access privileges and benefits on international transactions.
Best credit cards for NRIs or H1B workers:
1. ICICI NRI Coral credit card: - 1 complementary lounge access per quarter - Get 1% waiver on fuel transactions worth Rs 400–Rs 4,000 at Hindustan Petroleum Corporation Limited (HPCL) pumps - Earn 2 reward points on every Rs 100 retail spend - 3.5% forex markup - Joining fee and annual fee Rs 500 + GST
2. IDFC First WOW Credit Card: - No currency exchange hassle with zero forex fee on international spends - Zero interest charges on global ATM cash withdrawals for up to 45 days - 4x reward points on every transaction - Earn 100% credit limit for your FD value - Zero joining or annual fee
3. Kotak NRI Royale Signature credit card: - Earn 2 rewards points for every Rs 200/- spent outside India - Zero forex markup on credit card spend - Get 2 complimentary visits every quarter to select lounges in India - Joining fee: 0; Annual fee: Rs 1000
4. AXIS Bank SELECT Credit Card: - Get 10,000 EDGE Rewards worth ₹2000 on your first card transaction - Priority pass membership renewal on annual spend of Rs 3 lakh - 3.5% forex markup - 12 complementary international lounge access - Joining and annual fee Rs 3,000
Documents required for NRI credit card:
According to the ICICI Bank website, to get an NRI credit card, you will have to submit the following documents: - Copy of valid passport - Valid work permit/employment visa/admission letter, etc. - Indian address proof: Passport/utility bill/bank statement, etc. - Foreign address proof: Utility bills (anyone of the latest electricity, water, telephone bill)/residence permit/property tax, etc. - Permanent Account Number (PAN) card or in the absence of a PAN card. - Foreign Account Tax Compliance Act (FATCA) declaration as applicable for the United States (US) or Common Reporting Standard (CRS) for the United Kingdom (UK), Canada or any of the 100+ countries that have adopted CRS.
Things to keep in mind:
While these cards offer flexibility, it is important that NRIs to be aware of the terms and charges- Here are important things to know as per the Kotak Mahindra Bank website: - Foreign currency markup fees: Usually 1.5–3.5%; compare before choosing. - ATM withdrawal fees: Especially for international withdrawals. - Annual and joining fees: Can vary depending on the card type. - Late payment charges: Know what applies in case of missed dues.
Offene Fragen
- What is the approval process timeline for NRI credit cards
- Are there income requirements for NRI applicants
- How do these cards compare to similar products offered in the UAE or other Gulf countries
