“UPI Now Available for NRIs to Make Free Transactions with Family in India :Report”
The National Payments Corporation of India (NPCI) has expanded its UPI services to Non-Resident Indians (NRIs), enabling them to make fee-free transactions with individuals in India. This new development allows NRIs to send money, make payments, and even transfer funds to family members in India without the need for traditional wire transfers.
The National Payments Corporation of India (NPCI) has expanded its UPI services to Non-Resident Indians (NRIs), enabling them to make fee-free transactions with individuals in India. This new development allows NRIs to send money, make payments, and even transfer funds to family members in India without the need for traditional wire transfers.
Effective immediately, NRIs with Non-Resident External (NRE) or Non-Resident Ordinary (NRO) accounts can link their international mobile numbers to UPI and perform transactions directly from their smartphones. This feature is available to NRIs in countries such as the United States, Canada, the United Kingdom, the UAE, Singapore, Australia, and several others.
The transaction is free of cost, offering NRIs an efficient and cost-effective method of transferring funds to India or making payments for services within the country. This service will also be available when NRIs are traveling to India or to other countries.
To access UPI services, NRIs must have accounts with participating banks, which include AU Small Finance Bank, Axis Bank, Canara Bank, City Union Bank, DBS Bank, Equitas Small Finance Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, IndusInd Bank, Punjab National Bank, and South Indian Bank. They can use apps like BHIM AU, FedMobile, iMobile, BHIM Indus Pay, SIB Mirror+, or PhonePe to conduct these transactions.
However, there are certain limitations to these transactions. The maximum limit for daily transactions is ₹1 lakh, with a reduced limit of ₹5,000 for new UPI IDs within the first 24 hours. NRIs can make transactions between NRE and NRO accounts, as well as with resident Indian accounts, but they cannot transfer funds from NRO to NRE accounts.
For those with multiple bank accounts, each account must have a unique UPI ID. Joint account holders will only be able to use UPI for the primary account holder.
In addition, NRIs can also receive funds through the ‘send to account’ option, even if they are not yet registered on the UPI network.
This move is expected to streamline international payments and remittances for NRIs, offering a more seamless and convenient method to conduct financial transactions with India.
Sources By Agencies
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