12 hours Ago
Unified Payments Interface (UPI) is changing how non-resident Indians (NRIs) manage money in India. Traditionally, NRIs have relied on NRE (non-resident external) and NRO (non-resident ordinary) accounts. Index Fund Corner Sponsored Scheme Name 1-Year Return Invest Now Fund Category Expense Ratio Axis Nifty 50 Index Fund +32.
80% Invest Now Equity: Large Cap 0.12% Axis Nifty 100 Index Fund +38.59% Invest Now Equity: Large Cap 0.
21% Axis Nifty Next 50 Index Fund +71.83% Invest Now Equity: Large Cap 0.25% Axis Nifty 500 Index Fund -- Invest Now Equity: Flexi Cap 0.
10% Axis Nifty Midcap 50 Index Fund +46.03% Invest Now Equity: Mid Cap 0.28% While these accounts are still essential, UPI offers a faster and more accessible alternative for everyday transactions.
According to Aditya Mhatre, CPTO and Co-Founder of Beacon, “UPI is synonymous with real-time transactions and accessibility,” especially when compared to NRE/NRO accounts that often involve time-consuming procedures and high remittance charges. Accessibility NRE/NRO accounts require NRIs to use internet banking or visit branches. These processes can be inconvenient due to time zone differences and limited branch access.
Recent updates now allow NRIs to link NRE/NRO accounts to UPI using international mobile numbers from select countries. This means they no longer need an Indian mobile number to access UPI services. “Users with international mobile numbers can now make UPI transactions, making it easier for NRIs to stay financially connected to India,” said Rayan Malhotra, Founder and CEO of NeoFinity.
Ease of setup Setting up UPI involves downloading an app and linking a bank account. It requires no physical paperwork or lengthy procedures. In contrast, opening NRE or NRO accounts often involves documentation, in-person verification, and waiting periods.
“Setting up UPI is as easy as downloading an app and linking your account. No paperwork, no hassle,” added Malhotra. Convenience UPI is widely accepted across retail and service outlets in India.
It enables users to make payments, transfer funds, and pay bills from a single mobile application. NRE/NRO accounts, while useful for larger transactions and investments, are not designed for frequent or small payments. “UPI offers instant, secure, and cost-effective transactions,” said Kunal Varma, Co-Founder and CEO of Freo.
He added that the user-friendly interface and wide merchant acceptance improve convenience for NRIs. Speed and cost Traditional remittance through NRE/NRO accounts often relies on SWIFT-based systems, which can take several days and may involve fees. UPI enables transfers in minutes, at minimal or no cost.
“UPI reduces reliance on legacy payment networks like SWIFT,” noted Mhatre. It offers a low-cost and efficient payment experience using only a smartphone. The bottomline NRE/NRO accounts continue to serve important functions, especially for regulatory compliance and wealth management.
However, UPI offers NRIs a faster and simpler option for everyday transactions..
