UAE NRIs get digital access to Indian Investments without visiting a bank

For the 3.5 million Indians in the UAE, fixed deposits in India have long been trusted, but often weighed down by paperwork, hidden charges and long waits at bank counters. Belong, a fintech platform created for NRIs, is changing that.

The company has launched digital access to USD fixed deposits in India, offering 5 per cent tax-free returns without paperwork. Most verification is done online, with the final step completed through in-person checks at the customer’s doorstep.

The platform addresses a familiar problem. USD deposits in Gulf banks yield only 3 to 4 per cent, while sending money to India brings conversion costs, compliance and the risk of rupee depreciation. NRIs have often had to choose between low yields abroad or sending money home and losing value to fees and currency swings.

Belong provides another route. By routing investments through its licensed entity at Gujarat International Finance Tec-City (GIFT City, India’s equivalent of Dubai’s DIFC), customers can open USD fixed deposits directly in their own name with regulated Indian banks. There is no need to create new accounts or file 15CA/CB forms when redeeming deposits.

Funds move from a UAE account into a Belong wallet before being placed in three, six or twelve-month deposits with partner banks. After the first transaction, transfers can clear instantly, and Belong does not levy platform charges.

“For years, NRIs in the UAE have faced a tough choice: either keep money abroad at low yields, or send it home and watch paperwork, fees and currency depreciation eat into returns,” said Ankur Choudhary, CEO and Co-Founder of Belong. “With Belong, they do not need to compromise. They can keep their savings in dollars, tax-free, through India’s safest banking rails.”

By keeping deposits in USD, NRIs avoid the impact of rupee depreciation while earning around 3 per cent in returns. Customers transferring funds from UAE bank accounts can gain approximately 1 percent more, as there are no inward or outward transfer fees, which typically range from USD 20 to USD 25 at local banks. Belong also offers competitive conversion rates, while those preferring to transfer from Indian accounts can use SWIFT.

The timing of the launch is important. GIFT City has been attracting international attention, but for NRIs, its products often seem distant. With Belong, those benefits are now within reach.

The service may appeal particularly to younger professionals who prefer shorter savings cycles. With three, six and twelve-month terms available, fixed deposits, once seen as rigid, are regaining relevance.

The Gulf remains India’s largest remittance corridor, valued at more than USD 23 billion annually. With digital platforms making regulated Indian investments accessible abroad, analysts expect the link between remittances and savings to evolve further.

For Belong, fixed deposits are only the beginning. “Our vision is to create a financial home for every global Indian,” Choudhary said. “Fixed deposits are trusted and simple, but we see a future where NRIs can access a wide range of cross-border products seamlessly, from the same trusted platform.”

Belong also offers tools for NRIs, including an FD comparison, a residential status calculator and rupee-dollar trackers.

For UAE NRIs, this could be a turning point. Instead of compromising between low returns and complex remittance processes, they now have direct digital access to regulated Indian investments. In a region where every percentage point of savings counts, that shift could be decisive.