Dubai: For Non-Resident Indians (NRIs), transferring money to India has become significantly easier and faster. According to media reports this week, the National Payments Corporation of India (NPCI) now allows NRIs to use the Unified Payments Interface (UPI) for instant money transfers from their Indian bank accounts, such as Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts. This method is a convenient option for those looking to support family back home or make quick payments, offering an efficient alternative to traditional wire transfers, which often take longer.
What is UPI?
UPI is a real-time payment system developed by NPCI in 2016. It allows for seamless, instant transfers between bank accounts, both person-to-person and person-to-merchant. By linking multiple bank accounts to a single mobile app, UPI simplifies the payment process. Users do not need to manually enter bank details or other sensitive information for each transaction, making it a convenient and secure way to send and receive money. Here’s how you can use it to transfer money to India.
How to start
Link your mobile number to your bank account: According to NPCI, NRIs first have to link their international mobile number with their Indian bank account and download a UPI-powered app that supports international mobile numbers.
The process varies slightly depending on your bank and the app, but in general, these are the steps you would need to follow:
• Download a UPI app that supports registration with international mobile numbers.
• Follow the app’s on-boarding process that requires you to verify your mobile number using a one-time password (OTP) sent via SMS.
• Once your mobile number is verified, create a unique UPI ID.
• Select the bank account you want to link to your UPI ID (NRE or NRO).
• ICICI Bank (iMobile)
• IndusInd Bank (BHIM Indus Pay)
• South Indian Bank (SIB Mirror+)
• AU Small Finance Bank (BHIM AU)
• BHIM
• PhonePe
List of banks that support linkage of international mobile numbers
According to NPCI, the following banks are compatible with the UPI system for money transfers through NRE/NRO accounts:
• AU Small Finance Bank
• Axis Bank
• Canara Bank
• City Union Bank
• DBS Bank Ltd
• Equitas Small Finance Bank
• Federal Bank
• HDFC Bank
• ICICI Bank
• IDFC First Bank
• IndusInd Bank
• Punjab National Bank
• South Indian Bank
What can NRIs do with UPI?
With a linked international mobile number and UPI, you can also access the following digital payment options:
• Scan and pay: Easily pay for goods and services in India by scanning QR codes.
• Peer-to-peer transfers: Send money to friends and family by scanning their UPI QR code or entering their mobile number.
• Bank transfers: Transfer funds to any Indian bank account.
Important note: You can only use this service to transfer money to a regular bank account. UPI transactions to other NRO and NRE accounts are not permitted.
List of countries whose mobile numbers can be linked
UPI is only available to NRIs living in the following countries, as per NPCI:
• Australia
• Canada
• France
• Hong Kong
• Malaysia
• Oman
• Qatar
• Saudi Arabia
• Singapore
• United Arab Emirates
• United Kingdom
• United States of America
