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Credit card for NRIs: All you need to know
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Benefits of using an Indian credit card for NRIs
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Types of credit cards available in India for NRIs
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Understand the eligibility, documentation and application process
The below content is purely for informational purposes and is not intended to constitute advisory of any kind. Please note, these are in-depth articles which are best viewed on large screen devices like laptops, desktops and tablets. The position reflected in this article has been updated as of December 15, 2024
As a Non-resident Indian (NRI), you can avail a credit card issued in India. This article explores the benefits of credit cards for NRIs and the application process for availing one.
What is an NRI credit card?
An NRI Credit Card is a credit card issued to non-residents by an Indian bank for international and domestic (India) usage. Just like credit cards issued to resident Indians it can be used for transacting in both online and offline modes.
Why do NRIs need a credit card?
As an NRI, you might travel frequently between India and other countries. A credit card can be very useful to manage planned and unexpected expenses and provides you with convenient credit access for both, domestic (India) and international transactions.
Many NRIs who visit India often incur significant foreign transaction fees when using their foreign bank credit and debit cards. An Indian credit card can help you avoid these charges.
Types of credit cards for NRIs
Indian banks offer a range of credit cards (Non-Resident External (NRE) / Non-Resident Ordinary (NRO) bank account-based credit cards) tailored to the needs of NRIs. By understanding the different types of credit cards, NRIs can choose the best available option as per their needs to manage their finances efficiently and avail additional benefits.
Did you know?
NRI credit cards are also issued against NRE/NRO fixed deposits held by NRIs.
A credit card issued to an NRO or NRE account holders offers different benefits:
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| Type of credit card | Permissible transactions | Permissible currencies |
|---|---|---|
NRO account-based credit card |
Domestic transactions only |
Indian currency only |
NRE account-based credit card |
Both domestic and international transactions |
Indian currency and foreign currency |
ICICI Bank offers a wide range of credit cards depending on several factors. ICICI Bank customers should get in touch with their relationship manager for details.
Benefits of credit cards for NRIs
Like credit cards issued to resident Indians, NRI credit cards offer a host of advantages. They provide a credit facility, allowing you to access funds up to a specified limit with a pre-defined repayment term.
Did you know?
Leading banks in India allow NRIs to have their family members as supplementary cardholders.
By using the credit cards NRIs can avail the benefits listed below:
NRIs can make hassle-free online payments with options to pay in both Indian and international currencies. Please note, that international transactions may incur foreign exchange conversion charges
You can access international ATMs to withdraw cash in the local currency. Please note, that you may incur withdrawal fee and foreign exchange conversion charges
For domestic (India) transactions made on NRI credit cards, you can accumulate rewards and cashback
NRIs can also avail access to exclusive airline partnerships, offering benefits like lounge access, priority check-in, and bonus miles
Please note that the above benefits vary from bank to bank. Please get in touch with your bank for more details.
Applying for credit card for NRIs
To avail a credit card as an NRI, you should have:
A valid NRE or NRO bank account with the issuing bank
Adequate funds in the account, especially for secured credit cards
As part of the account opening process, you will have to submit the following documents including:
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 (any one 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, Form 60 (if applicable)
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
Please note that NRI credit card eligibility and assessment criteria can differ from bank to bank, considering factors like income, employment and financial history.
You can apply for an NRI credit card by visiting your bank's designated branch in India or overseas to submit the application form with requisite documentation.
Please note that the documentation requirement and application process may vary from bank to bank. For more details, you should get in touch with your bank or relationship manager.
Conclusion
An NRI credit card is a convenient way to manage your expenses while traveling in India by giving you quick access to credit. You can get NRI credit cards as long as you have a NRE or NRO bank account. You may add family members (NRIs and resident Indians) as supplementary cardholders. NRO credit cards can be used only for domestic transactions, while NRE credit cards can be used for international transactions as well. You should connect with your bank for more details.
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Frequently Asked Questions
If I make a purchase in a foreign currency using my NRE credit card what will be the charges incurred?
As an NRI, if you make a foreign currency transaction on your NRE credit card, you are likely to incur a foreign transaction fee, based on your agreement with your credit card issuing bank.
Can I make a purchase in a foreign currency using my NRO credit card?
You cannot use your NRO credit card for foreign currency transactions. These cards can be used for making domestic purchases within India and must be settled in Indian currency only.
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Disclaimer:
The contents of this article/infographic are meant solely for informational purposes. The contents are generic in nature and are not intended to serve as a substitute for specific advice on any matter whatsoever. The information is subject to updation, completion and verification and the applicable norms may keep changing materially from time to time. This information is also not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to applicable laws or would subject ICICI Bank Limited/its affiliates to any licensing or registration requirements. ICICI Bank Limited/its affiliates and their representatives shall not be liable for any direct or indirect losses or liability incurred arising in connection with any decision taken by any person on the basis of this content. Please conduct your own due diligence and consult your financial advisor before making any decision. Terms and conditions of ICICI Bank and third parties apply. ICICI Bank is not responsible for third party services. Nothing contained herein shall constitute or be deemed to constitute an advice, invitation or solicitation to avail any products/ services of third parties.