ICICI Bank has launched UPI for NRIs in ten countries, enabling global mobile number use without switching to Indian numbers. iMobile Pay facilitates utility, merchant transactions, and QR code payments, enhancing convenience and promoting UPI adoption across borders.
The maximum amount that can be transferred from an NRO account depends on the source of funding, with a cap of $1 million per fiscal year for non-current income. There are no restrictions on remitting current income from an NRO account.
Best NRI accounts that can be opened without hassle
NRIs are allowed to hold three types of bank accounts and deposits in India. These accounts carry different features and, accordingly, may be suitable for different transactions. IMPACT FEATURE April 22, 2021 | Updated 17:44 IST
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Non-Resident Indians are allowed to hold three types of bank accounts and deposits in India - NRE accounts, NRO accounts, and FCNR (B) deposits. These accounts carry different features and, accordingly, may be suitable for different transactions. Here is a summary of the features of each type of accounts:
1. NRO Account: This stands for Non-Resident (Ordinary) Account and is denominated in Indian currency. When any remittance is received in such accounts in foreign currency, such amount is converted into Indian Rupees at the prevailing exchange rates and credited to the account. Such accounts can receive remittances in foreign currency from outside India and transfer from an