Keeping the needs of financial of NRI customers in mind, banks have been offering special NRI Credit Cards to enable NRIs handle their payments with ease, while in India or abroad. While mostly similar to a regular credit cards, there are certain aspects of an NRI credit card which are different from usual. NRIs can use this credit card to make purchases, for travel bookings, to pay at restaurants, etc. the biggest advantage these cards offer is that they allow the cardholder to pay in rupees and eliminate the hassle of currency conversion.
NRI Credit Cards afford many benefits to the card holder, which are listed as follows:
For an NRI to apply for an NRI credit card, banks have an eligibility criteria laid down. Some of the commonly requested requirements include the NRI to hold an NRE (Non-Resident External Rupee) or NRO (Non-Resident Ordinary) account with the bank. This is one of the most important criteria followed by every bank that issued NRI credit cards. The type of account in this case can be a Current, Savings, Term Deposit or a Fixed Deposit Account. The credit limit permitted on the credit card will be decided based on the amount parked in the account, which is only a measure to determine the repayment ability of the account holder. Certain banks may also require the account holder to maintain a minimum balance in such accounts in order to be eligible for accredit card.
In order to apply for an NRI credit card, the applicant will require to provide the bank with the following documents. For specific documents required to obtain a credit card, please contact your bank.
When it comes to NRI credit cards, here are some things one must keep in mind before choosing a card.
There are various banks in India such as HDFC, SBI, Kotak Mahindra, ICICI, Axis Bank, Citibank and others who offer NRI credit cards. Some of these are as follows: