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What Are the Options for NRIs to Use UPI?

Lily AldridgeVerified
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Summary：Learn about the options for NRIs to use UPI, including opening an NRE/NRO account, linking it to a UPI app, and using it for investments. Beware of restrictions and stay informed on any changes in regulations.

As more and more Non-Resident Indians (NRIs) are looking to invest in India, there has been an increase in the use of Unified Payments Interface (UPI) as a mode of payment. UPI is a real-time payment system that allows instant transfer of funds between bank accounts through a mobile device. But what are the options for NRIs to use UPI? Let's explore.

1. Open an NRE/NRO account

In order to use UPI, NRIs need to have an NRE (Non-Resident External) or NRO (Non-Resident Ordinary) bank account in India. An NRE account is a rupee-denominated account that can be opened by an NRI for the purpose of repatriation of foreign earnings, while an NRO account is used for local transactions and receives income earned in India.

2. Link the bank account to a UPI app

Once an NRE/NRO account is opened, NRIs can link it to a UPI app such as Google Pay, PhonePe, or Paytm. This can be done by downloading the app and following the instructions to add a bank account. After the account is added, the user can create a UPI ID and set a UPI PIN to start making transactions.

3. Use UPI for investments

NRIs can use UPI to invest in mutual funds, stocks, and other financial instruments in India. Many investment platforms such as Groww, Zerodha, and Paytm Money offer the option to invest through UPI. This not only makes the investment process smoother but also allows for instant confirmation of transactions.

4. Beware of restrictions

It is important to note that there are some restrictions for NRIs using UPI. For example, UPI transactions are limited to INR 2 lakhs per day for each user. Additionally, NRIs cannot use UPI for remittance of funds outside of India. It is also important to stay up-to-date with any changes in regulations or policies regarding UPI usage for NRIs.

In conclusion, UPI provides a convenient and efficient way for NRIs to make transactions in India. By opening an NRE/NRO account and linking it to a UPI app, NRIs can easily invest in financial instruments and make other transactions. However, it is important to be aware of any restrictions and stay informed on any changes in regulations.

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NRI UPI usageNRE accountinvestment through UPIUPI restrictionslink bank account to UPI app
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