UAE NRIs Digital Access to Indian Investments

UAE NRIs digital access to Indian investments has taken a significant leap forward with the launch of Belong, a fintech platform designed to simplify and enhance investment options for the 3.5 million Indians living in the UAE. Traditionally reliant on fixed deposits in India, many NRIs faced cumbersome paperwork, hidden costs, and long wait times at bank counters. Belong revolutionizes this experience by offering fully digital access to USD fixed deposits in India, providing 5 percent tax-free returns with minimal paperwork and doorstep verification.

Keeping savings in USD allows investors to avoid rupee depreciation while benefiting from safer, higher-yield Indian banking products. Unlike Gulf banks yielding only 3-4 percent on USD deposits or costly remittance transfers to India, Belong routes funds through its licensed entity at Gujarat International Finance Tec-City (GIFT City). This enables direct deposits with Indian banks without needing new accounts or complicated form filings, streamlining the investment process.

Funds transfer from a UAE bank account into a Belong wallet before placement into three, six, or twelve-month fixed deposits with partner banks. Subsequent transfers clear instantly, and the platform charges no fees, making it cost-effective compared to traditional banking fees of USD 20-25 per transfer. Belong also provides competitive currency conversion rates and SWIFT transfer options for those preferring Indian accounts.

Ankur Choudhary, CEO and Co-Founder of Belong, emphasizes that the platform removes the historic dilemma faced by NRIs: “No more compromising between low returns abroad or costly, complex remittances to India.” With Belong, UAE NRIs can enjoy hassle-free, tax-efficient investments while protecting their wealth from currency fluctuations.

The Gulf remains India’s largest remittance corridor, valued at over USD 23 billion annually. Platforms like Belong are poised to transform this dynamic by bridging remittances and regulated investment products effectively.

Looking ahead, Belong plans to expand its offerings beyond fixed deposits to provide a full suite of cross-border financial products tailored for the global Indian community, making wealth management easier and more accessible.

For UAE NRIs seeking smarter investment solutions without the traditional banking hurdles, Belong offers a promising new path. Stay tuned to GulfRepost for more updates on NRI financial innovations and cross-border investment options.