Key banking reforms benefiting NRIs
CKYC 2.0 launched: a single 14-digit digital ID replaces repeated passport, CPR and utility bill submissions.
New accounts or portfolio changes can now be approved via OTP within minutes.
Interest rate ceilings on FCNR(B) and long-term NRE deposits deregulated until 30 September 2026.
BHD earners can lock in tax-free, high fixed returns without rupee depreciation risk (one-year lock-in applies).
Simplified rules ease equity investment and startup funding for NRIs, especially on a non-repatriable basis.
Indian banks can no longer compound finance charges on unpaid utility fees, taxes or penalties on credit cards.
Expats should contact their banks in India to confirm their mobile number and email are linked to their Indian bank for CKYC 2.0.
Those seeking higher term deposit yields should review bank offerings before the special RBI swap window closes at the end of September.
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