Credit Card for NRI
Features of NRI credit cards:-
Fees and charges: There will be set of basic fees and charges like joining fee, annual fee, fee on withdrawals, fee as tax (custom duty) etc. For ex: State Bank of India has a credit card for NRI with a onetime joining fee of Rs.1500, annual fee of Rs.1500, fee on withdrawals in ATMs of 2.5% of the amount withdrawn, customs duty of 2.25% of the amount transacted across border.
Interest rate: Since credit cards are loans offered by banks interest rates on these loans will be applicable as per bank. For ex: Kotak offers an NRI credit card with an interest rate of 3.1% per month, SBI offers it at a rate of 1.99% per month. These interest rates will be calculated from the date of withdrawal.
- Money can be accessed from ATMs across borders from an NRI credit card. SBI NRI cards can be used to access money at over a million visa ATM outlets in different corners of the world including India.
- You can save money on expenses in terms of percentage of expenses. Expenses on fuel, travel in railways, international purchases etc are few areas of offer. Types and number of offers depends on bank; for ex: SBI offers 2% savings on purchases made across borders based on terms and conditions.
- Few NRI credit cards also offer travel insurance with the credit cards. With these insurance policies one is secure from unforeseen losses due to robbery, high jacking etc.
- Kotak Mahindra Bank
- HDFC Bank