If you have been living abroad and ignoring Indian credit cards as something relevant only for family back home, it may be time to reconsider. Some premium cards offered by Indian banks rival global products on rewards, air miles, hotel points, lounge access and cashback. And unlike what many NRIs assume, they are eligible to hold one too.
Beyond the perks, an Indian credit card can also serve as a reliable credit line for family members in India, reducing the need to wire money every time an expense or emergency comes up. Here’s how you can get one.
NRI route
Several banks now offer credit card variants designed specifically for non-resident Indians, often carrying the same premium benefits as their domestic counterparts. These cards are unsecured, with eligibility linked largely to the customer’s relationship with the bank or foreign currency income, said Arnika Dixit, group head-cards, payments and wealth management, at Axis Bank.
The most common benchmark is Total Relationship Value (TRV), or the combined balance held across NRE/NRO accounts and deposits. ICICI Bank, for instance, requires a minimum TRV of ₹50 lakh across NRE or NRO accounts for some NRI credit card variants. Banks may also ask for overseas income proof and foreign bank statements.
Documentation typically includes proof of overseas residency, address proof and completion of Indian KYC formalities.
One practical hurdle is that most banks still require applicants to be physically present in India to complete biometric KYC. That means many NRIs end up timing applications around trips home.
There are also restrictions on add-on cards. “NRIs as the primary cardholder are allowed to apply for add-on cards for family members, but a resident cardholder can’t get an add-on for their NRI family,” Dixit explained.
Axis Bank and ICICI Bank offer NRI variants across much of their premium card portfolio. However, some lenders prefer a narrower, curated approach. “At Kotak, the product suite is designed with a selective approach, with features that cater to cross-border spending and financial management requirements,” said Debottam De, EVP, head, NRI Proposition at Kotak Mahindra Bank.
FD-backed cards
For NRIs without large balances parked in Indian banks, or those seeking easier approval, secured credit cards backed by fixed deposits are often the more practical route.
Under this structure, customers open an NRE or NRO account, create a fixed deposit, and receive a card with a limit usually set at 75-90% of the FD amount. A ₹5 lakh FD, for example, could generate a credit limit of ₹3.75-4.5 lakh.
The biggest advantage is that banks generally do not ask for Indian or overseas income proof because the FD acts as collateral. Approval rates also tend to be higher.
Another benefit: the fixed deposit continues earning interest even while it is pledged against the card.
Fee math
Before signing up, NRIs need to carefully evaluate annual fees and forex charges.
Premium Indian cards often carry annual fees ranging from ₹15,000 to ₹30,000, plus GST. That only makes sense if spending and rewards are high enough to recover the cost.
The larger issue is forex markup. Since most spending happens overseas, each transaction can attract a forex fee of 1.5-4%, which can significantly dilute rewards.
The practical way to assess a card is to compare reward rates with forex charges. A card offering 3% rewards on overseas spends but charging 2% forex fees still generates positive value, though far lower than the advertised reward rate.
Most banks, however, do not waive forex charges if they are built into the card structure, especially for non-exclusive NRI cards.