Belong, a brand new fintech platform for international Indians to speculate safely and simply in India, is now accessible for non-resident Indians (NRI) within the UAE. Licensed by IFSCA – regulator of GIFT Metropolis, India, Belong presents a US Greenback-based Fastened Deposit (FD) beginning at simply USD 5,000 (AED 18,365), with excessive returns.
Ankur Choudhary, CEO and Co-Founder, Belong, mentioned: “Our imaginative and prescient is easy: to make it simpler for Indians to thrive globally whereas staying linked to India. Each NRI has constructed a world identification by way of arduous work and ambition, however monetary and non-financial providers in India haven’t saved up. At Belong, with GIFT Metropolis FDs, NRIs get extra flexibility in selecting shorter tenures and they’re additionally protected in opposition to Rupee depreciation whereas having fun with tax free returns in {dollars}.”
Belong customers within the UAE don’t have to route funds by way of their NRE or NRO accounts, and the earnings are absolutely repatriable to UAE with minimal paperwork. As these FDs are in USD, traders are additionally shielded from INR worth fluctuations in opposition to the US Greenback. GIFT Metropolis is just not below Indian tax jurisdiction, and all earnings on Belong are absolutely tax-free in India. The deposits additionally supply versatile lock-in durations of 3-months and 6-months, in comparison with a minimal 1-year lock-in for FCNR deposits.
“NRIs expertise challenges when investing in India, corresponding to advanced and in-country KYC, excessive foreign money conversion fees, taxation on all Indian earnings, problem in repatriation of funds, and extra. Belong got down to deal with these on behalf of NRIs, and GIFT Metropolis rules work completely for the NRIs who nonetheless wish to contribute and profit from the India progress story”, added Choudhary.
Belong is providing these FDs in partnership with reputed Indian banks situated within the Gujarat Worldwide Finance Tec-Metropolis (GIFT Metropolis), India’s up-and-coming international monetary providers hub, much like Singapore. Supplied to NRIs largely by way of Indian banks till now, FDs have lengthy been a preferred funding possibility in India. The Reserve Financial institution of India has recorded INR 103 trillion (roughly US$ 1.2 trillion) held in FDs as of 2024.
Whereas Belong presents USD Fastened Deposits at launch, the platform will quickly add different monetary merchandise corresponding to mutual funds, shares, insurance coverage, playing cards and extra, which can supply NRIs extra rewarding funding and transaction choices in India. Alongside the USD-based FD service, Belong has additionally launched a devoted India tax submitting service for NRIs with out the everyday ‘NRI markup’ pricing. NRIs are normally charged increased, non-standardised charges for many providers in India. Belong goals to vary that by providing clear and cost-effective NRI taxation providers
“NRIs have lengthy been underserved in the case of trendy, digital-first monetary options tailor-made to their distinctive wants,” mentioned Vaas Bhaskar, Accomplice, Elevation Capital. “Belong is uniquely positioned to serve this large, underserved market by combining deep fintech experience with GIFT Metropolis’s regulatory framework. We’re excited to again this distinctive group as they scale throughout key markets and construct the go-to platform for the whole lot India that international Indians want.”
Belong goals to change into the monetary and way of life bridge for international Indians – serving to NRIs keep linked, invested, and rooted in India, regardless of the place life takes them. Belong already has a collection of NRI-specific digital instruments to assist NRIs make knowledgeable monetary selections.
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