Dubai, UAE: Belong, a new fintech platform for global Indians to invest safely and easily in India, is now available for non-resident Indians (NRI) in the UAE. Licensed by IFSCA – regulator of GIFT City, India, Belong offers a US Dollar-based Fixed Deposit (FD) starting at just USD 5,000 (AED 18,365), with high returns.
Ankur Choudhary, CEO and Co-Founder, Belong, said: “Our vision is simple: to make it easier for Indians to thrive globally while staying connected to India. Every NRI has built a global identity through hard work and ambition, but financial and non-financial services in India haven’t kept up. At Belong, with GIFT City FDs, NRIs get more flexibility in choosing shorter tenures and they are also protected against Rupee depreciation while enjoying tax free returns in dollars.”
Belong users in the UAE do not need to route funds through their NRE or NRO accounts, and the earnings are fully repatriable to UAE with minimal paperwork. As these FDs are in USD, investors are also protected from INR value fluctuations against the US Dollar. GIFT City is not under Indian tax jurisdiction, and all earnings on Belong are fully tax-free in India. The deposits also offer flexible lock-in periods of 3-months and 6-months, compared to a minimum 1-year lock-in for FCNR deposits.
“NRIs experience challenges when investing in India, such as complex and in-country KYC, high currency conversion charges, taxation on all Indian earnings, difficulty in repatriation of funds, and more. Belong set out to tackle these on behalf of NRIs, and GIFT City regulations work perfectly for the NRIs who still want to contribute and benefit from the India growth story”, added Choudhary.
Belong is offering these FDs in partnership with reputed Indian banks located in the Gujarat International Finance Tec-City (GIFT City), India’s up-and-coming global financial services hub, similar to Singapore. Offered to NRIs mostly via Indian banks until now, FDs have long been a popular investment option in India. The Reserve Bank of India has recorded INR 103 trillion (approximately US$ 1.2 trillion) held in FDs as of 2024.
While Belong offers USD Fixed Deposits at launch, the platform will soon add other financial products such as mutual funds, stocks, insurance, cards and more, which will offer NRIs more rewarding investment and transaction options in India. Alongside the USD-based FD service, Belong has also launched a dedicated India tax filing service for NRIs without the typical ‘NRI markup’ pricing. NRIs are usually charged higher, non-standardised rates for most services in India. Belong aims to change that by offering transparent and cost-effective NRI taxation services
“NRIs have long been underserved when it comes to modern, digital-first financial solutions tailored to their unique needs,” said Vaas Bhaskar, Partner, Elevation Capital. “Belong is uniquely positioned to serve this massive, underserved market by combining deep fintech expertise with GIFT City’s regulatory framework. We’re excited to back this exceptional team as they scale across key markets and build the go-to platform for everything India that global Indians need.”
Belong aims to become the financial and lifestyle bridge for global Indians – helping NRIs stay connected, invested, and rooted in India, no matter where life takes them. Belong already has a suite of NRI-specific digital tools to help NRIs make informed financial decisions.
About Belong
Founded in 2024, Belong is India’s first fintech app designed exclusively for NRIs. Built to simplify cross-border investing and financial management, Belong operates through GIFT City, India’s International Financial services centre. Belong is powered by Betafront Technologies Pvt Ltd and its subsidiaries, Betafront Financial Services (IFSC) Private Limited, which holds a Payment Services Provider (PSP) license and Betafront Securities(IFSC) Private Limited, which holds the Broker Dealer license issued by the International Financial Services Centres Authority (IFSCA). The company is the brainchild of fintech veterans Ankur Choudhary, Sai Sankar M, Ayush Singh and Savitri Bobde, committed to building trusted, transparent financial solutions for the Indian diaspora worldwide.