Onboarding for NRIs has always been a pain. Right now, the FCNR deposit scheme is a total no-brainer: the RBI is bearing the currency hedging bill, allowing you to get local, FD-like rates while your money stays in dollars with zero rupee risk.

But despite how good the scheme is, it doesn’t help if opening an account takes 60 days. By the time the paperwork clears, the window might have closed, or the NRI may have lost interest.

Rupeeflo, a Rainmatter, is trying to solve this problem. They’ve partnered with leading banks to slash that 60-day onboarding down to just 24 hours, covering the bank account, trading account, demat, and the whole works.

It will be interesting to watch what happens to activation rates once friction is this low. Does removing the 60-day wait actually change NRI behavior, or does the inertia live somewhere else entirely?

Go to link →