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Financial apps and digital money services in India.
The approved set now contains two direct foreign-currency bank accounts, an INR prepaid wallet, a separate multicurrency forex card and three cross-border payment services. Start by deciding whether the job is an EEFC export account, RFC(D) personal holding, INR wallet, travel card, remittance or automatic business settlement.
Direct answer
India product labels must begin with the account category.
ICICI Bank provides the cited EEFC current account for eligible foreign-exchange earners; SBI provides the narrower RFC(D) account for eligible residents and defined sources. Revolut's INR PPI wallet and separate AD-II prepaid forex card are not bank deposits. Wise, PayPal and Payoneer remain direction-specific cross-border receipt and settlement services.
Product classification
App, wallet, payment service and bank are different records.
India coverage separates the RBI-authorised entity and exact product before discussing fit.
Bank deposit
ICICI EEFC and SBI RFC(D) are direct bank current accounts with different customers, eligible credits, currencies and conversion deadlines.
PPI wallet
Revolut Payments India Private Limited issues the cited INR prepaid wallet under RBI authorisation; Revolut Forex India separately issues the multicurrency forex card.
Cross-border service
Wise and PayPal use direction-specific payment arrangements and settle to an Indian bank.
Receiving account details
Payoneer details support payment flows and can withdraw to an eligible EEFC destination, but are explicitly not bank accounts themselves.
Verified IN comparison
Change the job, not the evidence.
These controls only reorder approved market records. Legal entity, product class, protection wording, source date and confidence stay fixed.
INR wallet: Prioritises the sourced PPI wallet while preserving the non-bank boundary.
| Provider | Product type | Market status | Legal entity | Protection model | Evidence | Compare |
|---|---|---|---|---|---|---|
| RevolutPersonal INR wallet or separate prepaid multicurrency travel card under exact terms. | india inr ppi wallet and separate ad ii multicurrency prepaid forex card | available with separate inr wallet and multicurrency forex card conditions | Revolut Payments India Private Limited and Revolut Forex India Private Limited | INR PPI funds use scheduled-bank escrow; the AD-II prepaid forex card is not a bank deposit.Revolut Payments India and Revolut Forex India provide different products and protections. | 4 source records | |
| State Bank of IndiaEligible resident individuals holding defined foreign-currency receipts in RFC(D). | india ad bank resident foreign currency domestic current account | available to eligible resident individuals with source currency and conversion conditions | State Bank of India | Direct State Bank of India current account with exact DICGC and capacity conditions.The cited USD, GBP and EUR product has no cheque book or ATM card; legacy balance figures need confirmation. | 4 source records | |
| ICICI BankEligible resident foreign-exchange earners using an EEFC current account. | india ad category i bank eefc foreign currency current account | available to eligible resident foreign exchange earners with currency and conversion conditions | ICICI Bank Limited | Direct ICICI Bank current account with exact DICGC, capacity and valuation conditions.EEFC is non-interest-bearing and unused monthly accruals face succeeding-month conversion. | 5 source records | |
| WiseScoped international remittance and eligible Indian business receiving workflows. | cross border remittance and business receiving | available with product restrictions | Vaho Forex Private Limited and Wise Payments India Private Limited | Cross-border service with settlement to a verified Indian bank account.Inward, outward and business-receiving services use different entities and conditions. | 2 source records | |
| PayPalInternational purchases and export-payment receipt under the India agreement. | cross border payment service | available for international payments | PayPal Payments Private Limited | Payment gateway/intermediary; not a bank account or stored-value service in India.Export proceeds pass through an authorised dealer bank; domestic support is not inferred. | 2 source records | |
| PayoneerBusinesses, freelancers and marketplace sellers receiving cross-border payments. | business cross border payment platform | available for business cross border payments | Payoneer India Private Limited | Business payment service with automatic withdrawal to an Indian bank or EEFC account.Receiving details are not bank accounts and do not receive a DICGC label here. | 3 source records |
Revolut
india inr ppi wallet and separate ad ii multicurrency prepaid forex card- Market status
- available with separate inr wallet and multicurrency forex card conditions
- Legal entity
- Revolut Payments India Private Limited and Revolut Forex India Private Limited
- Product note
- Revolut Payments India provides the INR PPI wallet, while Revolut Forex India separately provides an AD-II prepaid multicurrency forex card with foreign-currency pockets. Neither product is a customer bank deposit, and the forex card is unavailable for domestic India, Nepal, Bhutan or INR use.
- Protection model
- INR PPI funds use scheduled-bank escrow; the AD-II prepaid forex card is not a bank deposit.Revolut Payments India and Revolut Forex India provide different products and protections.
View legal and product sources
State Bank of India
india ad bank resident foreign currency domestic current account- Market status
- available to eligible resident individuals with source currency and conversion conditions
- Legal entity
- State Bank of India
- Product note
- SBI directly provides an RFC(D) non-interest-bearing current account in USD, GBP and EUR for eligible resident individuals and defined foreign-currency sources. No cheque book or ATM card is provided, and monthly conversion conditions apply.
- Protection model
- Direct State Bank of India current account with exact DICGC and capacity conditions.The cited USD, GBP and EUR product has no cheque book or ATM card; legacy balance figures need confirmation.
View legal and product sources
ICICI Bank
india ad category i bank eefc foreign currency current account- Market status
- available to eligible resident foreign exchange earners with currency and conversion conditions
- Legal entity
- ICICI Bank Limited
- Product note
- ICICI Bank directly provides an EEFC non-interest-bearing current account in a cited 24 currencies for eligible resident foreign-exchange earners. Monthly accruals remaining after approved use or commitments must be converted to INR by the end of the succeeding month.
- Protection model
- Direct ICICI Bank current account with exact DICGC, capacity and valuation conditions.EEFC is non-interest-bearing and unused monthly accruals face succeeding-month conversion.
View legal and product sources
Wise
cross border remittance and business receiving- Market status
- available with product restrictions
- Legal entity
- Vaho Forex Private Limited and Wise Payments India Private Limited
- Product note
- Eligible Indian businesses can use foreign local receiving details, but receipts are automatically converted to INR and transferred to the verified Indian bank account. The details cannot hold balances or send money, while outward services use a separate limited AD-II scope.
- Protection model
- Cross-border service with settlement to a verified Indian bank account.Inward, outward and business-receiving services use different entities and conditions.
View legal and product sources
PayPal
cross border payment service- Market status
- available for international payments
- Legal entity
- PayPal Payments Private Limited
- Product note
- India services are international and export-payment oriented; PayPal states that it is not a bank in India and does not provide a stored-value service.
- Protection model
- Payment gateway/intermediary; not a bank account or stored-value service in India.Export proceeds pass through an authorised dealer bank; domestic support is not inferred.
View legal and product sources
Payoneer
business cross border payment platform- Market status
- available for business cross border payments
- Legal entity
- Payoneer India Private Limited
- Product note
- Business and freelancer receiving flows automatically withdraw to an Indian bank or EEFC account; receiving details are not bank accounts and domestic-payment support is not inferred.
- Protection model
- Business payment service with automatic withdrawal to an Indian bank or EEFC account.Receiving details are not bank accounts and do not receive a DICGC label here.
View legal and product sources
0 selected locally.Open available comparison
Protection boundary
DICGC deposit insurance is not a wallet badge.
DICGC states that eligible principal and interest are insured up to ₹5,00,000 per depositor at a bank in the same right and capacity. Deposits across branches of the same bank are aggregated.
ICICI EEFC and SBI RFC(D) are direct bank accounts, but exact account eligibility, foreign-currency valuation and same-capacity aggregation require confirmation. Revolut's cited INR wallet uses PPI escrow safeguarding and its prepaid forex card is not a deposit; Wise, PayPal and Payoneer settle or route payments under different arrangements.
Insured bank deposit
Verify the exact RBI-listed, DICGC-insured bank and account ownership.
PPI wallet
Escrow safeguarding is a separate protection mechanism and not a bank deposit.
Payment service
Trace the provider, authorised dealer or partner arrangement for the exact flow.
Receiving details
Do not convert local receiving details into a bank-account or insurance claim.
Eligibility
Product and customer type change the answer.
ICICI EEFC requires an eligible resident foreign-exchange earner; SBI RFC(D) requires an eligible resident individual and permitted source. Revolut's wallet and forex card have different entities, customer checks and uses. Wise business receiving has business-type checks. PayPal and Payoneer remain business or export-payment oriented.
Read the Payoneer reviewRead the India-aware PayPal reviewFees and rollout
One price cannot represent these six provider records.
Plan, transaction direction, payment method, currency conversion, tax and customer type can change fees. This page does not publish a single cross-provider fee row or infer broad availability from a terms page.
Payment rails
UPI, IMPS, NEFT, RTGS and cards are rails—not universal app features.
NPCI and RBI sources establish the market systems. Only Revolut's cited PPI terms explicitly support UPI in this provider set.
UPI
India market context. Check the exact provider, product, bank and transaction direction before relying on support.
IMPS
India market context. Check the exact provider, product, bank and transaction direction before relying on support.
NEFT
India market context. Check the exact provider, product, bank and transaction direction before relying on support.
RTGS
India market context. Check the exact provider, product, bank and transaction direction before relying on support.
card
India market context. Check the exact provider, product, bank and transaction direction before relying on support.
Source ledger
Every material India claim keeps its entity, source and date.
Sources were observed or revalidated through 13 July 2026 and require launch-time and material-change reverification.
Revolut India source drawer
Revolut is displayed as india inr ppi wallet and separate ad ii multicurrency prepaid forex card in India.
- The agreement is with Revolut Payments India Private Limited, an RBI-authorised PPI issuer.
- The account includes an INR-denominated PPI wallet and requires RBI-compliant KYC; business use is prohibited under these personal terms.
- Wallet funds are described as safeguarded in dedicated escrow accounts with scheduled banks.
- Foreign-currency services may be provided by a separate affiliate and must be assessed separately.
- Revolut Forex India Private Limited is the cited RBI Authorised Dealer Category II entity issuing the prepaid multicurrency forex card; settlements use Authorised Dealer Category I banks.
- The card can carry separate currency pockets and be loaded with eligible foreign exchange, but stored funds are non-interest-bearing and explicitly do not constitute a bank deposit with Revolut.
- The card is for eligible adult Indian resident citizens with an Indian passport, PAN, Aadhaar and completed checks; it cannot be used at merchants or ATMs in India, Nepal or Bhutan or for INR, NPR or BTN transactions.
- The current India help page permits exchange between foreign-currency balances in the multicurrency product.
- INR cannot be exchanged directly through that balance-to-balance action; adding or withdrawing money is the separate path for buying or selling against INR.
- Completed exchanges cannot be cancelled and must be reversed through a new transaction, with the live review screen controlling applicable fees and rate.
- The directions apply to bank and non-bank PPI issuers and system participants.
- They establish the authorisation, regulation and supervision framework for PPIs in India.
- PPI status must not be rewritten as a bank-deposit product.
Wise India source drawer
Wise is displayed as cross border remittance and business receiving in India.
- Wise states that inward remittance uses a local bank partner with RBI approval.
- Vaho Forex Private Limited holds an RBI Authorised Dealer Category II licence for limited outward remittance purposes and forex card services.
- Wise Payments India Private Limited is described as in-principle approved as a Payment Aggregator - Cross Border.
- Eligible Indian businesses can receive international client payments through account details in the currently listed currencies.
- Wise explicitly says these account details cannot hold balances or send money: receipts are automatically converted to INR and transferred to the verified Indian bank account.
- The cited flow has a INR 2.5 million per-transaction maximum, a USD 5-equivalent minimum, an e-FIRC process and business-type, identity, bank-account, payer and payment-purpose conditions.
PayPal India source drawer
PayPal is displayed as cross border payment service in India.
- The agreement is with PayPal Payments Private Limited and is limited to the described India services.
- Export Payment Services facilitate receipt from offshore buyers for credit to an Indian bank account through an authorised dealer bank.
- PayPal states that it is not a bank in India and the services are not stored-value services.
- Indian residency or Indian business eligibility and account verification requirements apply.
- The India schedule was last updated on 28 March 2024 and says India accounts support international payments only.
- It lists 4.40 percent plus the currency fixed fee for receiving international commercial transactions, with separate conversion and dispute-fee rows.
- Standard bank withdrawal is listed without a PayPal fee when no conversion applies; the dated schedule and transaction preview must be rechecked before use.
Payoneer India source drawer
Payoneer is displayed as business cross border payment platform in India.
- The India page describes business receiving-account details for cross-border payments.
- For customers in India, received funds are automatically withdrawn to a local Indian bank account or EEFC account.
- The product is business-oriented and does not establish a domestic bank-deposit account at Payoneer.
- The India grievance policy identifies Payoneer India Private Limited.
- The page provides India complaint and escalation routes but does not establish bank status.
- Payoneer states that it is not a bank and does not provide traditional or virtual business bank accounts.
- Receiving-account details must not be presented as bank accounts or deposit products.
ICICI Bank India source drawer
ICICI Bank is displayed as india ad category i bank eefc foreign currency current account in India.
- RBI publishes separate lists for scheduled commercial banks, small finance banks and payments banks.
- An app or payment provider is not treated as a bank unless the exact bank entity is supported by an RBI record.
- RBI's 16 January 2025 FAQ keeps EEFC, Resident Foreign Currency Domestic and Resident Foreign Currency accounts as distinct permitted categories with different eligible credits and account purposes.
- A resident individual's ability to open or credit a foreign-currency account depends on the exact source of funds, residential status, account category and authorised-dealer conditions.
- A foreign-currency account permission does not establish universal eligibility, unrestricted long-term holding or a payment-app balance.
- A resident foreign-exchange earner may open an EEFC account with an Authorised Dealer Category I bank in India.
- The account is a non-interest-bearing current account; 100% of eligible foreign-exchange earnings can be credited, but monthly accruals remaining after permitted use and forward commitments must be converted to INR by the end of the succeeding calendar month.
- The scheme is intended to reduce conversion and transaction costs for future forex use, not to create an unrestricted permanent foreign-currency asset.
- ICICI presents its EEFC product as a non-interest-bearing current account for eligible resident foreign-exchange earners and lists 24 available currencies including USD, EUR and GBP.
- The page permits 100% of eligible foreign-exchange earnings to be credited and supports conversion to INR or earmarking for approved future outward commitments.
- Unutilised monthly accruals remain subject to the succeeding-month conversion requirement; eligibility, documentation, currencies, fees, correspondent deductions and individual transactions remain conditional.
- DICGC says eligible savings, fixed, current and recurring deposits at insured banks are within the scheme, while listed exclusions include deposits received outside India and inter-bank or government deposits.
- The current ceiling is INR 500,000 for principal and interest in the same right and capacity across all branches of the same bank.
- An exact foreign-currency account, ownership capacity, valuation and insured-bank status still require confirmation; prepaid cards, PPIs, receiving details and non-bank payment balances do not inherit a bank's deposit label.
State Bank of India India source drawer
State Bank of India is displayed as india ad bank resident foreign currency domestic current account in India.
- RBI publishes separate lists for scheduled commercial banks, small finance banks and payments banks.
- An app or payment provider is not treated as a bank unless the exact bank entity is supported by an RBI record.
- RBI's 16 January 2025 FAQ keeps EEFC, Resident Foreign Currency Domestic and Resident Foreign Currency accounts as distinct permitted categories with different eligible credits and account purposes.
- A resident individual's ability to open or credit a foreign-currency account depends on the exact source of funds, residential status, account category and authorised-dealer conditions.
- A foreign-currency account permission does not establish universal eligibility, unrestricted long-term holding or a payment-app balance.
- SBI's product page says an eligible resident individual can open a non-interest-bearing RFC(D) current account in USD, GBP or EUR from defined foreign-currency sources.
- The account has no cheque book or ATM card, and the observed legacy page lists currency-specific minimum balances; those amounts require branch confirmation because the product page says it was last updated in 2022.
- Remaining monthly accruals are subject to conversion to INR by the end of the succeeding month after permitted use and commitments, so this is not unrestricted permanent multicurrency holding.
- DICGC says eligible savings, fixed, current and recurring deposits at insured banks are within the scheme, while listed exclusions include deposits received outside India and inter-bank or government deposits.
- The current ceiling is INR 500,000 for principal and interest in the same right and capacity across all branches of the same bank.
- An exact foreign-currency account, ownership capacity, valuation and insured-bank status still require confirmation; prepaid cards, PPIs, receiving details and non-bank payment balances do not inherit a bank's deposit label.
India regulator, protection and rail sources
- RBI publishes separate lists for scheduled commercial banks, small finance banks and payments banks.
- An app or payment provider is not treated as a bank unless the exact bank entity is supported by an RBI record.
- DICGC insures eligible principal and interest up to INR 500,000 per depositor at a bank in the same right and capacity.
- Deposits across branches of the same bank are aggregated; separate banks receive separate limits.
- Readers should verify that the exact bank is registered as insured.
- DICGC says eligible savings, fixed, current and recurring deposits at insured banks are within the scheme, while listed exclusions include deposits received outside India and inter-bank or government deposits.
- The current ceiling is INR 500,000 for principal and interest in the same right and capacity across all branches of the same bank.
- An exact foreign-currency account, ownership capacity, valuation and insured-bank status still require confirmation; prepaid cards, PPIs, receiving details and non-bank payment balances do not inherit a bank's deposit label.
- UPI links participating bank and other allowed accounts through UPI applications.
- UPI supports mobile payments, person-to-person and merchant flows around the clock.
- Country-level UPI availability does not prove support by every app or product.
- IMPS is a real-time, round-the-clock payment service offered through banks and RBI-authorised PPI issuers.
- Provider and account participation must be checked separately.
- RBI describes RTGS as the large-value real-time gross settlement system and NEFT as a retail system operating in half-hourly batches.
- RTGS and NEFT operate around the clock; provider-level access is not inferred from country context.
- The directions apply to bank and non-bank PPI issuers and system participants.
- They establish the authorisation, regulation and supervision framework for PPIs in India.
- PPI status must not be rewritten as a bank-deposit product.
- RBI's 16 January 2025 FAQ keeps EEFC, Resident Foreign Currency Domestic and Resident Foreign Currency accounts as distinct permitted categories with different eligible credits and account purposes.
- A resident individual's ability to open or credit a foreign-currency account depends on the exact source of funds, residential status, account category and authorised-dealer conditions.
- A foreign-currency account permission does not establish universal eligibility, unrestricted long-term holding or a payment-app balance.
- A resident foreign-exchange earner may open an EEFC account with an Authorised Dealer Category I bank in India.
- The account is a non-interest-bearing current account; 100% of eligible foreign-exchange earnings can be credited, but monthly accruals remaining after permitted use and forward commitments must be converted to INR by the end of the succeeding calendar month.
- The scheme is intended to reduce conversion and transaction costs for future forex use, not to create an unrestricted permanent foreign-currency asset.
Unavailable or deliberately not inferred
- A universal Indian bank-account or multicurrency recommendation.
- DICGC coverage inferred for a wallet, prepaid forex card, payment account or receiving detail.
- A universal fee, approval outcome or identity-document list.
- Provider-level rail support beyond the exact cited product statement.
- Unrestricted permanent foreign-currency holding inferred from EEFC or RFC(D).
- Unnamed partner banks or unsupported domestic-payment routes.