A one-time password (OTP) is a dynamically generated, temporary string of numbers or characters used to authenticate a transaction or login session. Typically, OTPs expire within minutes, offering enhanced security by limiting the window for hackers to access sensitive information.
OTP (One-Time Password) in NRI (Non-Resident Indian) Banking is an added security measure designed to protect bank accounts from fraud. Typically, the OTP is a six-digit numeric code sent to the mobile number registered with your Indian bank.
How to Use Your U.S. Number to Receive an OTP:
OTP authentication is required for every transaction. You will be prompted to enter the OTP when using NRI Banking or transferring money from India.
NRIs managing funds both in India and abroad should consider having two types of bank accounts in India: an NRE (Non-Resident External) account and an NRO (Non-Resident Ordinary) account. Understanding the difference between these two accounts is essential for effective fund management.
How to Receive OTPs While Abroad
The simplest way to continue receiving OTPs for NRI banking while you are abroad is to convert your domestic accounts into NRI accounts—either NRO or NRE Savings accounts—and link your international number, such as your U.S. number.
Are There Any Charges for Receiving OTPs on an International Mobile Number?
Most banks, including ICICI Bank, do not charge service fees for sending OTPs to international mobile numbers.
How to Use Your Indian Number Abroad to Receive OTPs
To continue receiving OTPs while overseas, you can activate a basic roaming plan for your Indian number. Telecom providers generally do not charge for unanswered incoming calls and SMS. However, it’s recommended to confirm the details with your service provider.
Can NRIs Verify SIM Cards Without Aadhaar Cards?
The Department of Telecommunication does not require NRIs, including Overseas Citizens of India (OCI) cardholders, to verify their India-based SIM cards using Aadhaar. SIM verification can be done without an Aadhaar card.
Why OTPs Are More Secure Than Static Passwords
OTPs provide significantly better security than static passwords, which can often be weak or reused across multiple accounts. While OTPs may seem like an extra step, they strike a good balance between security and convenience for NRI banking.