NRIs visiting India this holiday season? Travelling tips to reduce expenses, save more, and bank smarter!

There’s a palpable cheer in the air as the festive season draws near. Christmas and New Year are around the corner which spells ‘HOLIDAY,’ preferably in caps for people looking for a break from the monotony of regular life cycle.

During this season, NRIs (Non-Resident Indians) also travel to spend some quality time with their family and relax. India is a popular destination that allows them to connect with their relatives, friends, and also their roots.

While an India visit is fun, the travel costs can be excessive. As such, NRIs travelling to India look for ways to enjoy the trip without burning a hole in their pockets. If you are also looking for ways to reduce costs, check out some travelling tips that can come in handy.

Effective travelling tips to save money
 

• Plan ahead 

Ever heard the saying ‘the early bird gets the worm’?

The same applies to travel planning too. During the holiday season, airfares, and the cost of hotel accommodations skyrocket. That is why it is recommended to plan your trip well in advance, i.e., 1-2 months before you travel. This would help you book your tickets and accommodation at reasonable rates, and you can save on the last-minute inflated rates.

Pro tip - Keep your travel dates flexible and keep checking the airfares regularly. Choose a date when the airfares are the cheapest. For accommodation, consider staying at a relative’s place, if available and feasible (and not to forget the joy it would bring along).

Also read - Discover IDFC FIRST Bank NRI Banking Service under 3 minutes!

• Create a travel fund 

When you plan your visit in advance, you can save for it rather than dipping into your savings at the last moment. Start setting aside a part of your income towards a travel fund in the months leading up to the travel date. This will help you create a corpus so that you don’t dent your savings and the trip doesn’t pinch your pocket at once.

Pro tip - Invest your travel fund in liquid avenues so that you can redeem it instantly when you undertake the trip. A savings account with attractive interest rates is a good choice and so is a liquid mutual fund.

• Hunt for deals and discounts

With increased competition in the tourism industry, airlines, hotels, and even travel aggregators offer attractive booking discounts. Plus, you can use the offers available on your credit card to save on every booking.

Hunt for the available deals and discounts on travel bookings and also on sightseeing activities. These deals would effectively save money and help you craft an affordable trip.

Pro tip - Compare the airfares and rates of hotel accommodation across different travel aggregators. Also, check the discounts each is offering and choose the most affordable rates.

• Choose budget travel in India

If you are looking to cut costs, don’t pick premium pre-fixed tours of India which incur considerable expenses. Look for budget-friendly trips in India which would give you the enjoyment you are looking for sans the pocket pinch.

Some of the budget travel tips include travelling by train, staying in 3- or 4-star hotels or service apartments, exploring cost-effective activities, and more.

Pro tip - While budget travel can save money, ensure that you don’t compromise on comfort and quality. Uncomfortable stays or time-consuming travel would defeat the whole purpose of enjoying the trip.

• Choose a suitable bank account in India

When visiting India, you need an Indian bank account to conduct seamless financial transactions. So, choose an account that allows deposits in foreign currency and withdrawals in Indian Rupee (INR) so that you can make quick payments. Also, check the exchange rate offered by the bank and choose an account that offers the lowest exchange rates for cost-effective currency conversion.

Pro tip - Choose a savings account based on its interest rate and taxability too. An NRE Savings Account offering high-interest rates would be a viable choice as it would allow easy banking services without any tax liability.

IDFC FIRST Bank NRI Banking Solutions – A cost-saving travel partner
 

As mentioned in the aforementioned points, a savings account not only helps you save for the travel fund, but it can also make financial transactions in India seamless.

IDFC FIRST Bank offers NRI bank accounts that do just that. With an NRE Savings Account you can do the following 

• Deposit your Indian as well as foreign income and make seamless withdrawals in INR
• Earn up to 7% p.a. interest on your savings
• Get interest credits every month
• Transfer funds anytime, anywhere, without any fee
• Fully repatriate the funds without any limits on NRE Savings account. Repatriate up to 1 million USD per financial year on your NRO Savings account.
• Get a feature-rich VISA Signature International Debit Card with NRE Savings Account and a VISA Signature Domestic Debit Card with NRO Savings Account for cost-free ATM withdrawals (an unlimited number of times), airport lounge access, insurance covers, and more 

Plus, the bank offers attractive exchange rates to help you save on currency conversion while on a tour of India along with zero charges on 28 commonly used savings account services.

What more can you ask for?

Also read - How to open an NRI account

Plan, travel, save – repeat!
 

Don’t let this holiday season break the bank. Connect with your loved ones back home keeping your financial worries at bay.

Plan your India visit with these travelling tips and travel to your heart’s content. Let your bank account handle your transactions seamlessly while also offering cost-effective currency exchange. When you have IDFC FIRST Bank’s NRI Banking solutions, travelling becomes fun and cost-effective.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.