A significant share of rural households in Bengal has long been suffering from arsenic and iron contamination of drinking water producing adverse effects on health as well as socio-economic environment. The present study is focused on the assessment of water risk using Remote Sensing and GIS platforms and socio-economic primary data. The surface water deficit zoning map shows a very high deficit (46.07–51.99 mm) in the three study blocks. All the wells have a decline in groundwater (ranging from 1.40 to 4.25 mbgl), and in a few cases, negative recharge is also observed. The levels of As and Fe vary from 13 to 69.5 ppb and 0.3 to 6.77 ppm, respectively. 99.2% of surveyed rural households face multiple water-related risks. However, high rainfall (1719.9 mm) in the monsoon season has substantial potential for groundwater recharge. Households are willing to adopt RRWH if adequate support from the government is provided. Two indices, viz., water risk index (WRI) and capacity index (CI), have been developed based on 712 rural socio-economic household survey data. A binary logistic regression of WRI was carried out with a set of socio-economic variables, which were found to have a significant effect on WRI. The logistic regression showed 76.1% correct predictability of the supplied water risk. However, CI was not found to be dependent on WRI. The feasibility of rooftop rainwater harvesting (RRWH) was explored as an alternative to ensure the sustainable well-being of the affected population.