Water baptism in the name of Jesus Christ for the remission of sins is not a “religious rite or ritual ”.
The problem with this is that you're reading "formula" into what was meant to be assurance that with repentance, and all of the attendant behaviors, a person will be forgiven and receive eternal life. Being Water Baptized is an "attendant behavior," and not the part that actually saves.
Faith that saves can be illustrated in any number of ways, by choosing to convert to Christ, by choosing to be Water Baptized, by going forward to an altar, by confessing Jesus to others, etc. etc. Faith does not require Water Baptism, Communion, or even the ability to speak, to confess in your heart your trust in Jesus as your chosen way of life. The external rituals merely reinforce your faith in Jesus, as well as your choice to follow him.
The essential part is recognizing that you need Jesus, that you need to repent in his name. That means you are not only sorry for bad behaviors and intend to change, but you also choose to live in the Spirit of Christ so that when you repent you go from your carnality to a true spirituality.
And that true spirituality resides in Jesus. Hence, you take the *name of Jesus* in your Baptism, which is exactly the same as Baptism in the Spirit, or Baptism in the Father, Son, and Spirit, etc.
It is not a formula but a spiritual reality. You have to convert to that reality to be saved. The external rituals are attendant behaviors--not the central message.
For Charismatic/Pentecostal persons like myself, I would assure them that I understand "Baptism in the Spirit" means not just Salvation, but also Gifts of the Spirit. :)