Enjoy interest rates of up to 7.25% per annum on your NRI Savings Account.
Seamless Online Account Opening
Open your NRI Account online from anywhere in the world with ease.
Monthly Interest Credits
Earn more each month with the power of monthly compounding on your IDFC FIRST Bank NRI Savings Account.
Dedicated Relationship Manager
Access a specialist banker to meet your unique NRI banking needs.
Zero Fee Banking
Enjoy zero fees on all services related to your NRI Savings Account.
1. ID Proof: Passport
2. NRI Proof: Copy of Visa, Resident Permit, Overseas ID, OCI (Overseas Citizen of India), Overseas Employment Certificate
3. Overseas Address Proof
4. Recent Color Photograph
5. Signature Image (only for online applications)
6. Document Certification: Passport and address proof copies must be certified by an authorized attesting entity in your country of residence.
1. Fill the Application Form: Complete the form on the IDFC FIRST website.
2. Upload Required Documents: Submit all necessary documentation as per the checklist.
3. Account Opening: Your account will be opened within 20 working days.
1. Digital Platform for International Money Transfers: Enjoy 24/7 fund transfer service to any overseas account.
2. Zero Charges on Outward Remittance:
Send money abroad effortlessly with no processing fee.
3. One-Click Portfolio Investment Scheme (PIS) Account: Experience the industry’s first digital PIS account for seamless trading and investments.
4. Exclusive Access to FIRST Rewards Platform: Earn loyalty reward points that never expire with your NRI Savings Account.
| Particulars | NRO | NRE |
|---|---|---|
| Purpose | Manage Income in India | Park Foreign Earnings in India(₹ Account) |
| Account Type | Savings, Current, RD, FD | Savings, Current, RD, FD |
| Currency Type | Indian Rupee | Indian Rupee |
| Repatriation | Current Income – Full Capital Income – up to USD 1 Mn per FY |
Fully Repatriable (Principal+Interest) |
| Tax on Interest Income | Taxable | Exempt |
| Joint Account/td> | With NRIs or residents | With NRIs or resident relatives |
An Non-Resident Ordinary (NRO) bank account is a rupee-denominated bank account. It is ideal for managing earnings, local expenses, and investments from India, such as dividends, pensions, rent, and proceeds from the sale of immovable property.
Features of an NRO Account
- Eligibility: NRIs/PIOs/OCIs can open; persons of Pakistan and Bangladesh origin require prior RBI approval.
- Interest Rate: Varies by bank and account type.
- Credits Allowed: Inward remittances, income earned in India, transfers from other NRO/NRE/FCNR (B) accounts, and rupee gifts/loans within prescribed limits under the Liberalised Remittance Scheme.
- Debits Allowed: Local payments, transfers to other NRO accounts, and remittance of current income abroad without limit.
- Tax Implication: TDS at 30% (plus surcharge and cess) on interest earned. Lower rates may apply under DTAA.
Please note that there is no upper limit on the amount of money that can be deposited in your NRO accounts.
Non-Resident External (NRE) account allows you to deposit your foreign currency earnings at prevailing exchange rates into a rupee-denominated bank account. The primary use of this account is to be able to deposit your foreign income and use it in India for transactions, payments and investments that need to be made in INR.
Features of an NRE Account
- Eligibility: NRIs/PIOs/OCIs can open.
- Interest Rate: Varies by bank and account type.
- Credits Allowed: Inward remittances, interest, and investment proceeds; Transfers from NRE/FCNR accounts; Current income (rent, dividends, pension, interest)
(Note: Only repatriable credits are allowed.) - Debits Allowed: Permissible debits are local disbursements, remittances outside India, transfers to other NRE/ FCNR(B) accounts and investments in India.
- Tax Implication: No tax since deposits are not earned in India
