2 Types Of Savings Accounts NRIs Should Definitely Open

Becoming an NRI or already are one? You need a specialised NRI Savings Account to continue banking in India. Here’s what you need to know!

Non-Resident Ordinary (NRO) Account

This account allows you to deposit and manage income earned in India

Features of NRO Account

Repatriation allowed till $1 million per financial year Interest earned is taxable You can also open a joint account with an Indian resident

Non-Resident External (NRE) Account

This account allows you to deposit and manage income outside India, however it is a Rupee denominated account

Features of NRE Account

Funds are fully and freely repatriable Interest earned is exempted from tax. You can open a joint account with another NRI as well as a resident Indian

With IDFC FIRST Bank’s NRE & NRO Savings Account, you can bank digitally, get monthly interest credits & a VISA Signature debit card for easy transactions.