IDFC FIRST Bank NRI Banking

You can access your IDFC FIRST Bank account through internet banking or on the mobile app.

The 1^st thing you need to do is create your own User ID & Password.We don't send you hard to remember user ID & PINs. All you need is your Customer ID (this was sent you on e-mail after your account was opened) and mobile number, follow the steps on https://my.idfcbank.com/start and you will be done in no time.You can also create your user ID & PIN on our mobile app.The mobile APP is also M-PIN/ Biometric auth enabled to allow simple & secure log-in.

Please note that your Internet Password should:

• Be something that you can easily recall,yet discreet and not decipherable to others
• Be a minimum of 8 and maximum of 16 characters
• Be alphanumeric
• Not contain blank spaces
• Not contain the following special characters ", <, >, /, , &, %

It is critical that you keep your contact information with the bank updated at all times.You can change  e-mail address on internet banking.To update your mobile number,please send an e-mail from your registered e-mail ID to nriservice@idfcfirstbank.com.We will call you back on your existing registered mobile number to verify your request and identity for your protection, before updating your mobile number

We need documents to establish your identity,non residential status & your overseas address.

Indian Nationals:Copy of Indian Passport + Proof of residence of the overseas country (for e.g. Permanent Resident Card, National ID Car, Work Permit Etc).We also need a proof of address in your country of residence.If your Passport or Proof of residence mentions your overseas address, we will not need a separate address proof.If not, a separate proof of address (for e.g. Driving License,resident permit will be required.)

Foreign Nationals:Copy of Foreign Passport + Proof of India Origin (Normally a Person of Indian Origin (PIO) Card of Overseas Citizen of India Card).We also need a proof of address in your country of residence.If your Passport or PIO/OCI mentions your overseas address,we will not need a separate address proof.If not,a separate proof of address (for e.g. Driving License,resident permit) will be required.

The easiest & quickest way to do this is online–on our website or mobile app.
You need to know the name of the beneficiary,Bank Name(we have a drop down of all banks in India where you can send money),IFSC Code (if you don’t know the code,we will help you find it as long as you know the branch of the bank),and Beneficiary Account number.

With this information,you can set-up a beneficiary under the transfer funds option on internet banking.Your beneficiary will get activated within 30 minutes.Go ahead and transfer funds anytime after that.IDFC FIRST Bank will choose the best method of transfer–IMPS immediate/available 24/7),NEFT (National Electronic Fund Transfer)or RTGS(Real Time Gross Settlement).NEFT & RTGS are available during banking hours–if you log-in after banking hours,we will initiate the transfer whenever banking hours open next.

In most cases IMPS will work,though there are a few banks that are not enabled on IMPS.Do check with your beneficiary.IMPS is currently not enabled for NRE accounts.

The table below will give you an overview of the options:

Two key criteria determine whether you are eligible to open an NRI account with a bank in India

1. You need to be an Indian citizen living outside of India for an uncertain period of time(like being employed,pursuing education or carrying out any business/vocation)
2. You need to be an Indian national or of Indian Origin(Person of Indian Original/Overseas Citizen of India)

International Wire Transfer: Wire Transfer is one of the easiest offline mode of sending money to your friends and family in India. This facility is available in all major currencies.You can wire funds from your overseas bank account to your IDFC FIRST Bank NRI Account.It normally takes 2-3 business days for the funds to reflect in your account after your overseas bank has initiated this international wire transfer. The exchange rate applied for your transfer will be the exchange rate prevailing on the date of credit of funds to your account.

Money Transfer Process:For Smooth and Timely processing of transactions, please ensure following details are mentioned in the wire transfer message sent by your local bank.

• Overseas Bank account number, remitter name, overseas address and country
• Complete Beneficiary Name, account number and Purpose of remittance.
• Correspondent Bank Name, swift code and account number. These details are available on https://www.idfcfirstbank.com/nri-payments-transfers/wire-transfer-forex-online-remittance.html
• Beneficiary Bank name, address and Swift code (IDFBINBBMUM)
• Do not mention account number for opening a FCNR fixed deposit, kindly ensure only your UCIC is mentioned.

IDFC FIRST Bank does not charge anything for Wire Transfers except for GST on Foreign Currency Conversion. The remitting bank/correspondent bank may levy charges for the wire transfer.

Online Remittance through third party portals:Your IDFC FIRST Bank accounts are enabled to receive credit from Online/Third Party remittance providers.All you need to do is add your IDFC FIRST Bank Account as a beneficiary;most remittance providers will be able to directly credit your IDFC FIRST Bank Account.Exchange rates and time taken are determined by the remittance provider and not by IDFC FIRST Bank.

We recommend you apply for an Overseas Citizen of India(OCI)card as soon as possible.Details are available at http://boi.gov.in/content/overseas-citizen-india-oci-cardholder or http://www.mea.gov.in/oci-related-matters.htm

If you do not have a PIO/OCI card you would qualify to open an NRI account subject fulfilling any of the following conditions

• You previously held an Indian passport
• You were eligible to become a citizen of India on 26th January or any date after that
• You belonged to a territory that became part of India after 15th August,1947(for e.g.Sikkim,Goa,Daman,Diu)
• You are a child or a grandchild or a great grandchild of such a person above
• You are a minor child of such person mentioned above
• You are a minor child whose parent/parents is/are Citizens of India

Besides, spouse of foreign origin of a citizen of India or spouse of foreign origin of an Overseas Citizen of India Cardholder and whose marriage has been registered and subsisted for a continuous period of not less than two years immediately preceding the presentation of the application is also eligible for registration as OCI cardholder.

However,no person,who or either of whose parents or grandparents or great grandparents is or had been a citizen of Pakistan, Bangladesh or such other country as the Central Government may,by notification in the Official Gazette,specify,shall be eligible for registration as an Overseas Citizen of India Cardholder.

In most cases a copy of current/expired/surrendered Indian passport would need to be provided to satisfy any of the points above

Withdrawal of any Term Deposit prior to the original maturity date is called pre-termination.You can pre-terminate a deposit at any time. However,if you pre-terminate a deposit before the minimum tenure of the deposit, then no interest will be paid.

The minimum tenure for Non-Resident External Deposits and Foreign Currency Non-Resident Deposits is 1 year and the minimum tenure for Non-Resident Ordinary Deposits is 7 days.

If you pre-terminate a Term Deposit,after you complete the minimum tenure of the deposit,you will earn interest proportionate to period the deposit has been held with the bank less the applicable penalty.The current penal interest is 1%.There no premature penal charges for FCNR deposits being closed after the minimum tenure.This premature penalty would be applicable only for deposits booked or renewed after May 1,2019.

Please see illustration below for the interest rate applicable on pre-mature withdrawals.

• Fixed Deposit Amount-Rs. 10,00,000
• Original Tenure of Deposit-10 years
• Booking Date-1^st Jan 2018
• Maturity Date-31^st Dec 2028
• Interest Rate for 10 years on 1^st Jan 2018-8.25%
• Interest Rate for 5 years on 1^stJan 2018 -6%

On 31^stDec 2023-You decide to break the FD
Revised Tenure of Deposit-5 years
Premature Withdrawal Penalty=1%*

Interest rate applicable on the Fixed Deposit would be: Interest Rate Applicable for 5 years(6%)–Premature Withdrawal Penalty(1%)=5%
Thus,instead of 8.25% you will earn 5% for a period of five years.

Following types of bank accounts can be opened:

• Non-resident External (NRE)
• Non-resident Ordinary (NRO)
• Foreign currency Non-resident (FCNR)

International Wire Transfer:You can wire funds from your overseas bank account to your IDFC FIRST Bank NRI Account.It normally takes 2-3 business days for the funds to reflect in your account after your overseas bank has initiated this international wire transfer.Funds transferred to your IDFC FIRST Bank NRI are available for use as soon as they are credited to your account.The exchange rate applied for your transfer will be the exchange rate on the date on which we receive funds in your account.

IDFC FIRST Bank does not charge a fee for incoming Wire Transfers,however your local bank overseas may charge a fee for sending International Wires.Your bank will require information such as your IDFC FIRST Bank Account Number,Beneficiary details and routing number.For your convenience,you can complete the details below,print the form and provide to your bank to initiate the wire transfer from your account.

Online Remittance through third party portals:Your IDFC FIRST Bank accounts are enabled to receive credit from Online/Third Party remittance providers.All you need to do is add your IDFC FIRST Bank Account as a beneficiary;most remittance providers will be able to directly credit your IDFC FIRST Bank Account.Exchange rates and time taken are determined by the remittance provider and not by IDFC FIRST Bank.

If you have a Non-Resident External (NRE) Account, deposit or FCNR(B) Deposit, please complete the Funds Transfer Request Form and e-mail it to nriservices@idfcfirstbank.com from your registered e-mail ID. For our mutual protection, for instructions received on e-mail, our representatives may call you to verify your identify and your instructions prior to executing the instructions. The transfers may be delayed if you are not contactable at the registered telephone numbers on our records.

This is fast, convenient and fee-free. You will receive these funds in your overseas bank account typically within 1-2 business days.

• Overseas Bank account number, remitter name, overseas address and country
• Complete Beneficiary Name, account number and Purpose of remittance.
• Correspondent Bank Name, swift code and account number. These details are available on Click Here
• Beneficiary Bank name, address and Swift code (IDFBINBBMUM)
• Do not mention account number for opening a FCNR fixed deposit, kindly ensure only your UCIC is mentioned.
• Purpose of remittance
• Please select charge method as “OUR” to avoid correspondent bank charges

No, there is no fee currently.

To initiate a transfer from your IDFC FIRST Bank NRI Account to your local bank account, we will need the account number of your local bank account number, the name of the beneficiary bank name, address and SWIFT Code.

If you have a Non-Resident External you can also complete the A2 Cum Remittance Form, and e-mail it to nriservices@idfcfirstbank.com

Your funds should be credited into your NRI account within 2-3 business. We will reach out to you if we have any clarifications regarding your transfer. Please also ensure that your contact details are always updated on our records.

If you had requested for funds to be sent as a wire transfer from your IDFC FIRST Bank NRE/ FCNR Account to your local bank account overseas, you should receive these funds normally within 2-3 Business Days in your local bank account overseas. If you do not receive the funds within 2-3 Business Days, please call Banker on Call.

To ensure that there are no delays, please ensure that you provide complete and correct information in the A2 Cum Remittance Request Form. Please also ensure that your contact details are always updated on our records.

Foreign Exchange Rates applicable on your transfer are available on our website. Exchange rate applicable on the date of conversion of funds to / from INR from / to FCY will apply.

NRE account balances are freely repatriable. There is no limit specified for outward remittances from such accounts

For making an outward remittance from your NRO account, please walk into any IDFC FIRST Bank branch in India and initiate the outward remittance by filling up Retail Outward Remittance Application specifying the necessary details. In addition to this, you have to provide documentary proof of the source of the funds sought to be remitted and C.A. Certificate in Form 15CA and 15CB.

Balances in the NRO account arising out of capital receipts can also be repatriated upto USD 1,000,000 in a financial year. There is no limit for repatriating current income transactions (e.g Rent, Dividend, Interest, e.t.c)

No , you can access your IDFC FIRST Bank account through internet banking or on the mobile app. The first thing you need to do is create your own User ID & Password. We don't send you hard to remember user ID & PINs. All you need is your Customer ID (this is sent you on e-mail after your account was opened) and mobile number, follow the steps on https://my.idfcbank.com/start and you will be done in no time. You can also create your user ID & PIN on our mobile app. The mobile APP is also M-PIN/ Biometric auth enabled to allow simple & secure log-in. You can subsequently place a request for a physical debit card using your internet banking / mobile banking app.

A physical card is not offered by default and is available on request. We will set up a Virtual Debit Card as soon as your account is opened and activated. Internet Banking & E-com transactions are enabled on this card.If you would like a physical debit card to be sent to you, you can request for the same on internet banking or the mobile app.

No, there is no finance charges. For fees, click here to refer to our schedule of charges.

We offer you the convenience of a single Debit Card for both your NRE & NRO accounts. IDFC FIRST Bank offers unique on-the-fly swap for your to switch your primary account (from NRE to NRO & vice versa)

Transactional Accounts:An IDFC FIRST Bank NRI Savings Account is a transactional account that allows you to deposit or withdraw funds in the account based on your needs.We offer two types of IDFC FIRST Bank NRI Savings Accounts:

• Non-Resident External
• Non-Resident Ordinary

You can choose the type of account depending on whether the source of funds into this account is from India or overseas and based on your need for this account.

The table below will help you understand the difference between these accounts better:

Term Deposit Accounts:We offer three types of Term Deposit Accounts:Foreign Currency Non-Resident,Non-Resident External & Non-Resident Ordinary.You can choose the type of deposit account depending on whether the source of funds into this account is from India or overseas and based on your need for this account.

The table below will help you understand the difference between these accounts better:

Yes,you can remit funds in any convertible currency towards your NRI account opening.We will convert these to INR and then credit them to your NRE Savings Account.

You can contact either our branch or write to nriservices@idfcfirstbank.com with the following details:

• A filled up editable NRI account opening form which would be shared with you or can be accessed by clicking here
• Documents needed:
  1. Passport Copy
  2. Visa copy
  3. If you are PIO/OCI then a PIO/OCI card or a PIO declaration can be filled up
  4. Overseas address proof
  5. Colour Photograph
  6. PAN copy or the PAN number can be mentioned on the account opening form
  7. In case you don't have a PAN,then a Form 60 would be obtained
• Attesation requirements: Besides all documents being self attested,your passport and overseas address proof document would need to be attested by any one of the below authorities from your overseas country of residence:
  
  1. Authorised officials of overseas branches of Scheduled Commercial Banks registered in India
  2. Overseas Banker
  3. Notary Public Abroad
  4. Court Magistrate
  5. Judge
  6. Indian Embassy/Consulate General
  7. Post Office overseas
  8. Exchange houses having tie ups with Indian Banks
  9. Mayoral Office
  10. Ministries in Gulf Regions
  11. Solicitor / Registrar
• Scan the form & documents from your registered email id to nri@idfcfirstbank.com or to your branch/relationship manager.
• Once we receive your email,we will call you back for a verification.
• Post this our account will be opened will be opened in a restricted mode
• We will call you to organize a courier pickup for your account opening documents.
• You will then need to do transfer from your existing bank account in India/Overseas bank account.
• Once the courier of your documents has been received and we ratify that the credit is from your account,your account will be made fully operational.
• You log into internet banking and start using your account.

We need documents to establish you identity, residential status & overseas address:

Yes,you can.We will need the minor’s Passport & NRI Proof details.The guardian would need to be an existing NRI customer of the bank

Once we receive your completed application form it should take 3-4 days to open your account.If we have any questions,or need any additional information we will reach out to you on the phone or e-mail.Once your account is opened,we will inform you your Customer ID & Account number.You can create your internet banking credentials with this information and start using your account immediately.

Permanent Account Number (PAN) is recommended for all bank accounts in India and is required for many financial transactions within India (such as purchase or sale of properties,repatriation of funds,filing income tax returns etc).

PAN is required for both Non-Resident Ordinary Accounts and Non- Resident External Accounts.If you do not have a Permanent Account Number,you can complete Form 60 in the Account Opening Form.If you do not have a Permanent Account Number yet,we recommend that you apply for one and update the records with us as soon you get one.

If you do not provide us with a Permanent Account Number,you will not receive Tax Deducted at Source (TDS) certificates in Form 16 for the taxes deducted at source on your Non-Resident Ordinary accounts (both IDFC FIRST Bank NRI Account as well as Term Deposits).

If you have a PAN it is mandatory to provide your PAN details to the bank at the time of account opening

Yes,it is available on request through internet banking or through e-mail/branch channels.

Rs. 25,000 is monthly minimum balance requirement per account.

Through internet banking/mobile app.

Yes,if your balance is less than Rs. 25,000 we will apply a fee. Click here to refer the schedule of charges.

If you hold a domestic IDFC FIRST Bank Account,you will need to convert this account to a Non-Resident Ordinary Account.

As per the current guidelines of the Reserve Bank of India, when a Resident Indian leaves India to any country overseas (other than Nepal or Bhutan),for employment, business or immigration, the Resident Indian is treated as a Non-Resident Indian and the bank account in India needs to be designated as a Non-Resident Ordinary Account.

To convert your domestic IDFC FIRST Bank Account to a Non-Resident Ordinary Account,you will need to complete a new NRI Account Opening Form,attach all the relevant documents required to open a new NRI Account.Please contact your IDFC FIRST Bank branch in India prior to relocation or nriservices@idfcfirstbank.com once you relocate for guidance.

Converting domestic IDFC FIRST Bank Account to a Non-Resident Ordinary Account will impact the following:

Yes, on e-mail to your registered e-mail ID every month when there is a transaction in any of your accounts with IDFC FIRST Bank.It is mandatory to provide a valid email id at the time of account opening.

Please complete the Holder Addition Form.To add a Joint Account holder,the Joint Applicant needs to submit the same documentation required for a new customer–i.e. Passport + NRI Proof + Overseas Address Proof.

Depending on where you reside the form & documents may be scanned on by e-mail or couriered to IDFC FIRST Bank.If you and your joint holder are in India,you may walk in to an IDFC FIRST Bank branch.If the joint holder is residing overseas the documents would be attested as per the attestation authorities mentioned above.

To remove a Joint Account Holder from the account, we will require written instructions detailing the Account Number,Names of the Joint Account Holder to be removed from the account requesting us to remove the Joint Applicant from the Account.This letter will need to be signed by all Account Holders on the account.

You can e-mail this request on scan to nriservices@idfcfirstbank.com .we will process the transaction after a call back verification

You can add a nominee through internet banking.You can also complete the Nomination Addition Form and e-mail the same to nriservices@idfcfirstbank.com from your registered e-mail address.You have the option to add a nominee to each of your accounts & deposits with the bank. 

Please complete the Nomination Deletion Form and e-mail the same to nriservices@idfcfirstbank.com from your registered e-mail address. 

Please complete the Nomination Modification Form and e-mail the same to nriservices@idfcfirstbank.com from your registered e-mail address.

If you have not provided a Permanent Account Number (PAN) at the time of account opening for your Non-Resident Ordinary IDFC First Bank Account or Deposits, you will not get Tax Deducted at Source (TDS) certificates in Form 16 A.

If you have acquired a Permanent Account Number (PAN) at any time after account opening, you can update your account with your PAN details and will start receiving Tax Deducted at Source (TDS) certificates in Form 16 A for subsequent quarters.

You can login to your account and upload your PAN on your profile page. If you would like to receive the Tax Deducted at Source (TDS) certificates in Form 16 A for prior years (prior to acquiring the PAN Card and for taxes deducted on the interest earned in prior years), please send us an e-mail request asking us to file an amendment to the interest and the TDS to reflect on your PAN Number. Please also include a signed photocopy of your PAN Card along with this e-mail. You can also visit any IDFC First Bank branch in India to hand over this form in person.

As per the current regulations, interest earned on Non-Resident External (both IDFC First Bank NRI Account as well as Term Deposits) and Foreign Currency Non-Resident Deposits are not subject to tax in India. Based on your country of residence, interest earned on Non-Resident External IDFC First Bank Account, Non-Resident External and Foreign Currency Non-Resident deposits may be subject to tax in your country of residence. Please speak with your tax consultant to understand the tax obligations in your country of residence. Interest earned on Non-Resident Ordinary IDFC First Bank NRI Account and Deposits are taxable in India. The current rate of taxes applicable on interest earned on Non-Resident Ordinary Accounts is 30% + CESS.

For Non-Resident Ordinary IDFC First Bank NRI accounts, taxes are deducted at source (TDS) when interest is paid into your account (quarterly). For Non-Resident Ordinary Deposits, taxes are deducted when interest is paid or accrued on your deposit account. If you have chosen a simple interest mandate, interest is paid quarterly/ monthly and taxes are also deducted quarterly/ monthly. The interest paid and taxes deducted will reflect in your account statement. If you have chosen a compound interest mandate, interest is accrued quarterly but paid upon maturity. Correspondingly, taxes are deducted quarterly on accrual and this will reduce the maturity amount accordingly.

If you have provided a Permanent Account Number at the time of account opening for your Non-Resident Ordinary IDFC First Bank NRI Account or Deposit, we will issue a Tax Deduction at Source (TDS) Certificate in Form 16 A to assist you with filing of your tax returns in India. Form 16 A is issued on a calendar quarter basis for the taxes deducted during that quarter (April-June, July-September, October – December and January – March). Interest earned on Non-Resident Ordinary IDFC First Bank NRI Accounts and Deposits may also be subject to taxes in your country of residence. Please speak to your tax consultant to understand the tax obligations in your country of residence

Double Taxation Avoidance Agreement (DTAA) is a bilateral agreement that the Government of India has with certain foreign countries to promote and foster economic trade and investments between these countries. The advantage under this agreement is that rate of taxes deducted on the interest earned on Non-Resident Ordinary Deposits and Non-Resident Ordinary savings account may be lower than the normal applicable rate of taxes deducted at source.

DTAA benefit is available on IDFC First Bank NRO Savings, NRO Fixed Deposits & NRO Recurring Deposits.

To update DTAA details with the bank please provide the following documents:

• DTAA request letter
• Tax Residency Certificate (This wil be issued by the appropriate authority in your country of residence)
• Form 10F

Please e-mail the signed forms & self-attested copies of documents to nri@idfcfirstbank.com or submit it at the nearest IDFC FIRST Bank Branch.

Please refer to the table below to understand the benefits of Double Taxation Avoidance Agreement:

The Permanent Account Number (PAN) is issued by the Income Tax Department in India. You can apply online for a PAN Card from anywhere. Please visit the Income Tax of India’s website to learn more about a PAN Card.

Yes. The Deposit Insurance and Credit Guarantee Corporation can cancel the registration of an insured bank if it fails to pay the premium for three consecutive half-year periods. In the event that Deposit Insurance and Credit Guarantee Corporation withdraws the cover from any bank for default in the payment of premium, the public will be notified through local newspapers in India.

In the event of the cancellation of registration of a bank, deposits of the bank remain covered by the insurance till the date of the cancellation.

The deposit insurance system in India is subject to the Provisions of Deposit Insurance Act. Deposit Insurance & Credit Guarantee Corporation is the body that operates this insurance system. Your accounts with IDFC First Bank are covered by the Deposit Insurance & Credit Guarantee Corporation of India up to a maximum of INR 5,00,000 (Rupees Five Lakhs).

Each depositor in a bank is insured up to a maximum of Rs. 5,00,000 (Rupees Five Lakh) for both principal and interest amount held by him in the same right and same capacity.

The deposits kept in different branches of a bank are aggregated for the purpose of insurance cover and a maximum amount up to Rupees Five lakh is paid.

In the event of a bank failure, the Deposit Insurance and Credit Guarantee Corporation protects bank deposits that are payable in India. The Deposit Insurance and Credit Guarantee Corporation insures all deposits such as savings, fixed, current, recurring, etc for each depositor for a maximum of INR 1,00,000 (Rupee One Lakh).

Deposits held by a customer across different branches of a bank are aggregated for the purpose of this insurance cover and is currently a maximum of INR 1,00,000 (Rupee One Lakh) per customer.

No. The Insurance Scheme under the Deposit Insurance and Credit Guarantee Corporation is mandatory and banks cannot withdraw from this coverage.

IDFC FIRST Bank's Savings Account is our testament to putting our customers first. We offer one of the industry’s best savings account interest rates at 6% p.a. for balances <= 1 crore. Effective 1st February 2021, Interest payable will be calculated on a progressive basis as per the rate slabs mentioned below

Interest will be paid quarterly, on daily balances, at the end of the day.

Examples:

1. In case your account balance with us is ₹5,000, the interest payable to you will be 6% on the entire ₹5,000.
2. In case your account balance with us is ₹5 lacs, the interest payable to you will be 6% on the entire ₹5 lacs.
3. In case your account balance with us is ₹1.10 crores, the interest payable to you will be 6% on ₹1 crore and 5% on ₹10 lacs.
4. In case your account balance with us is ₹5.3 crores, the interest payable to you will be 6% on ₹1 crore, 5% on ₹4 crores, and 4% on ₹30 lacs.