A step-by-step guide on how to open an IDFC FIRST Bank NRI account

An NRI bank account is crucial for you as an NRI to handle daily financial transactions in India while managing income earned abroad. Such accounts make it easy for you to invest, remit, and repatriate funds as required. You can open an NRI account online or in person at your convenience, depending on whether you are visiting India or staying abroad. With IDFC FIRST Bank, you can enjoy a range of NRI banking solutions, including a digital NRI account-opening process, competitive interest rates, fully digital access through IDFC FIRST Bank’s mobile app, and multiple account types designed to suit your financial needs.

This guide aims to provide a step-by-step process for opening an NRI account either online or in-person. 

Know the types of NRI accounts
 

Before you open an NRI account, you must be aware of its types and choose the most suitable account as per your needs. The following are the three main types of NRI accounts.

• NRE (Non-Residential External) account: This account lets you maintain foreign income in India. Funds are held in Indian Rupees and are fully repatriable, allowing you to transfer both principal and interest back to your foreign account. Funds in these accounts are exempt from tax in India.
• NRO (Non-Residential Ordinary) account: Designed for managing income earned in India, such as rent or dividends, this account is partially repatriable up to 1 million USD in a financial year. It can be held in Indian Rupees, facilitating local transactions.
• Seafarer account: Seafarer Account - An INR-denominated NRI savings account designed to simplify banking, maximize savings, and provide unmatched flexibility to Mariners by offering choice of both NRE and NRO account types. Whether you’re aboard international vessels, oil rigs, or cruise liners, this account ensures your hard-earned money is secure, accessible, and growing. 

IDFC FIRST Bank offers comprehensive banking services to Non-Resident Indians with complete digital access to their accounts. As an NRI, you can access and manage your account from any location, anytime. Additionally, you can appoint a mandate holder from your family to run the account on your behalf in India. What’s more? You get one of the best interest rates  with the reliability and security of IDFC FIRST Bank. Explore more!

Various ways to open an NRI account with IDFC FIRST Bank
 

Opening an NRI account with IDFC FIRST Bank is quick and effortless. You can choose one of the various ways mentioned below to open an NRI account at your convenience.

• Apply online

One of the most convenient ways to open a bank account is through a digital application. The process is particularly useful if you are unable to visit the bank branch. Simply navigate to the ‘NRI Banking’ section, choose the type of NRI account as per requirements, and click on ‘Apply now’.

• Visit the bank branch

Visiting a branch is a traditional yet effective way to open an NRI account in India. If you are currently on a visit to India, you can locate a nearby IDFC FIRST Bank branch during banking hours and meet a Bank representative. The representative will guide you through the application process to open an NRI account of your choice. However, ensure to carry all the required KYC documents and photographs for easy onboarding.

Steps-by-step guide to apply for NRI account online
 

Opening an NRI account online with IDFC FIRST Bank is a simple 3-step process. Here’s how you can do it:

· Step 1: Click on the ‘Apply now’ button on the IDFC FIRST Bank website and enter your mobile number, email ID and ensure validation of email ID via a One Time Password (OTP).

· Step 2: Select the desired NRI Account type (NRE/NRO or Both) as per your financial needs.

· Step 3: Provide your personal details and upload certified KYC documents, along with your recent photograph and signature.

· Step 4: Once the KYC verification is complete, your NRI Savings Account will be activated, giving you instant access to secure and convenient NRI banking services.

In case you are unable to complete the application, our NRI expert will connect with you to assist through the next steps once you exit from the screen.

Documents required to open an NRI account
 

As a mandatory verification process, you must submit the following documents while opening an NRI Savings Account.

• Identity proof: Passport
• Non-resident status proof (any one of the following): Visa / PIO card/ Foreign passport with PIO declaration/Continuous Discharge Certificate with a valid contract letter for seafarers/Resident permit/Resident card.
• Overseas address proof (any one of the following documents having your overseas address): Passport, driving license, National ID /Government issued IDs, latest utility bill (mobile/gas/electricity/telephone), latest savings bank statement from a transactional account, council tax bill, resident permit, voter ID/electoral card.
• Tax related: PAN / Form 60, FATCA-related fields on the application form.
• Other documents: Recent colour photograph, an image of your signature (only for online applications)
• Document certification: When not being met by an IDFC FIRST Bank employee, please ensure your passport, visa, and address proof copies are certified by any one of the following entities from your overseas country of residence: Overseas bank branches with whom Indian banks have a tie-up with, Notary Public abroad, Court Magistrate, Judge, or the Indian Embassy.

Conclusion
 

Opening an NRI account with IDFC FIRST Bank is quick, reliable, and designed with your convenience in mind. With both online and offline application options, NRIs can easily stay connected to their finances in India. The Bank’s NRE, NRO, and FCNR accounts ensure that you enjoy repatriation flexibility, tax benefits, and hedge against exchange rate fluctuations. Choose IDFC FIRST Bank’s NRI banking solutions to seamlessly integrate your international income and Indian financial commitments with confidence.