What's special about us
Enjoy Zero Charges on All Commonly Used Savings Account Services
- About Us
- MD & CEO letter about the bank
- MD & CEO
- Our History
- Letter to Shareholders on the 1st Annual Report after Merger
- Letter to Shareholders on the 2nd Annual Report after Merger
- Letter to Shareholders on the 3rd Annual Report after Merger
- Letter to Shareholders on the 4th Annual Report after Merger
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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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NRE Savings Account Interest Rate Calculator
For non-resident Indians, NRE savings accounts are the most viable financial instruments for managing their foreign earnings in India. As with conventional savings accounts, these accounts also offer interest on the deposited funds and are often used by Indians living abroad to manage their finances.Read More
It is important to know the returns on your NRE savings account to plan your finances efficiently. That's why we offer an integrated online NRE savings account interest calculator that's free for anyone to use. This NRE savings account interest calculator tool helps you to quickly calculate the returns on your NRE savings account instantly in an easy and interactive way.Read Less
NRE Savings Account Interest Simulator
How to use the NRE savings account interest rate calculator?
The NRE savings account interest rate calculator from IDFC FIRST Bank is an easy-to-use online tool. It gives you an estimate of the amount of interest earned on your NRE Savings account based on your account balance and interest rates over a specific period. Follow the steps below to use it:
Step 1
Choose a specific amount by adjusting the slider from left to right in the account balance section.
Step 2
Next, adjust the ‘bank interest rate’ slider according to the interest rate offered by other banks on your NRE account.
Step 3
The savings account interest calculator will simultaneously calculate the interest earned as you adjust interest rates and account balances.
The slider buttons allow you to quickly and easily adjust the account balance and interest rate, so you can accurately calculate the interest earned over a period of time. This makes it easier to plan for future expenses and investments, and to make sure you are getting the best returns from your savings.
FREQUENTLY ASKED QUESTIONS
How is interest calculated on your IDFC FIRST NRE savings account?
Interest on your NRE savings account is calculated on the average daily closing balance. The current interest rates are applied to account balances based on the bucket they fall into. The compounding frequency determines how often your interest is applied, which affects how quickly your money will grow. The more frequently the interest is applied, the more quickly the balance will grow.
IDFC FIRST Bank offers one of the highest interest rates for NRE accounts and credits it monthly, which can help grow your wealth faster. In addition, they offer a range of other benefits to meet your daily financial needs.
Is the NRE account tax-exempt?
Yes, NRE account interest is generally tax-exempt in India. The income is exempt from income tax, wealth tax, and gift tax. This makes NRE accounts an attractive option for non-resident Indians seeking to earn interest without additional taxation in India
What is the procedure to apply for an NRE account?
You can apply for an IDFC FIRST Bank NRE savings account by either walking in a physical bank branch or drop your details on the lead page of our website and our executive shall call you for account opening, whichever is more convenient for you. When filling out the form, you typically need to provide relevant documents, such as a copy of your passport, visa, proof of Indian address, and passport-sized photographs and signature(in case of online account opening). In case, the account is opened online, the documents need to be notarised. The exact requirements may vary from bank to bank.
What are the key differences between NRE and NRO accounts?
NRE (Non-Residential External) and NRO (Non-Residential Ordinary) accounts serve distinct purposes. NRE accounts are designed for foreign income and are fully repatriable, meaning funds can be freely transferred in and out of India. Interest earned on NRE accounts is tax-exempt.
In contrast, NRO accounts are meant for depositing income earned in India and have limitations on repatriation of up to $ 1 million USD per financial year. Interest on NRO accounts is taxable in India. Understanding these differences helps select the right account based on your financial requirements.
