7 Benefits of an NRE Savings Account by IDFC FIRST Bank

Rahul, a non-resident Indian (NRI), has built a successful life in New York, USA. But no matter how far he is from India, his heart and finances remain connected to home. Every month, he sends money to his parents in Mumbai and is now looking to save for his long-term plans—investing in Indian real estate and setting up a future business back home.

To make the most of his hard-earned money, Rahul needs a banking solution that ticks all the boxes:

• Low-cost money transfers
• Instant access to funds for his family
• Competitive interest rates on savings
• Tax-free interest for better savings
• A fully digital platform for easy access worldwide

If you’re an NRI like Rahul, looking to grow your savings, manage your finances in India with ease, and enjoy exclusive banking privileges, a Non-Resident External (NRE) savings account can help you maximise the benefits of a savings account.

Let’s explore why the IDFC FIRST Bank NRE Savings Account might be the best NRI savings account for you. 

Why choose an NRE savings account?
 

An NRE savings account is an exclusive NRI savings account designed to help NRIs like you deposit your foreign income in Indian rupees and conveniently access it from anywhere in the world. Unlike a regular savings account, which is meant for Indian residents, an NRE savings account offers a legally compliant way to manage your foreign funds in India in accordance with RBI regulations.

The primary advantage? The money and the interest earned on the NRE Savings Account are fully repatriable and tax-free in India. Furthermore, it helps you utilise your overseas earnings for expenses or investments in India while enjoying the benefits of a savings account.

Top benefits of the IDFC FIRST Bank NRE Savings Account
 

If you are looking for an NRE savings account, IDFC FIRST Bank offers a compelling suite of benefits designed for NRIs. Let's discover these –

1. Higher interest rate, with monthly interest credits
 

Earning a good interest on NRE Savings Account is a priority for most NRIs, and IDFC FIRST Bank understands this. The bank offers up to a 7.00% per annum interest rate on NRI Savings Account. The interest is credited monthly, in contrast to quarterly interest credits offered by other banks. This allows you to benefit from frequent compounding (earning interest on your interest), helping you grow your savings faster.

As a result, an IDFC FIRST Bank NRE Savings Account helps you to achieve your financial goals faster. You get more money to save, spend, and invest—for your retirement, to buy property, or to support your family back home.

2. Cost-effective money transfers
 

The ability to conduct hassle-free international transactions is another one of the benefits of a savings account. With an IDFC FIRST Bank NRE Savings Account, it’s incredibly easy and cost-effective to send money to resident accounts in India via UPI, RTGS, NEFT, or IMPS, either through mobile or net banking. You can transfer money to and from your NRE Savings Account to your bank in your country of residence without any fee or charges (Disclaimer—beneficiary bank or its intermediaries may levy additional charges).

The bank offers streamlined money transfers through various online and offline channels, allowing you to deposit foreign currency in Indian rupees at competitive rates. This ease of remittance ensures you can support your family, manage investments, and handle other financial obligations in India without stress.

3. Award-winning digital banking service
 

IDFC FIRST Bank offers award-winning digital banking services to its customers. You get access to 24X7 mobile and internet banking services. Additionally, you can track all your Savings Account and investments in India in one place, make digital payments, pay bills, and much more from your mobile banking app.

The intuitive digital platform ensures you're always in control of your finances, making it one of the most convenient financial management tools for NRIs.

4. Dedicated relationship manager
 

IDFC FIRST Bank goes the extra mile by offering you dedicated NRI services. Each NRI account holder is assigned a relationship manager who understands your unique needs and provides personalised assistance. Whether you need help with transactions, investment advice, or navigating banking regulations, your dedicated relationship manager is there to provide expert support.

5. Security and compliance
 

Entrusting your hard-earned money to a secure and compliant banking partner is crucial. IDFC FIRST Bank upholds the highest security and regulatory compliance standards, ensuring your funds are safe and protected. The bank employs robust security measures to safeguard your account from unauthorised access and fraud, giving you peace of mind.

6. Tax benefits
 

Tax efficiency is one of the most significant benefits of a savings account for NRIs. The interest on NRE Savings Account you earn with IDFC FIRST Bank is tax-free in India. This exemption in NRI taxation allows you to have higher returns on your savings, retain the entire amount of your earnings, and build wealth across borders.

7. Repatriation benefits
 

IDFC FIRST Bank NRE Savings Account offers the flexibility to repatriate 100% of your deposit to your country of residence anytime. This unrestricted repatriation means you can transfer your funds (as well as tax-free interest) back home without any hassles or constraints. Whether you need to move your savings for personal reasons or investment opportunities, IDFC FIRST Bank ensures that your money is always accessible.

How to open an IDFC FIRST Bank NRE Savings Account
 

Does this sound like you?

a) Looking for a high-yield savings account

b) Need to send money to India frequently

c) Has financial investments or a family in India needing easy access to funds

In this case, an IDFC FIRST Bank NRE Savings Account is an excellent choice for you. The combination of attractive interest rates, seamless transactions, dedicated services, and tax benefits of a savings account makes it the best NRI savings account for managing your finances.

Moreover, you can open this NRE savings account in a few simple steps –

a. If you are overseas:

1.  Visit the IDFC FIRST Bank NRE Savings Account page. Enter your mobile number and email ID to begin the process

2. To complete the application form, provide the necessary personal details as prompted. Upload scanned copies of your certified Know Your Customer (KYC) documents, including –

i. A valid passport (serving as both identity and address proof)

ii. Proof of NRI status, such as a valid visa, PIO card, or OCI card

iii. Overseas address proof, like utility bills or a driving license

iv. Recent passport-sized photographs

3.  After you submit your application, the bank will verify your documents. Upon successful verification, your NRE savings account will be opened

b. If you are in India

1. Locate the nearest IDFC FIRST Bank branch you can visit. Carry self-attested copies of the required KYC documents –
   
   i. Valid passport
   ii. Proof of NRI status
   iii. Overseas and Indian address proofs
   iv. Recent passport-sized photographs
   v. PAN card
   
   
2. A bank representative will guide you through opening your NRE savings account. Fill out the necessary form and provide your KYC documents
3. The bank representative will guide you through the remaining steps. Once your documents are verified, your account will be set up and ready for use

The entire process is designed to be quick and convenient, ensuring you can maximise the benefits of a savings account with IDFC FIRST Bank without delay.