How to open an NRI account in India

As the world becomes more interconnected, individuals often find themselves living and working in different countries. For Non-Resident Indians (NRIs), maintaining financial ties with their home country is crucial for several reasons. One way to achieve this is by opening an NRI account in India.

If you are a Non-Resident Indian willing to apply for an account, you can opt for several smart ways to open an NRI account with IDFC FIRST Bank without the worries of visiting the bank branch. This guide aims to provide a step-by-step process for opening an NRI account at the bank either online or in-person. 

Know the types of NRI accounts
 

Before opening an NRI account, you must be aware of their 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 as per a financial year.It can be held in Indian Rupees, facilitating local transactions.
• FCNR (Foreign Currency Non-Repatriable) account: Perfect for holding foreign earnings in foreign currencies, this account shields you from exchange rate fluctuations and offers higher interest rates. Funds held in an FCNR account are fully and freely repatriable. The principal amount as well as interest earned on FCNR deposit is exempt from Income tax in India.

IDFC FIRST Bank offers comprehensive banking services to Non-Resident Indians with complete digital access to their accounts without any hassles. 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 highest interest rates in the sector 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.

• Visit the bank branch

It is a traditional yet an 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 our 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.  

• 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’. Enter a few details on the lead page and one of our executives shall call you and instruct you to open an account without hassles.

Documents required to open an NRI account
 

As a mandatory verification process, you must submit the following documents while opening an NRI 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 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, Indian Embassy,

Opening an NRI account with IDFC FIRST Bank is quick and streamlined, thanks to a range of options that cater to different preferences and situations. Whether you choose to visit a branch or apply online, the process is designed to accommodate your convenience and ensure a seamless experience as you establish financial ties with your home country. 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.