5 reasons to open an NRI account while working overseas

For anyone taking up a job overseas or going for higher education, an important item on your to-do list should be to open an NRI account. It allows you to leverage several salient features, such as tax exemption, higher interest rates, and much more. 

Let us look at how to open an NRI account and understand its underlying benefits. 

NRI banking in India
 

The banking and investment needs of a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) or a Seafarer differ from that of a resident Indian. NRI banking takes care of these unique needs. If you are an NRI or you’re going to become one, you should open an NRI account with an Indian bank. 

Here are the major categories of NRI bank accounts that you can open in India:

1. Non-Resident External (NRE) account
 

You can easily transfer your overseas earnings to an NRE bank account in India that is rupee-denominated

With the IDFC FIRST Bank NRE Savings Account, you get – 

• 100% repatriability meaning funds in your NRE Savings Account can be fully and freely transferred to your overseas country of residence
• Tax exemption on the interest earned on the NRE Savings
• Digital banking services, operable from anywhere in the world at any time with the award-winning IDFC FIRST Bank mobile app. 
• Cost effective international money transfers to and from the NRE bank account without any processing charges (Intermediary bank charges may apply).
• A complimentary and feature-rich VISA Signature International Debit Card
• With the IDFC FIRST Bank NRE FD Account, you can park your overseas income in India and enjoy attractive interest rates.

2. Non-Resident Ordinary (NRO) account
 

This account is for depositing Indian income like rent, pension etc and your income accruing or arising outside India. You can convert your existing bank account into an NRO savings account.

With the IDFC FIRST Bank NRO Savings Account, you will enjoy one of the highest interest earnings with monthly interest credits and complete digital access to your account worldwide through IDFC FIRST Bank’s innovative mobile banking app. You also get cost effective fund transfers, and a mandate holder facility for your family members to manage your bank account in India on your behalf. 

If you want to invest your Indian income in long-term deposits, opt for the IDFC FIRST Bank NRO Deposit Account. Funds of up to $1 million can be repatriated from this account in a financial year. Park your income in this account for anywhere between seven days to 10 years and enjoy higher interest rates on your income.

3. Seafarer Account
 

Seafarers face unique financial challenges—long months at sea, irregular salary credits, and the need for seamless global access. IDFC FIRST Bank addresses these needs with a tailored NRE/NRO Seafarer Account that comes with a choice to opt for either an NRE account/NRO account or both. . Whether you’re aboard international vessels, oil rigs, or cruise liners, this account ensures your hard-earned money is secure, accessible, and growing as it combines convenience, high returns, and a superior digital banking platform.

Why open an NRI account?
 

NRIs often have resident Indian family members and may have income sources, properties, and assets in the country. If you have been a resident Indian until recently, it is likely that you would have an active presence in India. To balance these along with your overseas income seamlessly, it is essential to open an NRI account. 

The benefits of opening an NRI savings account while working overseas
 

• Tax benefits for NRIs - You can enjoy tax exemption on your income from an NRE bank account, NRE FD, or FCNR deposit account.
• Monthly Interest credits that help in compounding your wealth
• An NRI Expert who gets assigned as your Dedicated Relationship Manager and helps you manage your finances seamlessly
• Easy banking- Seamless remote banking is offered by IDFC FIRST Bank and others to ensure you always have easy access to your account
• Hassle free NRI account opening- You can open an NRI account through a fully digital process. Similarly, you can operate your NRI account from anywhere in the world, anytime. The IDFC FIRST Bank Internet Banking platform and mobile banking app make sure you enjoy every bit of convenience that modern digital banking offers.

Opening an NRI savings account with IDFC FIRST Bank
 

To open an IDFC FIRST Bank NRI Savings Account, you must be an:

• NRI (non-resident Indian)
• PIO (person of Indian origin)
• OCI (overseas citizen of India) 
• Seafarer When overseas:
• Click here to start the account opening process, enter your mobile number and email ID.
• Fill in your details and upload your certified KYC documents along with photo and signature.
• Post verification of your KYC documents, your account will be opened.
• When in India:
• Visit our branch and carry all the required self-attested KYC documents.
• Fill out the offline account opening form and attach the required documents when submitting your application.
• Our representative will guide you through the application process.

Documents required
 

• Your passport
• Proof of non-resident status
• Overseas address proof 
• PAN/Form 60
• FATCA information
• Colour photograph 
• An image of your signature

To sum up
 

To open an NRI account in India, the process is quite simple, with basic documentation required in most cases.

With IDFC FIRST Bank, all the NRI banking services you could want are just a few clicks away - be it for your NRI savings accounts, deposit accounts, investments, or insurance. So, don’t forget to open an NRI savings account of your choice with IDFC FIRST Bank and enjoy your newly earned financial status with ease.