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open an NRI account

19 Jun 2025 by Team FinFIRST
open an NRI account
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Moving abroad, whether for education or employment, comes with its fair share of challenges. You might juggle adjusting to the local culture, living away from family, overcoming language barriers, and more. Amidst this, managing your finances back home might throw another curveball your way.

To dodge this curveball, you need one simple thing - an NRI bank account.

The NRI account opening process is quite simple. However, before you do so, you need to understand all the aspects surrounding it.

Here’s a quick guide to the most common questions, with their answers, about opening an NRI account in India. Right from the process to the benefits and how to choose the right account, we clear up all your doubts. 

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What is an NRI account, and why is it required?
 

Let’s start with the basics. A Non-Resident Indian (NRI) is an Indian citizen residing outside India for employment, studies, or any other purpose. As per the Foreign Exchange Management Act (FEMA), once you attain an NRI status, your regular resident savings account becomes invalid. Consequently, to avail of banking services in India, you must open an NRI account.

What can you do with an NRI account?
 

An NRI bank account is specially designed to cater to the needs of NRIs. It allows you to effortlessly manage your finances across borders. With an NRI account, you can seamlessly send money from abroad, repatriate funds from India, make investments, avail of loans and insurance, conduct a wide range of financial transactions, etc. 

How many types of NRI accounts are available?
 

The following are the two main types of NRI accounts available:

  1. Non-Resident Ordinary (NRO) account
  2. Non-Resident External (NRE) account

Each account serves a specific purpose and differs from the other. Here’s a look at the most common differences between them:

 

Parameters

NRO account

NRE account

Denomination

Denominated in Indian Rupee (INR)

Denominated in INR

Purpose

Used to deposit or credit income earned in India

Used to deposit income earned abroad

Repatriatiability

Funds can be repatriated abroad up to a limit of $1 million in a financial year

Funds can be repatriated freely, without limits

Taxation

Interest earned is taxable

Interest earned is tax-free

 

Which NRI account is right for you?
 

Choosing the right NRI account in Indiadepends on your needs. Here are some tips for choosing the right account:

  1. If you need an account to transfer your international earnings back home, opt for the NRE account
  2. The NRO account is suitable if you have sources of income in India and you need to manage them seamlessly

How to open an NRI account?
 

Opening an NRI account is easier than you think. Thanks to digitisation, you can open an NRI account even from abroad.

The NRI account opening process depends on the bank you choose. However, some of the common steps are as follows:

  1. Step 1: Visit the bank’s website, choose the preferred NRI account, and apply online.
  2. Step 2: Fill out the online NRI account opening form stating all the relevant details.
  3. Step 3: Upload the required documents for verification purposes.
  4. Step 4: Complete the Know Your Customer (KYC) formalities.
  5. Step 5: Your account will open once the submitted documents are verified by your bank.

What documents are needed for opening an NRI account?
 

The primary documents required during the NRI account opening process are as follows:

  1. A valid identity proof, like your passport or PAN card
  2. Proof of NRI status like a visa, resident permit, foreign passport, etc.
  3. Proof of overseas address like passport, driving license, national or government-issued ID, etc.
  4. Recent coloured photographs
  5. PAN card or Form 60

What is a joint NRI account?
 

A joint NRI account can be opened jointly with other individuals. For instance, you can open a joint NRI account with your spouse, children, or parents living in India or abroad. At IDFC FIRST Bank, NRIs can open joint accounts with other NRIs or residents. In case a resident is made a joint account holder, the Mode of Operation must be ‘Former or Survivor’, and only one resident can be added as a joint account holder. Joint accounts can also be opened with other NRIs (a maximum of four are permitted) with Mode of Operation as ‘Either or Survivor’, Jointly, or Minor Under Guardian.

Choose the most rewarding NRI account and bank with ease
 

While there are many choices, choosing the right account can reward your banking experience. For instance, IDFC FIRST Bank NRI Accounts offer you a rewarding banking experience. Recognised amongst the ‘World’s Best Banks 2025’ by Forbes in partnership with Statista, IDFC FIRST Bank has a global reach with the best-in-class service standards.

Choose from different types of accounts based on your needs and earn attractive interest rates. With a digital platform and an easy onboarding process, enjoy a simplified NRI account opening process.

Now that you know the basics of NRI accounts, go ahead and open one for your cross-border financial needs.

What makes IDFC FIRST Bank NRI Banking stand out?
 

  1. A range of savings and deposit accounts
  2. Interest of up to 7% per annum with monthly credits
  3. Zero charges on savings account services
  4. IDFC FIRST Bank mobile app for all your banking services
  5. A dedicated relationship manager for all your needs
  6. 360-degree digital onboarding and customer service
  7. Recognised among the World’s Best Banks 2025 by Forbes in partnership with Statista

Frequently Asked Questions

Can I open an NRE and NRO account at the same bank?

Yes, you can open both accounts at the same bank.

What happens to the NRI account if I shift back to India?

Your NRO and NRE accounts will be converted to a resident savings account after you move back to India.

Can I convert a regular savings account to an NRE account after becoming an NRI?

No, your regular savings account can only be converted to an NRO account. If you need an NRE account, you must open a new one. 

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.

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