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