You can choose the type of account depending on whether the source of funds into this account is from India or overseas and based on your need for this account.
Balance in ₹ (Rupees) | Rate of Interest (% p.a.) |
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<=1 Crore | 6% |
(Effective from 15/09/2020), Click Here for the updated interest rates.
The table below will help you understand the difference between these accounts better:
Non-Resident External Account (NRE) | Non-Resident Ordinary Account (NRO) | |||
Purpose of the Account |
Both NRE and NRO are rupee denominated accounts to help you manage your financial obligations in India while overseas. You can use these accounts to transfer funds back to India for investment, family maintenance purposes, Transfer funds, make bill payments, E-com, point of sale (POS) transactions or ATM withdrawals. |
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Currency of Account |
Balances in Account are held in Indian Rupees |
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Rate of Interest |
6% p.a.*, interest is paid at the end of each quarter on the daily average balance |
6% p.a.*, interest is paid at the end of each quarter on the daily average balance |
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Specific need Addressed by the Account |
Savings in India from the income earned or savings by NRI overseas |
Savings in India from the income earned in India (examples are rental income, sale of property, inheritance, savings before leaving India). This account is required if would like to transfer your savings/ income in India to your overseas bank Account. |
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Funding the Account |
The account can be funded through:
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The account can be funded through:
Please note that the transfer from NRO Accounts to NRE is not allowed, without supporting repatriation documentation |
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Tax |
The interest earned on this account is exempt from tax in India. However, the interest earned may be subject to tax in your country of residence. |
The interest earned on this account is taxable in India. Tax is currently deducted at source at 30% + Surchage and cess when the interest accrues on your deposit. |
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Joint Account Holder |
You can add Non-Resident Indians /PIOs / OCIs as Joint Account Holders. |
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Mandate Holders |
An individual resident in India can authorized to operate the account on behalf of the account holder. |
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Repatriation |
Repatriation can be done easily for both principle and interest earned. |
Repatriation needs to be in adherence to the guidelines of the Reserve Bank of India and is limited to equivalent of USD 1 million (or equivalent amount) per year for all qualified balances. |
6% interest rate on Savings Account is applicable for balances up to 1 crore. Interest rates are subject to change at the sole discretion of IDFC FIRST Bank
KRM Tower, 7th Floor, No. 1,
Harrington Road, Chetpet,
Chennai - 600031, Tamil Nadu,
India
Naman Chambers,
C-32, G-Block,
Bandra-Kurla Complex,
Bandra East, Mumbai - 400051,
India
Toll Free No - 1800 419 4332
Email - Banker@idfcfirstbank.com
Toll Free No - 1860 500 9900
Email - Customer.Care@Capitalfirst.Com
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