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  • As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.

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Simplify your finances with seamless banking solutions

Open NRI Accounts for Indians Residing in the UAE

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  • Higher interest rates  Upto 7.25%
  • Attractive  Rates
  • Dedicated RM  and  24X7 assistance

Overview

For Indians residing in the UAE, opening an NRI account can be a complex and time-consuming process fraught with regulatory hurdles and documentation challenges. IDFC FIRST Bank recognises this challenge and is dedicated to offering a seamless banking experience to NRIs across the UAE. With a commitment to exceptional service, IDFC FIRST Bank provides a range of convenient and beneficial features via its NRI accounts, including easy online account management, competitive interest rates, and comprehensive support. By choosing IDFC FIRST Bank, NRIs can enjoy a streamlined banking process designed to meet their unique requirements efficiently.

Key benefits of NRI accounts

Easy account opening process

Easy account opening process

Opening an NRI account with IDFC FIRST Bank is quick and straightforward, allowing you to start banking without unnecessary delays.

Competitive interest rates

Competitive interest rates

Enjoy attractive interest rates that help you grow your savings effectively.

24/7 access to funds

24/7 access to funds

Access your account anytime, anywhere with robust internet and mobile banking facilities.

Fast and efficient transfers

Fast and efficient transfers

Enjoy convenience of zero processing fees and no hidden charges.

Eligibility Criteria

Who can apply?

  • Non-resident Indians
  • Person of Indian Origin (PIO)
  • Overseas Citizen India (OCI)
  • Seafarers working on International Vessels
  • Oil rig employees working on international offshore projects
  • Rig employees working on international offshore projects

Documents required

  • Identity proof: Passport
  • Non-resident status proof (Any one of the following): Visa/PIO card/Foreign passport with PIO declaration/Continuous Discharge Certificate with a 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 and address proof copies are certified by any one of the following entities from your overseas country of residence: Overseas bank with tie up to any Indian Bank | Overseas Branch of Indian Bank |Notary | Court Magistrate/Judge | Indian Embassy
Eligibility Criteria

Features of an IDFC FIRST Bank NRI account

Choose an IDFC FIRST Bank NRI savings account and experience a world of convenience, security, and exceptional service, designed specifically for Indians residing in the UAE.

Internet banking

Internet banking

Internet banking

  • Manage your account online with ease anywhere via net banking, track transactions, and transfer funds securely.
Mobile app

Mobile app

Mobile app

  • Access your funds and manage your NRI savings account from anywhere around the world with the innovative mobile banking App offered by IDFC FIRST Bank. You can use the IDFC FIRST Bank mobile banking app to make fund transfers, clear utility and credit card bill payments, as well as shop online!
Debit card

Debit card

Debit card

  • Enjoy an internationally accepted VISA Signature debit card that offers high withdrawal and spending limits to maintain an elite lifestyle. The card also comes with exclusive perks and benefits as well as personal and air accident insurance cover.

Frequently Asked Questions

Can I open an NRI account in IDFC FIRST Bank online?

Yes, IDFC FIRST Bank offers the convenience of opening an NRI account online. The process is designed to be user-friendly and efficient. You can complete the application and submit the required documents through their secure online portal, ensuring a seamless account opening experience from anywhere in the UAE.

Are there specific regulations to open an NRI account for Indians in the UAE?

Yes, opening an NRI account involves adherence to certain regulations. You must comply with the Foreign Exchange Management Act (FEMA) guidelines set by the Reserve Bank of India (RBI). This includes providing valid proof of NRI status, identification documents, and compliance with KYC (Know Your Customer) norms.

What is repatriation? Can I repatriate my funds from an NRI account?

Repatriation refers to the process of transferring funds from your NRI account in India back to your country of residence or to another foreign country. Yes, IDFC FIRST Bank allows repatriation of funds, provided it adheres to the RBI’s guidelines. You can transfer funds from your NRI account to an international bank account as long as you meet the regulatory requirements.

What are the taxation rules on NRI account in India?

Taxation on NRI accounts in India is governed by the Income Tax Act. Interest earned on NRE accounts is tax-exempt, while interest on NRO accounts is subject to tax as per the applicable tax slab rates. Additionally, NRIs must file tax returns in India for income earned from NRO accounts.

What is an acceptable address proof for NRIs living in the UAE to open an account in IDFC FIRST Bank?

As an NRI living in the UAE, an acceptable proof of your address includes recent utility bills (electricity, water, or gas), bank statements, rental agreements, or a locally issued government ID. These documents should be issued in your name. It is essential to ensure that these documents are clear and legible when submitting them for opening an IDFC FIRST Bank NRI account.

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