NRE Account: A Tax-Free NRE Savings Account for NRIs

Yes, you can transfer money from your NRE Savings Account to a resident Indian Savings Account.

With the IDFC FIRST Bank NRE Savings Account, you get convenient options to transfer funds 24/7 without any fee.

NRE accounts can be opened by:

• Non-Resident Indians
• Person of Indian Origin (PIO)
• Overseas Citizen of India (OCI)
• Seafarers working on international vessels
• Oil rig employees working on international offshore projects.

IDFC FIRST Bank allows you to complete the NRI Savings Account opening process online when overseas and by visiting a branch when in India.

You can open the IDFC FIRST Bank NRE Savings Account in two ways:

Online, when you are overseas:

Step 1: Visit the official website and click on the ‘Apply Now’ button. Enter your mobile number and email ID.

Step 2: Fill in your personal details and upload certified KYC documents, along with your photo and signature.

Step 3: Once your documents are verified, your NRE Savings Account will be opened.

Offline, when you are in India:

Step 1: Visit the nearest IDFC FIRST Bank branch with your self-attested KYC documents.

Step 2: Fill out the account opening form and attach the relevant documents.

Step 3: A bank representative will guide you through the rest of the process.

Your NRE Savings Account is maintained in Indian Rupees (INR). Although you deposit foreign currency into the account, it is converted to INR at the prevailing exchange rate. 

You can fund your IDFC FIRST Bank NRE Savings Account through multiple ways:

• Wire transfer: Remit money through overseas banks' wire transfer services.
• Exchange house: Transfer money from GCC countries, Singapore, or Hong Kong through exchange houses.
• Foreign currency cash deposit: If you are in India, you can deposit foreign currency cash (in all major currencies) through an AD-II category dealer. Then, deposit the INR cheque into your NRE Savings Account to credit the equivalent amount.
• Transfers from other NRE accounts in India: You can also use your existing NRE account with another Indian bank to transfer funds. Either write a cheque in favour of your IDFC FIRST Bank NRE Savings Account or make an online transfer. 

The interest earned on your NRE Savings Account is completely tax-free in India, as long as you maintain your NRI status under FEMA regulations. This tax exemption, along with free repatriation, makes the NRE account a highly efficient option for NRIs to grow and manage their money in India.

You can fully and freely repatriate both the principal and interest from your NRE Savings Account. There are no restrictions under FEMA regulations. This feature makes the NRE account a convenient option for NRIs to move their funds to any part of the world. 

IDFC FIRST Bank allows NRIs to hold NRE accounts jointly with other NRIs or a resident. The account can be operated under options like ‘either or survivor,’ ‘jointly,’ or 'former or survivor,' as specified. 

NRIs/PIOs are allowed to jointly hold an NRI Savings Account with a resident Indian relative on a 'former or survivor' basis, where 'relative' is defined as per the Companies Act, 2013. 

You can access your NRE Savings Account anytime, anywhere, through IDFC FIRST Bank's secure mobile banking app and internet banking portal. These platforms offer 24/7 access to all essential services like fund transfers, account balance inquiries, statement downloads, and bill payments. You can also manage your debit card, view interest credits, and request services without visiting a branch. Click here to log in to your net banking. 

When you open an IDFC FIRST Bank NRE Savings Account, you are eligible to receive a personalised chequebook and an international VISA Signature Debit Card. 

You can transfer funds between your IDFC FIRST Bank NRE Savings Account and NRE Savings Accounts held with other banks in India. Such transfers are permitted under RBI guidelines and do not have any restrictions since the funds remain in fully repatriable form. Transfers can be done easily through mobile or internet banking platforms. 

You can issue cheques or transfer funds through digital modes from your Non-Resident External (NRE) Savings Account to a Non-Resident Ordinary (NRO) account or another account holder’s resident account. 

Interest on your IDFC FIRST Bank NRE Savings Account is calculated daily based on the closing balance maintained each day. The total interest earned during the month is then credited to your account on the last day of every month. This way, you benefit from any day-to-day increase in your balance and enjoy monthly payouts without having to wait until the end of a quarter or year. It is a simple and transparent way to grow your savings consistently. 

NRI Joint holders are given a separate Debit Card on request. It is possible to apply for the card at the time of account opening or later through mobile banking or internet banking platforms. 

Your VISA Signature Debit Card is valid for use in India as well as abroad. You can make withdrawals at VISA ATMs and purchases at Point of Sale (POS) terminals at merchant establishments. The card comes with premium benefits such as high daily limits, airport lounge access, and insurance coverage. Moreover, you benefit from unlimited free ATM transactions across all banks in India. 

The IDFC FIRST Bank NRE Savings Account includes a nomination facility. The nominee can be a resident or non-resident. Setting up a nomination is a simple process that enhances account security and facilitates smooth transfer of funds. It also reduces the legal complexity for your family, which makes this decision both practical and responsible when opening your account. 

Most essential banking services come at no cost with your IDFC FIRST Bank NRE Savings Account. For complete details on any charges related to your NRE Savings Account, please click here:

Funds can be transferred from your Non-Resident External (NRE) Savings Account to other NRE, Non-Resident Ordinary (NRO), or resident accounts. You can carry out transactions through internet banking, mobile apps, or cheques. The amount remains fully repatriable unless it is moved to an NRO or resident account.  

You can open an NRE account with IDFC FIRST Bank either online or offline, depending on whether you are currently overseas or in India. The process is simple and requires filling out the application form and submitting your KYC documents, along with your photo and signature. Click here

Click here to check the latest interest rates. 

The Average Monthly Balance (AMB) requirement for IDFC FIRST Bank NRE Savings Accounts is ₹25,000.