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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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Earn tax exempt interest on your foreign income with
IDFC FIRST Bank NRE Savings Account.
Convenience of managing overseas finances with added benefits!
Earn tax exempt interest on your foreign income with IDFC FIRST Bank NRE Savings Account.
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Interest calculated on daily balances and paid at the end of every month
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Convenient options to transfer funds 24/7 without any fee
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Funds are fully and freely repatriable
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Free feature rich Visa Signature Debit Card available
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Interest calculated on daily balances and paid at the end of every month
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Convenient options to transfer funds 24/7 without any fee
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Funds are fully and freely repatriable
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Free feature rich Visa Signature Debit Card available
NRE Account: A Tax-Free NRE Savings Account for NRIs
As an NRI, security and convenience are what you need the most for parking your foreign earnings in a bank account in India. Enjoy complete liquidity with tax-exempt returns on your rupee-denominated NRE Savings Account where you can convert your overseas funds to INR at the best exchange rates. Coupled with our IDFC FIRST Bank features, we are sure you would love using this account.Read More
With the IDFC FIRST Bank NRE Savings Account, get the flexibility to repatriate 100% of your deposit to your country of residence anytime. Also, enjoy one of the highest savings account interest rates and seamless access to funds on the go. Assign a mandate holder on your behalf to run the bank account in India while you earn abroad. Read Less
Features and Benefits of NRE Savings Account
Funds are fully repatriable
Funds in the NRE savings accounts are completely repatriable without any constraints. Transfer all your deposits in your NRE account to your bank account in the country of your residence without any hassles.
Competitive interest rates offered
IDFC FIRST Bank offers competitive interest rates on NRE accounts. Enjoy better returns on your foreign earnings and grow your wealth quickly.
Tax savings on interest
Interest on NRE Savings Account are exempt from taxes in India. Your capital gains are completely tax-exempt in India.
Cost-effective money transfers
Transfer money to and from your NRE savings account to your bank in your country of residence without any fee or charges.
Benefits to the mandate holder
Assign a mandate holder from your family member in India to run the bank account on your behalf.
Flexibility of joint account holding
IDFC FIRST Bank offers you the flexibility to open a joint account with another NRI or a Resident Indian on former or survivor basis.
Internationally accepted debit card
Enjoy an internationally accepted VISA Signature debit card that offers high withdrawal and spending limits to maintain your elite lifestyle. The card also comes with exclusive perks and benefits and accident insurance.
Innovative mobile banking app
Access your funds and manage your NRE Savings Account from anywhere around the world with an innovative mobile banking app offered by IDFC FIRST Bank. Get various banking services such as fund transfers, utility and credit card bill payments, and online shopping with the easy-to-use mobile app.
NRE Savings Account Interest Calculator
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HEMRAJ JAGDISH PUNJABI “The branch manager was very prompt to attend to our needs of opening an NRE Account. He was very friendly and helpful. He enquired for the relevant documents needed for account opening which we had carried with us during our visit. Since all the documentation formalities were complete, the account opening procedure was quite simple and quick. Everything went very smooth. Very courteous service. Keep it up!!! .”
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SHARIQ RAHMAN “The bank representative walked me through every step of accessing the mobile banking app. Glad to talk to someone who is very knowledgeable and upholds high banking standards like here in the USA. I am very satisfied with IDFC FIRST Bank's convenient mobile banking app and the process of opening an account.”
How to Open an NRE Savings Account
You can easily open an NRE account online by following these steps:
When you are Overseas
- Step 1 : To open an NRE savings account online, click on the ‘Apply now’ button in the right corner and enter your mobile number as well as Email ID.
- Step 2 : Fill in your details and upload your certified KYC documents along with photo and signature.
- Step 3 : Post verification of your KYC documents, your account shall be opened.
When you are in India
- Step 1 : Locate the nearest IDFC FIRST Bank branch and carry all the required self-attested KYC documents. Contact the banking representative and apply for an NRE account.
- Step 2 : Fill out the offline account opening form and attach the required documents when submitting your application.
- Step 3 : Our representative will guide you through the application process.
When you are Overseas
When you are Overseas
- Step 1 : To open an NRE savings account online, click on the ‘Apply now’ button in the right corner and enter your mobile number as well as Email ID.
- Step 2 : Fill in your details and upload your certified KYC documents along with photo and signature.
- Step 3 : Post verification of your KYC documents, your account shall be opened.
When you are in India
When you are in India
- Step 1 : Locate the nearest IDFC FIRST Bank branch and carry all the required self-attested KYC documents. Contact the banking representative and apply for an NRE account.
- Step 2 : Fill out the offline account opening form and attach the required documents when submitting your application.
- Step 3 : Our representative will guide you through the application process.
How Does an NRE Savings Account Work?
An NRE Savings Account offers non-resident Indians a safe and convenient avenue to park their foreign income from their country of residence and grow their wealth by availing higher interest rates.. The funds in the NRE account are converted to INR at the time of deposit at prevailing forex rates.
The interest in your IDFC FIRST NRE account is calculated on the daily closing balance and credited to their account on a monthly basis.
VISA Signature International Debit Card with IDFC FIRST NRE Savings Account
- Complimentary domestic airport lounge access, twice every quarter
- Higher daily purchase limit of ₹6 lakh and higher daily ATM withdrawal limit of ₹2 lakh
- Personal Accidental Insurance cover of 35L and Air accidental insurance cover of 1CR
- Free and unlimited ATM transactions: at any bank, anywhere in India
Enjoy 100% liquidity with tax exempt returns and remote processing for all banking transactions from anywhere, anytime!
NRE ACCOUNT ELIGIBILITY
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
Documentation
In order to apply for an IDFC FIRST Bank NRE Savings Account, you will need to provide the following documents:
- Identity proof: Passport
- Non Resident Status Proof (any one of the following): Visa / PIO card/ Foreign Passport with PIO declaration/ Continuous Discharge Certificate with 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
FREQUENTLY ASKED QUESTIONS
What is an NRE Savings Account?
An NRE(Non-Resident External) account is a savings account maintained in Indian Rupees (INR), where you deposit your foreign income earned outside India.
Who can open an NRE Savings Account?
You need to be an Indian citizen living outside of India for an uncertain period of time (like being employed, pursuing education or carrying out any business/vocation) or
You need to be an Indian national or of Indian Origin (Person of Indian Original/Overseas Citizen of India)
How can I open an NRE Savings Account?
You can open your IDFC FIRST NRE Savings account in the following ways:
- In case you are in India, visit your nearest branch
- Click here to share some basic information about you and our team will connect with you to facilitate your account opening shortly.
In which currency is my NRE savings account maintained?
Your NRE savings account will be maintained in Indian Rupees.
How can I deposit money in my NRE savings account?
Funding into your NRE savings account can be done by following ways:-
- Wire Transfer: Transfer money through overseas banks wire transfer service to fund your IDFC FIRST Bank NRE Account.
- Exchange House: Remit money from GCC countries, Singapore and Hong Kong and get the credit in your NRE Account
- Foreign Currency cash deposit: If you are in India, deposit foreign currency cash (in all major currencies) through an AD II category dealer and deposit the INR cheque in your IDFC FIRST Bank NRE Account. For more details on the list of AD II , Click here
- Transfers from other NRE accounts in India: Transfer funds from the your existing NRE bank account with other banks in India by drawing a cheque in favour of IDFC FIRST account or transfer funds online from other banks account and start enjoying IDFC FIRST Bank's exclusive facilities.
Is NRE Savings account taxable in India?
No. As per the guidelines, your IDFC FIRST NRE Savings account is 100% tax exempt.
What is repatriation?
Repatriation means the transfer of funds from an Indian account to a foreign bank account. NRI Repatriation follows guidelines set by the Foreign Exchange Management Act.
Can I repatriate funds held in my NRE savings account?
Yes, the funds held in your NRE savings account are fully and freely repatriable (both principal and Interest).
Can I have a joint account holder in my NRE savings account?
Yes, you can open NRE savings account jointly with Non Resident Indians / Person of Indian Origin.
What is the mode of operation of the Joint holder if he/she is a Resident Indian?
Mode of operation of Resident Indian joint holder is on Former or Survivor Basis only.
This would allow the second holder access to account only post the demise of the NRI first holder.
How do I access my IDFC FIRST Bank NRE Savings account?
You can access your NRE Savings account through Net banking platform or on the Mobile banking app. Click here to login your Net banking.
What do I get on opening NRE savings account?
You will get a personalized cheque book and International VISA Signature Debit Card on opening NRE savings account if the same has been requested for at the time of Account opening. In case a request has not been placed at the time of account opening, the same can be placed later through the IDFC FIRST Mobile Banking App or through the Net Banking platform.
Can I transfer funds between NRE savings accounts?
Yes, transfer of funds between NRE savings accounts are allowed for a bonafide purpose.
Can I transfer money / issue cheques from my NRE savings account to resident or NRO account?
Yes, you can transfer money from your NRE savings account to either NRO savings account or other account holders' resident account.
At what frequency is the rate of interest calculated and payable in my NRE savings bank account?
The rate of interest on your savings account is calculated on the daily closing balance maintained and payable on monthly basis on the last day of every month.
Does IDFC FIRST bank issue a separate debit card to joint holder(s) in NRE savings account?
Yes, a joint holder(s) can have a separate debit card in NRE savings accounts, if the same has been applied for.
Can I use my IDFC FIRST Bank NRE savings account VISA Signature debit card in India or is it only for overseas usage?
Yes, VISA Signature debit card issued to account holders in NRE savings account can be used in India as well as abroad for cash withdrawal at VISA ATM and Point Of Sale at Merchant establishment.
Can I have a nomination facility in my IDFC FIRST Bank NRE savings account?
Yes, you can avail nomination facilities in your NRE account. A nominee can be either resident or non-resident as desired by the account holder.
What are the fees and charges for my IDFC FIRST Bank NRE savings account?
Please click below link to know about fees and charges applicable to your IDFC FIRST NRE savings account.
https://www.idfcfirstbank.com/personal-banking/accounts/nri-savings-account/fees-and-charges
Can I transfer funds from my NRE savings account?
Yes, you can transfer money from your NRE Savings Account to either an NRO Savings Account or to other resident accounts.
What are the options for online NRE account opening?
You can choose to open an NRE account online through our simple application process. Click here to open an account
What are the interest rates for NRE Savings Accounts?
The NRE Savings Account interest rates offered by IDFC FIRST Bank are competitive, ensuring you get better returns on your deposits. Click here to view the latest interest rates.
Can I maintain my NRE Savings Account in Indian Rupees?
Funds in NRE Savings Accounts are saved in INR at the time of deposit, at prevailing forex rates.
What is the minimum balance requirement for an NRE Savings Account?
The Average Monthly Balance requirement for NRE Savings Accounts is ₹25,000.
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