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NRE Savings Account: Tax-Free Savings 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 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

High 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

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

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

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

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

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

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 Simulator

Choose account balance

10k 100cr

Choose your existing bank interest rate

2.5 % 3.5 %

Simulation Results(for a period of 1 year):

* Interest you earn with IDFC FIRST Bank –

** Interest you earn with your Bank –

Additional Interest you earn with us –

Open Account Now

* Interest calculated on progressive balances in each interest rate slab, as applicable
** Interest calculated on flat rate basis

  • Pitruprasad Dash

    “Recently I opened a savings account with IDFC FIRST Bank. Firstly, in terms of the process to open savings account, it is truly hassle-free. Thanks for being ahead in terms of customer satisfaction and banking services, making it easy for new customers like me. I wish IDFC FIRST Bank a great future and looking forward to a long term association.”

  • Sougata Das

    “I recently opened a Savings Account with IDFC FIRST Bank, and I must tell you that I'm really happy with the features and benefits offered by the bank. The netbanking services are quite advance which makes the process easy. Also, the IDFC FIRST Bank employees are cordial and helpful, making the overall experience a pleasant one.”

How to Open an NRE Savings Account

Follow either of the below methods to open an NRE account:

Online application

  • 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.
Small loans

Offline application

  • 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.
Online application

Online application

  • 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.
Offline application

Offline application

  • 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.

Want to see how NRE/NRO Savings Account is for a specific country?

View

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.

UPI Payments
VISA Signature Debit Card

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
Apply Now

Enjoy 100% liquidity with tax exempt returns and remote processing for all banking transactions from anywhere, anytime!

FEE & CHARGES

Enjoy 100% liquidity with tax exempt returns

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

Documents For NRE Account

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

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