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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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A smarter way to access attractive features while parking your Indian earnings with IDFC FIRST Bank NRO Account
Manage your Indian income from abroad easily!
A smarter way to access attractive features while parking your Indian earnings with IDFC FIRST Bank NRO Account
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Interest calculated on daily balances and paid at the end of every month
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Complete access to your account even when you’re overseas with our revolutionary banking app.
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Funds are repatriable subject to documentation upto a limit of US Dollar 1 million per financial year.
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Mandate Facility for your loved ones in India.
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Interest calculated on daily balances and paid at the end of every month
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Complete access to your account even when you’re overseas with our revolutionary banking app.
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Funds are repatriable subject to documentation upto a limit of US Dollar 1 million per financial year.
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Mandate Facility for your loved ones in India.
NRO Savings Account: Manage Your Indian Earnings Easily
As an NRI living abroad, you may have certain income sources in India, such as rent, dividends, investments, and more. Managing those finances from outside the country can be challenging. Rest assured as IDFC FIRST Bank has your back for all your financial needs. Park your income earned in India in the NRO (Non-Resident Ordinary) savings account. Enjoy uninterrupted access to your NRO Account even when you are abroad.Read More
At IDFC FIRST Bank, we offer a high interest NRO savings account that focuses on your financial growth and offers seamless fund access to you and your family members in India whenever they need. A dedicated relationship manager helps in processing your service requests remotely. With the ease of access and premium features, we’re certain you will have a rewarding banking experience!Read Less
NRO Savings account Benefits
Get free and streamlined money transfers through various online and offline channels.
Get Visa Signature domestic debit cards with your IDFC FIRST Bank NRO savings account to access your money anywhere in India!
Enjoy a higher daily ATM withdrawal and purchase limit on all your domestic shopping.
Funds in your IDFC FIRST Bank NRO savings account are repatriable up to USD 1 million outside India subject to tax and documentation.
Transfer money from your country of residence to India in a freely-convertible foreign currency.
Easily transfer money from your NRO savings account to any bank account in India.
Send money directly to your NRO account from your overseas bank account.
Get easy redesignation of your NRO accounts when your residential status changes from Non-Resident Indian to Resident Indian
NRO Savings Account Features
Monthly interest credits
The interest is calculated on the daily closing balance and credited to your NRO savings account at the end of every month.
Competitive interest rates offered
IDFC FIRST Bank offers competitive interest rates on NRO accounts. Enjoy better returns on your foreign earnings and grow your wealth quickly.
Convenient online access
Enjoy complete digital access to your account through net banking and mobile app 24x7.
Mandate facilities
We offer mandate and cheque facilities for your family members to access the NRO savings account conveniently even when you are abroad.
Repatriable savings
Your funds can be repatriated up to an amount of USD 1 million every financial year for all bona fide purposes subject to payment of taxes. The interest earned is fully repatriable after the tax deduction.
Payments
Pay your utility bills and shop online with Indian merchants conveniently using your NRO savings account. Send money to any bank account in India using online net banking or mobile banking facility anytime on the go.
Tax Deduction at Source (TDS)
Interest earned in an NRO savings account is tax deductible at source at prevailing rates.
Revolutionary mobile banking app
Access your NRO account from your country of residence with the revolutionary mobile banking app from IDFC FIRST Bank. Manage funds with just a few taps and stay updated with your account activities through SMS and e-mail alerts.
NRO Savings Account Interest Simulator
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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.”
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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.”
Why Choose an NRO Savings Account with Us?
An NRO savings account is crucial for all non-resident Indians living abroad to manage their earnings in India. IDFC FIRST Bank offers exclusive features and benefits for efficient account management from abroad, such as:
Enjoy 100% liquidity with high returns and remote processing for all banking transactions from anywhere, anytime!
HOW TO OPEN NRO ACCOUNT?
Follow either of the below methods to open an NRO Account:
Online application
- Step 1 : To open an NRO 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
- 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 NRO account.
- Step 2 : Fill out the offline account opening form and attach the required documents when submitting
- Step 3 : Our representative will guide you through the application process
Online application
Online application
- Step 1 : To open an NRO 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 NRO account.
- Step 2 : Fill out the offline account opening form and attach the required documents when submitting
- Step 3 : Our representative will guide you through the application process
VISA Signature Domestic Debit Card for your IDFC FIRST NRO 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
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
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, image of your signature (only for online applications)
FREQUENTLY ASKED QUESTIONS
What is an NRO Savings Account?
An NRO(Non-Resident Ordinary) account is a savings account where you can maintain and manage your income earned in India such as rent, dividends, pensions etc.
Who can open an NRO 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)
You need to be an Indian national or of Indian Origin (Person of Indian Original/Overseas Citizen of India)
How can I open an NRO Savings Account?
You can open your IDFC FIRST NRO 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 NRO savings account maintained?
Your NRO savings account will be maintained in Indian Rupees.
How can I deposit money in my NRO savings account?
Funding into your NRO savings account can be done by following ways:-
- International Wire Transfer: You can wire funds from your overseas bank account to your IDFC FIRST Bank NRO Account. The exchange rate applied for your transfer will be the exchange rate on the date on which we receive funds in your account.
- Online Remittance through third party portals: Your IDFC FIRST Bank accounts are enabled to receive credit from Online/Third Party remittance providers.
Is NRO Savings account taxable in India?
As per current guidelines, the principal amount in NRO savings account is exempt from taxes in India. However, the interest earned will be subject to a tax of 30% (plus applicable surcharge and cess).
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 NRO savings account?
Yes, RBI allows repatriation of balances held in NRO savings account up to one million USD or equivalent per financial year for bonafide purposes (For e.g. education, medical expenses, employment etc.) with documentation.
Can I have a joint account holder in my NRO savings account?
Yes, you can open NRO savings account jointly with Non Resident Indians / Person of Indian Origin.
Can I have Joint account holder in NRO saving account with Resident Indian?
Yes, you can open NRO saving account joint with Resident Indian with Mode of operation as Former or survivor. 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 NRO Savings account?
You can access your NRO Savings account through Net banking platform or on our IDFC FIRST Mobile banking app.
What do I get on opening an IDFC FIRST Bank NRO savings account?
You will get a personalized cheque book and Domestic VISA Signature Debit Card on opening NRO savings account if then same has been requested for at the time of Account opening. In case a request has not been place 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 NRO savings accounts?
Yes, the transfers of funds between NRO savings accounts are allowed.
Can I transfer money / issue cheques from my NRO savings account to resident account?
Yes, you can transfer / issue cheques from your NRO savings account to resident account.
Can I transfer money / issue cheques from my NRO savings account to NRE account?
Yes, you can transfer / issue cheques from your NRO savings account to your NRE account with 15CA/CB and declaration as per bank format.
At what frequency is the rate of interest calculated and payable in my NRO 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 NRO savings account?
Yes, a joint holder(s) can have a separate debit card in NRO savings accounts, if the same has been applied for.
Can I use my IDFC FIRST Bank NRO savings account debit card overseas or is it only for India usage?
The Visa Signature Domestic debit Card issued on your NRO savings account is for usage in India only.
Can I have a mandate in my NRO savings account?
Yes, you can add a mandate holder in your savings account.
Can I have a nomination facility in my NRO savings account?
Yes, you can avail nomination facilities in your NRO account. A nominee can be either resident or non-resident as desired by the account holder.
What are the fees and charges for the NRO savings account?
Please click below link to know about fees and charges applicable to your NRO savings account.
https://www.idfcfirstbank.com/personal-banking/accounts/nri-savings-account/fees-and-charges
