Seafarer Account

The easiest & quickest way to do this is online–on our website or mobile app.

You need to know the name of the beneficiary, Bank Name (we have a drop down of all banks in India where you can send money), IFSC Code (if you don’t know the code, we will help you find it as long as you know the branch of the bank), and Beneficiary Account number.

With this information, you can set-up a beneficiary under the transfer funds option on internet banking. Your beneficiary will get activated within 30 minutes. Go ahead and transfer funds any time after that. IDFC FIRST Bank will choose the best method of transfer–IMPS immediate/available 24/7), NEFT (National Electronic Fund Transfer) or RTGS (Real Time Gross Settlement). NEFT & RTGS are available during banking hours – if you log-in after banking hours, we will initiate the transfer whenever banking hours open next.

In most cases IMPS will work, though there are a few banks that are not enabled on IMPS. Do check with your beneficiary. IMPS transfers are currently not enabled for NRE accounts.

The table below will give you an overview of the options:

Two key criteria determine whether you are eligible to open an NRI Seafarer Account with a bank in India

• 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)

International Wire Transfer: You can wire funds from your overseas bank account to your IDFC FIRST Bank mariners account. It normally takes 2-3 business days for the funds to reflect in your account after your overseas bank has initiated this international wire transfer. Funds transferred to your NRI Seafarer Account are available for use as soon as they are credited. The exchange rate applied for your transfer will be the exchange rate on the date on which we receive funds in your account.

Our NRE account for seafarersseafa does not charge a fee for incoming wire transfers, however your local bank overseas may charge a fee for sending international wires. Your bank will require information such as your NRO account details, beneficiary details and routing number. For your convenience, you can complete the details below, print the form and provide to your bank to initiate the wire transfer from your account.

Online Remittance through third party portals: Your IDFC FIRST Bank accounts are enabled to receive credit from Online/Third Party remittance providers. All you need to do is add your IDFC FIRST Bank Account as a beneficiary; most remittance providers will be able to directly credit your IDFC FIRST Bank Account. Exchange rates and time taken are determined by the remittance provider and not by IDFC FIRST Bank.

We recommend you apply for an Overseas Citizen of India(OCI) card as soon as possible. Details are available at http://boi.gov.in/content/overseas-citizen-india-oci-cardholder or http://www.mea.gov.in/oci-related-matters.htm. If you do not have a PIO/OCI card, you would qualify to open an NRO account subject to fulfilling any of the following conditions –

§  You previously held an Indian passport

§  You were eligible to become a citizen of India on 26th January or any date after that

• You belonged to a territory that became part of India after 15th August,1947(for e.g. Sikkim, Goa, Daman, Diu)
• You are a child or a grandchild or a great grandchild of such a person above
• You are a minor child of such person mentioned above
• You are a minor child whose parent/parents is/are Citizens of India

Besides, spouse of foreign origin of a citizen of India or spouse of foreign origin of an Overseas Citizen of India Cardholder and whose marriage has been registered and subsisted for a continuous period of not less than two years immediately preceding the presentation of the application is also eligible for registration as OCI cardholder.

However, no person, who or either of whose parents or grandparents or great grandparents is or had been a citizen of Pakistan, Bangladesh or such other country as the Central Government may, by notification in the Official Gazette, specify, shall be eligible for registration as an Overseas Citizen of India Cardholder.

In most cases a copy of current/expired/surrendered Indian passport would need to be provided to satisfy any of the points above.

Withdrawal of any Term Deposit prior to the original maturity date is called pre-termination. You can pre-terminate a deposit at any time. However, if you pre-terminate a deposit before the minimum tenure of the deposit, then no interest will be paid.

The minimum tenure for Non-Resident External Deposits and Foreign Currency Non-Resident Deposits is 1 year and the minimum tenure for Non-Resident Ordinary Deposits is 7 days.

If you pre-terminate a Term Deposit, after you complete the minimum tenure of the deposit, you will earn interest proportionate to period the deposit has been held with the bank less the applicable penalty. The current penal interest is 1%. There no premature penal charges for FCNR deposits being closed after the minimum tenure. This premature penalty would be applicable only for deposits booked or renewed after May 1, 2019.

Please see illustration below for the interest rate applicable on pre-mature withdrawals.

• Fixed Deposit Amount-Rs. 10,00,000
• Original Tenure of Deposit-10 years
• Booking Date-1st Jan 2018
• Maturity Date-31st Dec 2028
• Interest Rate for 10 years on 1st Jan 2018-8.25%
• Interest Rate for 5 years on 1stJan 2018 -6%

On 31^st December 2023- You decide to break the FD

Revised Tenure of Deposit-5 years

Premature Withdrawal Penalty=1%*

Interest rate applicable on the Fixed Deposit would be: Interest Rate Applicable for 5 years (6%)–Premature Withdrawal Penalty (1%)=5%

Thus, instead of 8.25% you will earn 5% for a period of five years.

Following types of bank accounts can be opened:

• Non-resident External (NRE account)
• Non-resident Ordinary (NRO account)
• Foreign currency Non-resident (FCNR)