NRI FAQ NRE NRO Accounts

    1. What are the different types of NRI Accounts?

    Transactional Accounts:An IDFC FIRST Bank NRI Savings Account is a transactional account that allows you to deposit or withdraw funds in the account based on your needs.We offer two types of IDFC FIRST Bank NRI Savings Accounts:

    • Non-Resident External
    • Non-Resident Ordinary
    You can choose the type of account depending on whether the source of funds into this account is from India or overseas and based on your need for this account.

    The table below will help you understand the difference between these accounts better:

    Non-Resident External Deposit (NRE) Non-Resident Ordinary Deposit (NRO)
    Purpose of the Account Both NRE & NRO are rupee denominated accounts to help you manage your financial obligations in India.You can use these funds to makes payments in rupees for investments/support your family,transfer funds,bill payments,e-com,point of sale(POS)transactions or withdraw from an ATM
    Currency
    of Account
    Balances in Account are held in Indian Rupees
    Rate of Interest 7%* p.a.,interest is paid at the end of each quarter on the daily average balance
    Earn upto 7% interest on NRE Savings Account. 6% on balances upto 1 lakh,7% for balances greater than 1 lakh.
    Specific need Addressed by the Account Savings in India from the income earned or savings by NRI overseas Savings in India from the income earned in India (examples are rental income,sale of property,inheritance,savings before leaving India).This account is required if would like to transfer your savings/income in India to your overseas bank Account.
    Funding
    the Account
    The account can be funded through:
    • Foreign Currency Remittances from overseas
    • Funds from any other FCNR or NRE Account in any bank in India
    The account can be funded through:
    • Any legitimate income from India
    • Funds from any other NRO or NRE Account in any bank in India
  • Foreign Currency Remittances from overseas
    Please note that the transfer from NRO Accounts to NRE is not allowed,without supporting repatriation documentation.
  • Tax The interest earned on this account is exempt from tax in India.However,the interest earned may be subject to tax in your country of residence.
    Please speak to your Tax Consultant for tax obligations in your country of residence.
    The interest earned on this account is taxable in India.Tax is currently deducted at source at 30% + Surcharge & CESS when the interest accrues on your deposit.
    In addition to the interest taxed in India,the interest earned may also be subject to tax in your country of residence.
    Please speak to your Tax Consultant for tax obligations in your country of residence.
    Joint
    Account Holder
    You can add Non-Resident Indians/PIOs/OCIs as Joint Account Holders. Resident Indian close relatives may be added a second holder in the account on “Former or Survivor” basis which would allow the second holder access to account only post the demise of the NRI first holder.
    Mandate Holders An individual resident in India can authorized to operate the account on behalf of the account holder.
    Repatriation Repatriation can be done easily for both principle and interest earned.
    If you wish to Repatriate funds,we only require written instructions with the wire details for executing this Repatriation.
    Repatriation needs to be in adherence to the guidelines of the Reserve Bank of India and is limited to equivalent of USM 1 million per year for all qualified balances.
    Additionally,you will need to provide documents as per the guidelines issued by the Reserve Bank of India depending on the source of the funds in the account.



    Term Deposit Accounts:We offer three types of Term Deposit Accounts:Foreign Currency Non-Resident,Non-Resident External & Non-Resident Ordinary.You can choose the type of deposit account depending on whether the source of funds into this account is from India or overseas and based on your need for this account.

    The table below will help you understand the difference between these accounts better:

    India Deposit Products Foreign Currency Non-Resident Deposit (FCNR) Non-Resident External Deposit (NRE) Non-Resident Ordinary Deposit (NRO)
    Currencies You can choose from 3 currencies:
    • US Dollar
    • British Pound
    • Euro
    • Singapore Dollar
    • Australian Dollar
    NRE Deposits are in Indian Rupees only. If you remit funds in Foreign Currency,these funds are converted on Indian Rupees at the prevailing exchange rate as on the date of the transfer prior to deposit booking. NRO Deposits are in Indian Rupees only. If you remit funds in Foreign Currency,these funds are converted on Indian Rupees at the prevailing exchange rate as on the date of the transfer prior to deposit booking.
    Minimum Deposit USD 1,000 or equivalent. INR 10,000. INR 10,000.
    Tenure
    of Deposit
    Tenures available range from 1 year to 5 years. Tenures available range from 1 year to 10 years. Tenures available range from 7 days to 10 years.
    Interest Computation Interest is computed using a fixed rate. Interest is computed using a fixed rate. You can choose between Simple or Compound Interest. For simple interest FD,you can get monthly or quarterly payout. Interest is computed using a fixed rate. You can choose between Simple or Compound Interest. For simple interest FD,you can get monthly or quarterly payout.
    Interest Payment Interest is accrued monthly and is paid on maturity. Interest is compounded on a half yearly basis. Interest is accrued monthly. In case of Compound Interest,interest is compounded every 90 days and paid on maturity. In case of Simple Interest, interest is paid quarterly or monthly (monthly interest payment is with a discount). Interest is accrued monthly. For deposits greater than six months tenure both compound & simple interest is available.In case of Compound Interest,interest is compounded every 90 days and paid on maturity. In case of Simple Interest,interest is paid quarterly or monthly (monthly interest payment is with a discount).
    Deposit Renewal Deposit is automatically renewed for same tenure as original deposit at interest rate applicable as on date of renewal.If you wish to change renewal instructions,please provide instructions to the bank.
    Tax The interest earned on this account is exempt from tax in India.However,the interest earned may be subject to tax in your country of residence. Please speak to your Tax Consultant for tax obligations in your country of residence. The interest earned on this account is exempt from tax in India.However,the interest earned may be subject to tax in your country of residence. Please speak to your Tax Consultant for tax obligations in your country of residence. The interest earned on this account is taxable in India.Tax is currently deducted at source at 30% + CESS when the interest accrues on your deposit.(1) In addition to the interest taxed in India,the interest earned may also be subject to tax in your country of residence. Please speak to your Tax Consultant for tax obligations in your country of residence.
    Joint
    Account Holder
    You can add Non-Resident Indians/PIOs/OCIs as Joint Account Holders. Resident Indian close relatives may be added a second holder in the account on “Former or Survivor” basis which would allow the second holder access to account only post the demise of the NRI first holder.
    Funding
    the Account
    The account can be funded through:
    • Foreign Currency Remittances from overseas
    • Funds from any other FCNR or NRE Account in any bank in India
    The account can be funded through:
    • Foreign Currency Remittances from overseas
    • Funds from any other FCNR or NRE Account in any bank in India
    The account can be funded through:
    • Any legitimate income from India
    • Funds from any other NRO or NRE Account in any bank in India
    • Foreign Currency Remittances from overseas
    Repatriation Repatriation can be done easily for both principle and interest earned. If you wish to Repatriate funds,we only require written instructions with the wire details for executing this Repatriation. Repatriation can be done easily for both principle and interest earned. If you wish to Repatriate funds,we only require written instructions with the wire details for executing this Repatriation. Repatriation needs to be in adherence to the guidelines of the Reserve Bank of India and is limited to equivalent of USD 1 million per year for all qualified balances. Additionally,you will need to provide documents as per the guidelines issued by the Reserve Bank of India depending on the source of the funds in the account.

    2. Can I open my account with any currency?

    Yes,you can remit funds in any convertible currency towards your NRI account opening.We will convert these to INR and then credit them to your NRE Savings Account.


    3. How do I open a NRI Account when I am in India?

    If you are in India then you can walk into your nearest IDFC FIRST Bank branch with your passport,visa,a colour photograph,PAN and overseas address proof documents.We make it a point to lodge the cases for account opening on the very same day we meet you.Your account will be activated within 3-4 days.Our branch staff will assist you with the complete process.


    4. How do I Open an NRI account when I am outside of India?

    You can contact either our branch or write to nriservices@idfcfirstbank.com with the following details:

    • A filled up editable NRI account opening form which would be shared with you or can be accessed by clicking here
    • Documents needed:
      • Passport Copy
      • Visa copy
      • If you are PIO/OCI then a PIO/OCI card or a PIO declaration can be filled up
      • Overseas address proof
      • Colour Photograph
      • PAN copy or the PAN number can be mentioned on the account opening form
      • In case you don't have a PAN,then a Form 60 would be obtained
    • Attesation requirements: Besides all documents being self attested,your passport and overseas address proof document would need to be attested by any one of the below authorities from your overseas country of residence:
      • Authorised officials of overseas branches of Scheduled Commercial Banks registered in India
      • Overseas Banker
      • Notary Public Abroad
      • Court Magistrate
      • Judge
      • Indian Embassy/Consulate General
      • Post Office overseas
      • Exchange houses having tie ups with Indian Banks
      • Mayoral Office
      • Ministries in Gulf Regions
      • Solicitor / Registrar
    • Scan the form & documents from your registered email id to nri@idfcfirstbank.com or to your branch/relationship manager.
    • Once we receive your email,we will call you back for a verification.
    • Post this our account will be opened will be opened in a restricted mode
    • We will call you to organize a courier pickup for your account opening documents.
    • You will then need to do transfer from your existing bank account in India/Overseas bank account.
    • Once the courier of your documents has been received and we ratify that the credit is from your account,your account will be made fully operational.
    • You log into internet banking and start using your account.

    5.What documents do I need to provide to open a NRI Account?

    We need documents to establish you identity, residential status & overseas address:

    Document Indian Passport Foreign Passport
    Identity Proof Valid Indian Passport Copy Valid Foreign Passport
    NRI/PIO Proof Copy of Visa/Resident Permit/Overseas ID to be provided to establish NRI Status A -PIO/ OCI Card?--
    B -Don't have PIO/OCI Card?--> then any ONE of below:
    i.Self-attested Copy of U type Indian visa OR
    ii.Self-attested Copy of cancelled Indian Passport of applicant OR
    iii.Self-attested Copy of Indian passport (valid or cancelled) of Spouse/Parent/Grand Parent/Great Grand Parent of application + Relationship Proof Copy OR
    iv.Self-attested Copy of PIO/OCI Card of Spouse/Parent/Grand Parent/Great Grand Parent of applicant + Relationship Proof Copy OR
    v.PIO Declaration(possible only if your place of birth is India)
    Photograph Passport Size Photo Passport Size Photo
    Tax Details
    • If you have a Permanent Account Number (PAN),please mention your PAN on the application form
    • If you do not have a PAN,please complete Form 60.Getting a PAN in India is fairly easy,and we recommend you get one as soon as possible.
    • Please also complete the Tax Residencey questions on the application form
    Overseas Address Proof
    • Passport
    • Driver’s license
    • National Population register
    • Certificate of voter registration/Electoral Register Entry/Voters ID issued by overseas government-bears the name of the individual and the address.
    • National id cards bearing address–eg.NRIC card Singapore,Australia ID,HKID by Hong Kong,Maykad in Malaysia,or any other ID cards issued by overseas governments.
    • Resident Permit cards bearing address.
    • Address Proof affidavit–provided the affidavit is not greater than 6 months old from the date of account opening.
    • Extract from National Population Register- bearing the name of the customer and the overseas address.
    • Other government issued id cards with the photo,overseas address,DOB can be accepted.

    6. Can I open a IDFC FIRST Bank NRI Account or Term Deposit Accounts for a minor?

    Yes,you can.We will need the minor’s Passport & NRI Proof details.The guardian would need to be an existing NRI customer of the bank


    7. How long does it take to open an IDFC FIRST Bank NRI Account?

    Once we receive your completed application form it should take 3-4 days to open your account.If we have any questions,or need any additional information we will reach out to you on the phone or e-mail.Once your account is opened,we will inform you your Customer ID & Account number.You can create your internet banking credentials with this information and start using your account immediately.


    8. Do I need a Permanent Account Number (PAN) to open a NRI Account?

    Permanent Account Number (PAN) is recommended for all bank accounts in India and is required for many financial transactions within India (such as purchase or sale of properties,repatriation of funds,filing income tax returns etc).

    PAN is required for both Non-Resident Ordinary Accounts and Non- Resident External Accounts.If you do not have a Permanent Account Number,you can complete Form 60 in the Account Opening Form.If you do not have a Permanent Account Number yet,we recommend that you apply for one and update the records with us as soon you get one.

    If you do not provide us with a Permanent Account Number,you will not receive Tax Deducted at Source (TDS) certificates in Form 16 for the taxes deducted at source on your Non-Resident Ordinary accounts (both IDFC FIRST Bank NRI Account as well as Term Deposits).

    If you have a PAN it is mandatory to provide your PAN details to the bank at the time of account opening


    9. Will I get a cheque book for my IDFC FIRST Bank NRI Account?

    Yes,it is available on request through internet banking or through e-mail/branch channels.


    10. Are there any minimum balance requirements for a IDFC FIRST Bank NRI Account?

    Rs. 25,000 is monthly minimum balance requirement per account.


    11. How can I re-order cheque books for my IDFC FIRST Bank NRI Account?

    Through internet banking/mobile app.


    12. Is there a fee if I re-order cheque books?

    Yes,if your balance is less than Rs. 25,000 we will apply a fee. Click here to refer the schedule of charges.


    13. I have a domestic account with IDFC FIRST Bank. Do I need to close this account when I move overseas?

    If you hold a domestic IDFC FIRST Bank Account,you will need to convert this account to a Non-Resident Ordinary Account.

    As per the current guidelines of the Reserve Bank of India, when a Resident Indian leaves India to any country overseas (other than Nepal or Bhutan),for employment, business or immigration, the Resident Indian is treated as a Non-Resident Indian and the bank account in India needs to be designated as a Non-Resident Ordinary Account.

    To convert your domestic IDFC FIRST Bank Account to a Non-Resident Ordinary Account,you will need to complete a new NRI Account Opening Form,attach all the relevant documents required to open a new NRI Account.Please contact your IDFC FIRST Bank branch in India prior to relocation or nriservices@idfcfirstbank.com once you relocate for guidance.

    Converting domestic IDFC FIRST Bank Account to a Non-Resident Ordinary Account will impact the following:

    Description Changes
    Account Number & Branch No change
    Interest rate on Savings Account No change
    Home Loan Payments and other Standing Instructions from your IDFC FIRST Bank Account No change
    Tax Deduction at Source (TDS) Interest earned on Non-Resident Ordinary accounts is taxable in India and subject to Tax Deduction at Source.
    Deposits Your deposit accounts will be closed upon conversion of your residency status. Principal and interest (if applicable) will be credited to your IDFC FIRST Bank Savings Account prior to conversion to a Non-Resident Ordinary IDFC FIRST Bank NRI Account.The closure will be done without the application premature penalty.
    Employee Reimbursement Account No change
    Debit Card Your existing debit card will be blocked. You will have to place a request a new debit card or opt for one through internet/mobile banking once your account has been converted to Non Resident status.

    14. Will I receive statements for my NRI Accounts?

    Yes, on e-mail to your registered e-mail ID every month when there is a transaction in any of your accounts with IDFC FIRST Bank.It is mandatory to provide a valid email id at the time of account opening.


    15. How do I add a Joint Account Holder to my Account?

    Please complete the Holder Addition Form.To add a Joint Account holder,the Joint Applicant needs to submit the same documentation required for a new customer–i.e. Passport + NRI Proof + Overseas Address Proof.

    Depending on where you reside the form & documents may be scanned on by e-mail or couriered to IDFC FIRST Bank.If you and your joint holder are in India,you may walk in to an IDFC FIRST Bank branch.If the joint holder is residing overseas the documents would be attested as per the attestation authorities mentioned above.


    16. How do I remove a Joint Account Holder on my Account?

    To remove a Joint Account Holder from the account, we will require written instructions detailing the Account Number,Names of the Joint Account Holder to be removed from the account requesting us to remove the Joint Applicant from the Account.This letter will need to be signed by all Account Holders on the account.

    You can e-mail this request on scan to nriservices@idfcfirstbank.com .we will process the transaction after a call back verification


    17. How do I add a nominee for my Account?

    You can add a nominee through internet banking.You can also complete the Nomination Addition Form and e-mail the same to nriservices@idfcfirstbank.com from your registered e-mail address.You have the option to add a nominee to each of your accounts & deposits with the bank. 


    18. How do I remove a nominee for my Account?

    Please complete the Nomination Deletion Form and e-mail the same to nriservices@idfcfirstbank.com from your registered e-mail address. 


    19. How do I change a nominee for my Account?

    Please complete the Nomination Modification Form and e-mail the same to nriservices@idfcfirstbank.com from your registered e-mail address.

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REGISTERED office:

IDFC FIRST Bank Ltd

KRM Tower, 7th Floor, No. 1,
Harrington Road, Chetpet,
Chennai - 600031, Tamil Nadu,
India

Corporate office:

IDFC FIRST Bank Ltd

Naman Chambers,
C-32, G-Block,
Bandra-Kurla Complex,
Bandra East, Mumbai - 400051,
India

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