Who can open an NRI bank account with IDFC FIRST Bank?

Managing money from abroad isn’t always easy. Supporting family back home or covering education expenses comes with financial hurdles. Without an NRI bank account, fund transfers, currency exchange, and everyday transactions can become time-consuming and costly.

That’s where IDFC FIRST Bank comes in, offering an NRI Savings Account that provides seamless access to essential banking services, ensuring hassle-free money management no matter where you are.

If you’re curious about the NRI eligibility criteria, this guide simplifies everything you need to know. Let’s explore who qualifies for an NRI bank account with IDFC FIRST Bank and what they need to get started.

Understanding the eligibility for an NRI Savings Account 
 

If you're considering an NRI Savings Account, it’s essential to know the eligibility criteria. IDFC FIRST Bank offers this account to individuals meeting specific residency and citizenship requirements, ensuring it caters to their unique banking needs. Here’s a breakdown –

1. Non-Resident Indians (NRIs)
 

As per the Foreign Exchange Management Act (FEMA), an NRI is a person residing outside India who is also an Indian citizen. This includes individuals who have moved abroad for employment, education, or business or are staying overseas for an indefinite period.

NRIs meeting these criteria are eligible to open an NRI savings account with IDFC FIRST Bank. No matter where you reside, you can easily access tailored NRI banking services to manage your finances conveniently.

2. Person of Indian Origin (PIO)

According to the Citizenship Act of 1955, a PIO is a foreign citizen who meets any of the following criteria –

a. They held a valid Indian passport at any time

b. They, or any of their parents, grandparents, or great-grandparents, were born in India as defined in the Government of India Act, 1935, or in territories that later became part of India—provided none of them were ever citizens of Pakistan, Bangladesh, or any other notified country

c. They are married to an Indian citizen or to a PIO who satisfies any of the above conditions

Individuals who qualify as PIOs under these conditions are eligible to apply for an NRI bank account with IDFC FIRST Bank. This account provides seamless access to banking services, making financial management easier for those living abroad.

3. Overseas Citizen of India (OCI)
 

OCI cardholders who have lifelong visa privileges are eligible for this account. This status allows people of Indian origin and their spouses to live and work in India. As an OCI, you can benefit from NRI banking with IDFC FIRST Bank, even if you reside abroad.

4. Seafarers working on international vessels
 

Seafarers who work on international vessels and spend significant time away from Indian shores are also eligible for an NRI Savings Account. Whether you are a merchant navy professional or work in the offshore oil and gas industry, you can access IDFC FIRST Bank NRI services to manage your finances efficiently.

5. Students studying overseas
 

IDFC FIRST Bank recognises the importance of education and supporting students studying abroad. If you’re an Indian student pursuing higher studies in a foreign country, you can open an NRI Savings Account to manage your finances conveniently.

In order to help in the seamless transition for those who plan to move abroad, IDFC FIRST Bank allows individuals, such as professionals transferred abroad, students with admission to a foreign university, and seafarers, to open an NRI account with the requisite documentation. 

Documentation for NRI account opening

To open an NRI bank account with IDFC FIRST Bank, you’ll need the 

To open an NRI bank account with IDFC FIRST Bank, you’ll need the following documentation –

1. Identity proof – Passport (mandatory)

2. Proof of non-resident status (any one of the following)

a. Valid visa

b. PIO card

c. Foreign passport with PIO declaration

d. Continuous Discharge Certificate with a valid contract letter (for seafarers)

e. Resident permit

f. Resident card

3. Proof of overseas address (any one of the following, with your overseas address mentioned)

a. Passport

b. Driving license

c. National ID / Government-issued ID

d. Latest utility bill (mobile, gas, electricity, telephone)

e. Latest savings bank statement from a transactional account

f. Council tax bill

g. Resident permit

h. Voter ID / Electoral card

4. Tax-related documents

a. PAN card or Form 60 if PAN is unavailable

b. FATCA-related details, as required in the application form

5. Other requirements

a. Recent passport-sized colour photograph

b. Image of your signature (required for online applications)

6. Document certification (if not verified by an IDFC FIRST Bank employee)

If your passport and address proof are not certified in person at an IDFC FIRST Bank branch, they must be attested by one of the following entities in your country of residence –

a. A bank overseas that has a tie-up with an Indian bank

b. An overseas branch of an Indian bank

c. A Notary Public

d. A Court Magistrate or Judge

e. The Indian Embassy or Consulate

With these documents in place, you’ll ensure a smooth account opening process with IDFC FIRST Bank.

In conclusion
 

Opening an NRI Savings Account with IDFC FIRST Bank is convenient. It offers the flexibility and support that make an NRI bank account highly beneficial. With advantages like competitive interest rates, easy fund transfers, and 24X7 customer support, it’s designed to meet the needs of NRIs worldwide.

Get in touch with IDFC FIRST Bank today to find out if you’re eligible for these NRI banking services and discover the best solutions for your financial goals.