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Open an NRI Account & Book FCNR Rates Under RBI Forex Swap
Key Takeaways
NRIs can open an NRE or NRO account and become eligible to book an FCNR deposit with IDFC FIRST Bank.
- The RBI forex swap scheme allows eligible FCNR Plus USD deposits to earn enhanced returns for a limited period until 30 September 2026.
- FCNR deposits offer foreign currency savings, protection from exchange rate risk, full repatriation, and tax benefits in India.
As an NRI, maintaining the financial link with your home country is easier with NRI accounts. Besides the convenience, these accounts also let you earn higher interest on foreign savings. The RBI forex swap scheme makes depositing in an FCNR Deposit linked with an NRI account even more attractive as it opens the opportunity to earn enhanced returns. Learn how this works and the process of NRI account opening with IDFC FIRST Bank in this article.
Types of NRI accounts
You can open two types of NRI accounts to manage funds flexibly in India while you reside abroad.
NRO account
A Non-Resident Ordinary (NRO) account is meant for managing your income earned in India, such as rent, dividends, pension, etc. Your deposits are maintained in INR, and the interest income is taxable at 30% TDS plus surcharge and cess. You can repatriate up to USD 1 million per financial year.
NRE account
A Non-Resident External account is designed for managing your foreign income in India. The deposits are converted and maintained in INR. The funds are fully repatriable, and the deposits and interest earned are completely tax-free in India.
Individuals falling under any of the below categories with an active NRI Bank account (NRE/NRO account) with IDFC FIRST Bank can open an FCNR Deposit.
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
FCNR Deposit account
A Foreign Currency Non-Resident Account is a fixed deposit for NRIs that accepts and maintains foreign currency in its original state. As there is no currency conversion, there is zero exchange rate risk. Also, FCNR deposit comes with full and free reparability of both principal and interest, and the funds are exempt from taxation in India.
When to choose an FCNR Account
An FCNR (B) account is suitable when you:
Want to save your foreign currency without the exchange rate risk
Are looking to earn from the potentially higher interest rates on foreign income in India
Wish to enjoy the flexibility of complete reparability of both principal and interest earned
Prefer a tax-efficient deposit option to maintain your foreign income in India
Benefits of opening an FCNR Plus deposit
The RBI has introduced a forex swap scheme on 8th June 2026 that presents a unique opportunity, similar to the 2013 swap scheme, for earning from FCNR (B) deposits. The participating banks in India, like IDFC FIRST Bank, will accept qualifying deposits as FCNR Plus deposits under the scheme until 30th September 2026.
Fresh deposits, specifically in USD, made for a tenure ranging from 3 to 5 years, with a lock-in period of 1 year before withdrawal flexibility, qualify for the benefits of this scheme. The RBI introduced this scheme to stabilise the depreciating rupee by attracting USD inflows without raising rates domestically.
Benefits of opening an FCNR Plus Deposit now, owing to the RBI forex swap, include:
With RBI taking on the currency risk and lowering the hedging cost for banks, they can pass on high returns p.a. on the FCNR deposits. IDFC FIRST Bank offers 6.75% p.a. on USD deposits with tenure of minimum 3 years and up to 5 years: (1 year of lock in is mandatory).
You enjoy continued protection from exchange rate risk, as deposits in USD are maintained in the original currency
Make the most of the limited time window by investing promptly
Potential to earn higher returns on large deposit amounts with an exponential increase in FCNR deposit rates
To enjoy the benefits of the FCNR deposit returns, you need to be an existing NRE/NRO Account holder of IDFC FIRST Bank.
Step-by-step process to open an NRI account with IDFC FIRST Bank
Opening an NRI Account is simple and easy when the process is initiated online from your overseas country of residence. The quick steps to follow include:
- Visit IDFC FIRST Bank website – NRI Section and select the option to 'Open account'.
- Provide basic details like your mobile number, email, and validate the email ID with a one time password.
- Fill in the personal details including address, occupation and taxation details
- Upload KYC documents – Passport, NRI Status Proof (VISA/Resident Permit/Work Permit), Overseas address proof along with photo, and signature.
- Ensure that all the KYC documents are self-attested and additionally, passport and overseas address proof has to be attested by an acceptable third-party authority.
- On successful verification of the documents, you will receive a confirmation of opened NRI Account
If you are an NRI from either USA/UK/Australia/UAE/Canada and currently in India, you can seamlessly open your NRI Account through Video KYC Process. To be eligible for this, ensure you proceed with your Indian Mobile Number linked to your Aadhaar and also ensure your Aadhaar is linked to your PAN. During the Video KYC process, you will be asked to display original PAN Card, Passport and VISA/Resident/Work Permit.
Once your NRI Account is open, you can send an email from registered email ID to your RM or visit nearest branch in India to book the FCNR!
Get Started Now
The RBI forex swap scheme has made FCNR deposits a lot more relevant for parking your foreign savings. Since this is a time-sensitive window where RBI is absorbing a major cost that earlier limited how much interest banks could extend on FCNR deposits, the earlier you make use of it, the better. For a quick and convenient process, consider opening an FCNR account with IDFC FIRST Bank to access seamless management features.
Frequently Asked Questions
Can I open an FCNR deposit without an NRE or NRO account?
No, you must have an active NRE or NRO account with the bank before opening an FCNR deposit.
What documents are required to open an NRI account?
Typically, you need a passport, visa/residence/work permit, overseas address proof, photograph, signature, and other KYC documents as required by the bank.
What are the benefits of opening an FCNR Plus deposit under the RBI forex swap scheme?
FCNR Plus offers the potential for higher USD deposit returns, protection from exchange rate fluctuations, full repatriation of funds, and access to a limited-time RBI-backed opportunity.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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