NRO Savings Account

Your IDFC FIRST Bank NRO Savings Account is maintained in Indian Rupees (INR). Any foreign currency remitted to the account will be converted into Indian Rupees at prevailing forex rates before being credited.

Depositing money in your IDFC FIRST Bank NRO Savings Account is simple. You may use any of the following methods:

• Direct remittance: Transfer funds from your overseas bank account in a freely convertible currency.
• Cheque deposit: Deposit Indian Rupee cheques or demand drafts into your account.

Online transfer: Fund your account through NEFT/RTGS/IMPS from any Indian bank account.

Yes, the NRO Savings Account is subject to taxation under Indian laws. The interest earned on your IDFC FIRST Bank NRO account is taxed at 30% plus applicable surcharge and cess. This is known as Tax Deducted at Source (TDS). However, you may seek relief under the Double Taxation Avoidance Agreement (DTAA) if your country of residence has such an agreement with India.

Repatriation refers to the process of transferring funds from India to your country of residence in a foreign currency. This is essential for NRIs who wish to access their Indian income abroad. With an IDFC FIRST Bank NRO account, you can repatriate up to USD 1 million per financial year, post payment of applicable taxes and submission of relevant documentation. Additionally, the interest earned on your NRO Savings Account is fully repatriable after tax deduction.

Yes, the IDFC FIRST Bank NRO account allows limited repatriation as per the guidelines of the RBI (Reserve Bank of India). While the principal amount is repatriable up to USD 1 million in a financial year, interest earned is fully repatriable after-tax deduction. This ensures ease in transferring your funds for legitimate personal purposes such as education, medical expenses, or family support abroad.

Yes, you may open a joint IDFC FIRST Bank NRO Savings Account with another eligible Non-Resident Indian (NRI), PIO, OCI or Resident Indian. In case the joint account is with a Resident Indian, the Mode of Operation would be “Former or Survivor” only.

Yes, you are allowed to have a Resident Indian as a joint account holder, provided the mode of operation is “Former or Survivor”. In this case, the Resident Indian can only access the account after the demise of the primary NRI account holder. 

Your account can be accessed round-the-clock through the IDFC FIRST Bank mobile banking app and net banking platform. These platforms let you:

• View and download statements
• Transfer funds to Indian accounts
• Pay bills and recharge utilities
• Set transaction limits and preferences
• Receive SMS and email alerts and more.

When you open an IDFC FIRST Bank NRO Savings Account, you get access to better interest rates with monthly interest payouts, enabling better growth of your Indian earnings. Enjoy complete digital access through the Bank’s mobile app and net banking. You can also issue cheques, pay bills, and transfer funds within India. You receive the VISA Signature Domestic Debit Card for your IDFC FIRST Bank NRO Savings Account with the following features:

• Free Debit Card with a ₹6 lakh daily purchase limit and ₹2 lakh ATM withdrawal limit
• Complimentary domestic airport lounge access twice a quarter
• Personal accident insurance cover of ₹35 lakh and air accident insurance cover of ₹1 crore
• Free and unlimited ATM transactions across all Indian banks.

Yes, IDFC FIRST Bank allows fund transfers between NRO accounts held in your name or others’ names. This includes both intra-bank and inter-bank NRO account transfers.

Yes, you may transfer money from your NRO account to a resident Indian account. Similarly, you can issue cheques in Indian Rupees from your NRO account for payments within India.

Yes, you can transfer money from an NRO Savings Account to an NRE account, subject to certain documentation and limitations. The transfer is permitted up to a limit of USD 1 million per financial year.   

In your IDFC FIRST Bank NRO account, interest is calculated on the daily closing balance and credited monthly. This means your money works harder for you every single day, and returns are realised regularly at the end of each month.

Separate Debit Cards are issued to NRI joint holders of an NRO Savings Account on request. You can apply for an additional Debit Card later through the mobile app or net banking platform.

The VISA Signature Domestic Debit Card issued with your NRO account is valid for domestic use only. You can use it at any ATM or POS terminal within India.

Yes, you may appoint a mandate holder, usually a trusted family member, who can operate your NRO account on your behalf. IDFC FIRST Bank provides this facility to ensure convenience and access even while you are living abroad. The mandate holder can perform routine transactions as stipulated in the regulations.

Yes, IDFC FIRST Bank allows you to nominate an individual to receive the funds in the event of your demise. The nomination can be changed or updated at any time and ensures that your hard-earned money reaches the right hands.

IDFC FIRST Bank offers most banking services at zero charges, including chequebook reissuance, Debit Card and DD issuance, inward and outward NEFT and RTGS, and more. You can check the detailed fees and charges by clicking here.  

As per current guidelines of the Reserve Bank of India, interest earned on your NRO account is subject to 30% TDS (plus applicable surcharge and cess). You may claim a lower tax rate benefit under DTAA by submitting a Tax Residency Certificate and other relevant documents.