Seafarer Account – Specialised Banking for Mariners

The easiest and fastest way to transfer funds is online using our website or mobile app.
To transfer money to the beneficiary, you will need details like the beneficiary's name, bank name (we have a drop-down that shows you all banks in India), IFSC code (if you don't know the code, we can help you find it) and beneficiary's account number.
You can add a beneficiary on the IDFC FIRST Bank mobile app or internet banking with this information. Your beneficiary will be activated within 30 minutes. You can transfer funds at any time afterward. You can then transfer funds via NEFT or RTGS. Fund transfers from your IDFC FIRST Bank NRE/NRO Seafarer Account are completely free of charges.
If you log-in after banking hours, we will initiate the transfer when banking hours open again. NEFT and RTGS are available only during banking hours.

A Seafarer account can be opened if you are a merchant navy professional who is employed to serve aboard any type of marine vessel. This usually refers to active seafaring workers, mariners, shippies, sailors etc.

International Wire Transfer: You can wire funds from your overseas bank account to your IDFC FIRST Bank Seafarer account. Funds transferred to your NRI Seafarer Account are available for use immediately when they are credited to your account. It normally takes 2-3 business days for the funds to appear in your account after your overseas bank initiates this international wire transfer. The exchange rate applied for your transfer will be the exchange rate on the date we receive funds in your account.
We do not charge any fees on incoming wire transfers on NRI Seafarer accounts, however international wire transfers may be charged by your local bank overseas. To initiate the wire transfer from your account, you will need your NRO account details, beneficiary information, and routing number. Please complete the information, print the form, and give it to your bank for your convenience.
Online/Third Party Remittance: Your IDFC FIRST Bank accounts can be credited with online/third-party remittances. As soon as you add your IDFC FIRST Bank Account as a beneficiary, most remittance providers will be able to credit your account directly. The exchange rate and timing of the remittance are determined by the remittance provider, not 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  and 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 as above
• • You are a minor child of such a person as mentioned above
• • You are a minor child whose parent/parents is/are Citizens of India

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)