NRI Savings Account

Question

Can an NRI have a Savings Account in India?

What is the meaning of repatriation of funds?

Which IDFC FIRST Bank NRI Savings Account variant is used to deposit Indian income?

Who is eligible for NRI account opening?

What are the different types of NRI Savings Accounts?

What are the products available at IDFC FIRST Bank for NRIs?

How do I request a Debit Card and Chequebook?

What should I do if I have forgotten to request a Debit Card during the NRI account opening process?

What is the minimum balance that customers are required to maintain in an IDFC FIRST Bank NRI Account?

Can I repatriate funds from my NRI Savings Account?

What are the documents required to open an NRI Account?

Which entities are accepted as attesting authorities while opening an NRI Savings Account?

How many holders can be added in an NRI Savings Account?

What is the eligibility criteria for a joint holder in an NRI account?

Accepted Answer

Yes, Non-Resident Indians can easily open a dedicated NRI Savings Account in India. IDFC FIRST Bank offers Non-Resident External (NRE) and Non-Resident Ordinary (NRO) Savings Accounts for NRIs. The NRE Account permits NRIs to deposit foreign income, earn tax-free interest and repatriate funds freely. The NRO Account permits NRIs to deposit their Indian income like rent, dividend, etc and repatriate funds up to USD 1 million subject to documentation.

Accepted Answer

Repatriation means transfer of funds from an Indian account to a foreign bank account. NRI repatriation follows guidelines set by the Foreign Exchange Management Act (FEMA). IDFC FIRST Bank NRI Savings Accounts, such as the Non-Resident External (NRE) Account, allows full and free repatriation of both principal and interest. Funds in the Non-Resident Ordinary (NRO) Account can be repatriated up to USD 1 million every financial year for all bona fide purposes subject to payment of taxes. The interest earned is fully repatriable after tax deduction.

Accepted Answer

Income generated in India from sources such as rent, pension, dividends, and investments can be deposited into an IDFC FIRST Bank Non-Resident Ordinary (NRO) Savings Account. It supports domestic transactions and earns attractive interest which is credited monthly.

Accepted Answer

IDFC FIRST Bank NRI Savings Accounts are available to Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), Overseas Citizens of India (OCIs), Seafarers working on international vessels, and employees on international offshore or oil rig projects.

Accepted Answer

IDFC FIRST Bank offers three NRI Savings Account options:

• Non-Resident External (NRE)

• Non-Resident Ordinary (NRO)

• Seafarer Savings Account

All three account variants offer attractive interest rates, monthly interest credits , a free VISA Signature Debit Card, and unlimited ATM withdrawals across India

Accepted Answer

IDFC FIRST Bank offers the following NRI products, each designed for specific needs:

• Non-Resident External (NRE) Savings Account

• Non-Resident Ordinary (NRO) Savings Account

• Seafarer Savings Account

• NRE Fixed Deposit

• NRO Fixed Deposit

• Foreign Currency Non-Resident (FCNR) Deposit

• Global Savings Account USD/ EURO

• GIFT City Fixed Deposit USD/ EURO

All three savings account variants come with a free VISA Signature Debit Card offering complimentary airport lounge access (twice a quarter), a daily purchase limit of ₹6 lakh, an ATM withdrawal limit of ₹2 lakh, and ₹1 crore air accident insurance.

Accepted Answer

When opening an IDFC FIRST Bank NRI Savings Account (NRE or NRO), you can request a Debit Card and Chequebook during the application process. If missed, you can apply later through internet banking, the mobile app, or by contacting customer care.

The account comes with a free VISA Signature Debit Card that includes complimentary domestic lounge access, higher ATM and shopping limits, and insurance covers. Chequebooks are issued free of charge with doorstep delivery for added convenience.

Accepted Answer

If you missed requesting a Debit Card during account opening, simply apply via IDFC FIRST Bank's mobile banking app, internet banking, or contact customer care.

Accepted Answer

To make the most of your banking relationship with IDFC FIRST Bank, maintaining an Average Monthly Balance (AMB) of ₹25,000 in your NRE and NRO Savings Accounts is ideal.

Accepted Answer

Yes, funds in the IDFC FIRST Bank Non-Resident External (NRE) Savings Account are fully and freely repatriable, meaning you can transfer funds abroad anytime without restrictions. This includes both the principal, and the interest earned.

NRIs are permitted to repatriate up to $1 million per financial year from their Non-Resident Ordinary (NRO) account. While the principal amount is repatriable up to USD 1 million in a financial year, interest earned is fully repatriable after-tax deduction. [as per https://www.idfcfirstbank.com/nri-banking/nri-savings-account/nro-savings-account]

Accepted Answer

To open an IDFC FIRST Bank NRI Savings Account, you are required to submit documents under four major categories:

• Proof of identity such as a passport

• Address proof

• NRI/ PIO proof/ CDC booklet in case of seafarer

• PAN

Requirements may vary based on the applicant's country of residence and the account type.

Accepted Answer

While opening an NRI Savings Account, IDFC FIRST Bank generally accepts attestations from:

• Authorised officials of overseas branches of Scheduled Commercial Banks registered in India

• Branches of overseas banks with whom Indian banks have relationships

• Notary Public Abroad

• Court Magistrate

• Judge

• Indian Embassy/Consulate General in the country where the non-resident customer resides.

It is a good idea to verify with the bank’s latest guidelines, as accepted authorities can differ depending on the location or specific requirements.

Accepted Answer

An IDFC FIRST Bank NRI Savings Account can have a maximum of 5 account holders: 1 primary holder and up to 4 joint holders. This applies to Non-Resident External (NRE) as well as Non-Resident Ordinary (NRO) account types.

Accepted Answer

To open an NRI Savings Account, the primary applicant must have a valid Non-Resident Indian (NRI) status. Joint holders can include up to four NRIs. If an Indian resident is added as a joint holder, the account must be operated in the ‘Former or Survivor’ mode*, and only one resident joint holder is permitted in such cases.

*Former or Survivor mode lets the second holder access the account only post the demise of the first holder (primary holder).

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NRI Savings Account

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Explore the Types of NRI Accounts

NRE Savings Account

NRO Savings Account

Seafarer Savings Account

Why choose an IDFC FIRST Bank NRI Savings Account?

Grow your funds consistently with interest up to 6.50% p.a.

Ensure higher returns with monthly interest credits

Enjoy tax-free earnings on your NRE account

Zero processing fees on money transfers

Unlimited free withdrawals at ATMs across India

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