All You Need To Know About NRI Banking Services At IDFC First Bank

Indians who go overseas for higher education or jobs must make many financial preparations. Opening an NRI bank account should be at the top of your priority list because your resident savings account will no longer be viable after you become a Non-Resident of India. IDFC First Bank offers NRI accounts for financial transactions in India. IDFC First Bank NRI accounts to provide greater interest rates and income tax exemption. You may also be able to send and receive money more quickly.

1. IDFC First Bank NRI Account
2. IDFC First Bank NRI account opening
3. Features and benefits of IDFC Bank NRI account
4. Rate of interest on NRI savings account at IDFC First Bank
5. IDFC NRI Fixed Deposit
6. Outward Remittance at the Branches
7. Outward Remittance using Net Banking
8. Foreign Education Loan
9. IDFC First Bank - NRI Customer Care Numbers (Calling from Overseas)
10. Some other popular products
11. FAQs
12. Useful Links

1. IDFC First Bank NRI Account

IDFC First Bank provides three types of NRI Savings bank accounts – NRO Accounts, NRE Accounts, and Seafarer Savings Accounts.

IDFC NRE account

You can create an IDFC First bank NRE account to keep funds from your home country. The funds are denominated in Indian Rupees or INR.

DFC NRO account

NRIs and people with PIO/OCI cards can open an IDFC First NRO Account to put their Indian pension, rent, dividends, and other income from India.

Particulars	NRE Account	NRO Account
Purpose	For depositing the overseas earnings of NRIs	For depositing the Indian income, i.e., rent, dividends, pension, etc.
Currency	INR denominated	INR denominated
Interest	Interest is paid at the end of each month on the average daily balance	Interest is paid at the end of each month on the average daily balance
Taxation	Interest earned on an NRE account is tax-free in India.	Interest earned on an NRO is taxable in India. Tax Deducted at Source (TDS) is applicable at 30% + surcharge and cess.
Account funding	The account can be funded through the following:	The account can be funded through the following:
	– Foreign currency remittance from overseas	– Income from sources in India
	– Funds from other NRE or FCNR account in any bank in India	– Funds from any other NRO or NRE account in India
		– FCNR from overseas
Mandate facility	A resident Indian can be added as a mandate post-account opening	A resident Indian can be counted as a mandate post-account opening
Joint account holding	– Eligible NRIs/ PIOs/ OCIs can become joint account holders	Eligible NRIs/ PIOs/ OCIs can become joint account holders
	– Resident Indian close relative can be added as a joint account holder on a ‘Former or Survivor’ basis	– Resident Indian close relative can be added as a joint account holder on a ‘Former or Survivor’ basis
Repatriation	Fully and freely repatriable	Repatriation is limited to the equivalent of USD 1 million (or equivalent amount) per year.

2. IDFC First Bank NRI account opening

Non-residents can open an NRI account from their home country without visiting an Indian bank office. You may even apply online for an IDFC First Bank NRI Account. So, here's how to register an NRI account online. IDFC First Bank NRI account opening may be done online using the bank's website.

• Visit the IDFC First Bank NRI page.
• Click Apply Now.
• Enter your name, cellphone number, residence or country, email address, CAPTCHA, and other essential information, then submit the form.
• The bank executive will call you and help complete your application ahead of time.

3. Features and benefits of IDFC Bank NRI account

Access to investments in India: With the help of NRI accounts, NRIs can participate in the debt markets and stock market in India.

Hassle-free process for account opening: An IDFC First Bank NRI Account can be opened online from anywhere in the world.

Repatriation benefits: Funds in the NRI accounts can be smoothly moved within India and overseas so that you can access the money anytime, anywhere. An NRI should also be aware that money in an NRE account is fully repatriable, but funds in an NRO account are only repatriable up to a specific amount of the stated limit.

Net banking: NRI account holders can enjoy the mobile app and net banking worldwide.

Taxation benefits: The interest earned on the IDFC NRE bank account and Fixed Deposit is tax-exempt. Therefore you do not have to pay tax on the earnings.

Some other benefits include the dedicated relationship manager and visa signature debit card.

4. Rate of interest on NRI savings account at IDFC First Bank

IDFC Bank has one of the best savings account interest rates. Here is a list of the interest rates for IDFC First NRI accounts:

Balance	Interest rate (p.a.)
<=Rs. 1 lakh	4.00%
Above Rs. 1 lakh to Rs. 10 lakh	4.50%
Above Rs. 10 lakh to Rs. 2 cr	5.00%
Above Rs. 2 cr to Rs. 10 cr	4.00%
Above Rs. 10 cr to Rs. 100 cr	3.50%

5. IDFC NRI Fixed Deposit

IDFC First Bank provides three types of NRI Fixed Deposit schemes for individuals who receive a source of funds from abroad or in India. Under the NRI Fixed Deposit schemes, attractive interest rates are provided.

Types of NRI Fixed Deposits

The three different types of NRI Fixed Deposits provided by the IDFC First bank are mentioned below:

• Foreign Currency Non-Resident Deposit
• Non-Resident External Deposit
• Non-Resident Ordinary Deposit

Features of IDFC NRI Fixed Deposit

The significant features of the different types of NRI Fixed Deposit schemes offered by the banks are:

Foreign Currency Non-Resident Deposit

• When compared to most other overseas banks, higher interest rates are being offered.
• No tax needs to be paid in India on the interests that are earned
• Attractive interest rates are offered across the given currencies.
• Full Repatriability is provided on the interest that is earned and the principal amount as well.

Non-Resident External Deposit

• Joint accounts can be held both by non-residents and residents.
• No tax must be paid in India on the interest earned.
• Full Repatriability is provided on the interest that is earned and the principal amount as well.

Non-Resident Ordinary Deposit

• Non-residents and residents can hold joint accounts.
• In case you can avail of the DTAA benefit facility, a higher yield is offered after tax.
• High returns are offered for funds that are generated in India.

Eligibility Criteria

An existing IDFC customer can open an NRI Fixed Deposit amount.

How to Open an IDFC NRI FD Account

An NRI Fixed Deposit Account can be opened with the help of the bank’s mobile app or net banking. The booking process can be completed quickly by filling out the form.

Interest Rates
Sr.No	Termed Deposits	Interest Rates (%)
1	Six months	5.00%
2	Nine months	5.25%
3	12 months	5.75%
4	15 months	5.75%
5	18 months	6.00%
6	21 months	6.00%
7	24 months	5.75%
8	27 months	5.75%
9	36 months	5.75%
10	39 months	5.75%
11	48 months	5.75%
12	60 months	5.75%
13	90 months	5.25%
14	120 months	5.25%

Foreign Currency Non-Resident Deposits

Interest Rates (%)
Sr.No	Termed Deposits	SGD	AUD	EUR	GBP	USD
1	12 months < 2 years	0.50	0.50	0.10	0.30	0.75
2	2 years < 3 years	NA	NA	0.15	0.35	1.25
3	3 years < 4 years	NA	NA	NA	NA	1.75
4	4 years < 5 years	NA	NA	NA	NA	2.75
5	5 years	NA	NA	NA	NA	1.00

6. Outward Remittance at the Branches

With IDFC First bank by your side, you never have to worry about the well-being of your loved ones abroad.

How to transfer

• Sending funds abroad is easy with IDFC First Bank by your side. So, follow these steps below for a seamless fund transfer.
• Walk into your nearest IDFC FIRST Bank branch.
• Submit the Application form for Outward Remittance – Form A2. Click to download

Provide the necessary supporting documents*

Hurray, that is done! The funds will be credited to your beneficiary's account within a few days.

Based on your purpose of transfer, additional documents may be requested.

Click here to view the documentation.

Charges:

Money Transfer Abroad	Resident Indian	NRI
Charges*	INR 100 + GST	NIL

Limits:

Here are the details of the limits set for transfer:

Account Type	Limits
Resident Indian	USD$ 2,50,000 and equivalent in a financial year
Non-Resident	From NRE A/c: No limit, From NRO A/c: USD$ 1,000,000 and equivalent per financial year (No limit for Current Income)
Foreign National Residing in India	Up to net salary received in India (after deduction of applicable taxes)
Minor	Same as Resident

7. Outward Remittance using Net Banking

IDFC FIRST Bank offers fast and efficient money transfers from your Indian savings account to any beneficiary’s account overseas.

How to transfer

With IDFC FIRST Bank on your side, sending money overseas is simple. Follow these procedures to ensure a smooth fund transfer.

Log in to Net Banking and choose 'PAY.' Pick 'Pay Abroad' and select your savings account. Add beneficiary and transaction details to authenticate your payment.

SWIFT will be delivered to your registered email address once processed.

That's all done now! The monies will be deposited within 1- 3 business days to your beneficiary's account.

* Additional documentation may be required depending on the purpose of your transfer.

Charges:

Money Transfer Abroad	Resident Indian	NRI
Charges*	INR 100 + GST	NIL

Limits:

Here are the details of the limits set for transfer:

Account Type	Limits	Per Txn. Limit*	Annual Limit*
Resident Indian	Gift, Portfolio investment in equity, Portfolio investment in debt instruments, Investment in real estate, Payments for Employee stock option, Remittance to own account abroad	$ 10,000	$ 250,000
Other Purposes	$ 25,000	$ 250,000
Non-Resident – NRE A/c	Repatriation of Funds (S0014)	$100,000	$1,000,000
Non-Resident – NRO A/c	Repatriation of Funds (S0014)	$100,000	$1,000,000
Foreign National (Residing in India)	Salary (1301)	$25,000	$250,000
Minor	Same as Resident

FX Retail Platform

RBI, or the Reserve Bank of India, has also launched an electronic trading platform called "FX-Retail" through the Clearing Corporation of India Ltd (CCIL). This platform lets customers buy and sell foreign exchange. Cash or on-the-spot deals are available on the FX Retail platform.

For registration, please visit CCIL-FX Retail website,

https://www.fxretail.co.in/#/login

After successful registration, the limit can be easily set up by visiting the nearest branch of IDFC First Bank.

For more information, visit the CCIL website,

https://www.ccilindia.com/AboutUs/Pages/FxRetailPlatform.aspx

8. Foreign Education Loan

With India being a rapidly developing country, the demand for good quality higher education is also rising to build a better future. IDFC First bank brings a fully digitized and customized education loan for every student's needs. Whether an education loan for the MBA or any other vocational or professional course, full-time or part-time, our international student loans cover the broadest range of programs. In addition to the educational expenses, our student loan offers financial coverage for additional costs such as insurance, laptops, and others.

Don’t let financial concerns stop you, apply for a student loan today! Find more information here: https://www.idfcfirstbank.com/personal-banking/loans/education-loan/education-loan-for-abroad-studies.

Who can apply?

• Eighteen years old or above at the same time of loan commencement.
• An India National or an NRI
• Admitted to the desired institution after the completion of the pre-requisite qualification.

Documentation

Student

• Photo ID proof
• Proof of residence
• Passport-sized photograph
• Proof of admission
• Fee structure document
• Salary slips of experienced candidates
• Academic documents

Co-applicant

• Photo ID proof
• Proof of residence
• Passport-sized photograph
• Income tax return

Collateral documents

• Property documents
• FD documents

9. IDFC First Bank - NRI Customer Care Numbers (Calling from Overseas)

Calling From	Phone Number	Toll-Free/Local Call
USA	18337039805	Toll-Free
CANADA	18337039811	Toll-Free
UK	0 8000 478 414	Toll-Free
SINGAPORE	800 101 4006	Toll-Free
AUSTRALIA	1800314585	Toll-Free
UAE	8000 187 922	Toll-Free
SAUDI ARABIA	8008500980	Toll-Free
OMAN	80074528	Toll-Free
QATAR	00 800 100 089	Toll-Free
BAHRAIN	80006082	Toll-Free
GERMANY	8001815050	Toll-Free
HONG KONG	852 30082199	Local Call
BELGIUM	3228962986	Local Call
IRELAND	35315712658	Local Call
ITALY	3.90231E+11	Local Call
SPAIN	34935472751	Local Call
NETHERLANDS	31207971718	Local Call
SWITZERLAND	41225449992	Local Call

10. Some other popular products

11. FAQs

1. What documents are required to establish that I am an NRI to open an NRE bank account?

• Identity Proof: Passport
• Non-Resident Status Proof: Visa / PIO card/ Foreign Passport with PIO declaration/ Continuous Discharge Certificate with Valid contract letter for seafarers / Resident Permit/ Resident Card.
• Overseas Address Proof (Any one of the following documents having your overseas address): Passport, driving license, National Id /Government issued ids, Latest utility bill (mobile/gas/electricity/telephone), Latest savings bank statement from a transactional account, Council tax bill, Resident Permit, Voter id/Electoral card.

2. Are proceeds from NRE Fixed deposits taxable?

FCNR Fixed Deposit/NRE Deposit Tax: In India, the interest generated on this account is tax-free. However, the interest you earn may be taxed in your own country.

NRO FD Taxation: When interest accrues on your deposit, the interest earned on this account is subject to TDS at the rate of 30% + surcharge and cess. In addition to the interest taxed in India, the interest earned may be taxed in your place of residence.

3. Do I need to be an IDFC FIRST Bank Account holder to receive FuTransfersfer from abroad?

Yes, only IDFC FIRST Bank Account holders can avail of this service.

4. Is there any limit for receiving funds from abroad?

No. You can transfer money without any limits.

5. What is the process of transferring funds abroad at the branch?

You can do an outward remittance by visiting any IDFC FIRST Bank branch after submitting the necessary forms/documents. Click here to download Form A2 with the required beneficiary and transaction details.

12. Useful Links

https://www.idfcfirstbank.com/nri-banking

https://www.idfcfirstbank.com/nri-banking/nri-savings-account

https://www.idfcfirstbank.com/interest-rate

https://www.idfcfirstbank.com/forex-rates.html

https://www.ccilindia.com/AboutUs/Pages/FxRetailPlatform.aspx