The interest rate on an NRO savings account is typically calculated on a daily basis based on the balance of the account. The bank determines the applicable interest rate and it may vary. It is essential to understand how your interest accrues by taking into account the compounding frequency and the specific terms outlined by the bank. IDFC FIRST Bank offers one of the highest interest rates on NRO savings accounts in the industry and credits the interest monthly. In addition, it offers an array of benefits, such as free online fund transfers, utility bill payments, and more.

No, interest earned on an NRO account is taxable in India. Income tax, as well as a surcharge and education cess, are applicable as per prevailing tax laws.

You can apply for an IDFC FIRST Bank NRO savings account by either walking in a physical bank branch or drop your details on the lead page of our website and our executive shall call you for account opening, whichever is more convenient for you. When filling out the form, you typically need to provide relevant documents, such as a copy of your passport, visa, proof of Indian address, and passport-sized photographs and signature(in case of online account opening). In case, the account is opened online, the documents need to be notarised. The exact requirements may vary from bank to bank.

NRO (Non-Residential Ordinary) and NRE (Non-Residential External) accounts cater to different types of income sources for Non-Resident Indians. NRO accounts are designed for income earned in India and are subject to taxation. NRE accounts are for foreign income and are tax-exempt in India. Additionally, funds in NRE accounts can be freely repatriated, while NRO accounts offer limited repatriation of funds of $ 1 million USD per financial year. Understanding these differences is essential to choosing the right account type.