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Summary: An NRI account back home facilitates easy fund transfers, smooth transactions, and quick investments. Check out a comprehensive guide to NRI bank accounts in India for a seamless banking experience.
Did you know that an NRI account becomes mandatory once you become a Non-Resident Indian?
The Foreign Exchange Management Act (FEMA) states that once you become an NRI, your resident savings account will become invalid. You must open an NRI bank account to conduct financial transactions in India. Whether you want to make payments, collect income, or invest in India, an NRI bank account becomes necessary.
An NRI account is a bank account for Non-Resident Indians to manage their income earned abroad, and in India. There are different types like NRE, NRO, and FCNR accounts, each serving distinct purposes. For enhanced convenience, UPI for NRI now enables seamless digital transactions in India, enhancing convenience and accessibility.
Let's explore NRI banking in detail for a hassle-free experience.
An NRI bank account is an account designed specifically for NRIs. The account allows you to do the following -
Moreover, you also earn interest on the balance maintained in the account, helping you grow your savings.
Also read - Discover IDFC FIRST Bank NRI Banking Service under 3 minutes!
There are two main types of NRI accounts – the Non-Resident Ordinary (NRO) Account and the Non-Resident External (NRE) Account. Let’s understand what these accounts are and how they differ from one another.
The NRO account is a rupee-denominated bank account which is usually meant for depositing income earned in India like rent, interest, dividend, etc. The account also accepts foreign deposits which are converted to Indian Rupee (INR) and added to the balance.
The interest earned in the NRO account is taxable at 30% plus surcharge and cess. You can repatriate the interest income freely. However, repatriation of the principal is only allowed up to USD 1 million per financial year.
The NRE account is meant for depositing foreign income, though the account is rupee-denominated. The interest earned from the account is completely tax-exempt, and it also allows limit-free repatriations.
Let’s study the similarities and differences between NRO and NRE accounts.
Differences
NRO Account |
NRE Account |
It is mainly meant for depositing income earned in India |
It is mainly meant for depositing income earned abroad |
You can deposit funds earned from India as well as abroad |
You can only deposit funds earned abroad |
The interest earned from the NRO account is taxable |
The interest earned from the NRE account is completely tax-exempt |
Repatriation from the NRO account is allowed up to USD 1 million per financial year |
There is no limit on the repatriation amount. You can freely and fully repatriate the interest earned and the principal deposited in the account |
NRI accounts are not only mandatory, but they have their benefits, too. Let’s have a look at some of the primary ones
NRI accounts allow hassle-free banking transactions. Whether in India or abroad, you can log into your net banking account and conduct your transactions online without any fuss.
If you choose the right NRI account, you can earn attractive interest income, which helps grow your savings. For instance, IDFC FIRST Bank NRI Bank Accounts allow up to 7.25% p.a. interest, which is credited monthly. Monthly interest credits allow compounding to work its magic and you can accumulate attractive returns.
NRI accounts allow you to transfer your balance to your foreign bank account easily. This is called repatriation. Both NRO and NRE accounts allow the repatriation facility, though the former has some restrictions of repatriating up to USD 1 million per financial year, whereas NRE account allows full and free repatriation.
Lastly, let’s not forget the NRE account's tax benefits. You can earn tax-exempted interest income from the account, which adds to your savings.
You can open an NRI bank account online (from anywhere in the world) or offline (when visiting India). The eligibility parameters and the documentation required are as follows –
The following individuals can open an NRI account –
The documents required for the account opening process are as follows –
IDFC FIRST Bank offers a range of NRI bank accounts for your banking and financial needs along with a range of NRI banking solutions and additional benefits. Have a look –
Not to forget the attractive interest rate going up to 7.25% p.a. with monthly credits!
Also read - What NRIs visiting India must know about the gift tax rules and the right banking services
Compare the NRO and NRE accounts and choose one that aligns with your needs. Check the eligibility and open an NRI bank account for easy transactions back home.
Choose IDFC FIRST Bank’s NRI solutions and get more from the account. Enjoy seamless banking anytime, anywhere, with attractive returns on your savings. What else can you ask for?
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.