Personal Finance Bank accounts

IDFC NRI Account

Wise
20.02.24
1 minute read

As a Non-Resident Indian (NRI), maintaining a strong financial connection to India is important. IDFC FIRST Bank offers a suite of NRI accounts tailored to meet your diverse requirements, simplifying how you manage and access your funds in India.

💸⇒₹ Funding Your NRI Account from abroad: Save when you use Wise

Wise offers a fast, easy, and low-cost way to send money directly to NRI accounts in India.

  • Transparent Fees: Wise has a clear fee* structure, so you'll always know exactly how much your transfer will cost.
  • Mid-Market Rates: Get the exchange rate you see on Google, unlike the marked-up rates offered by banks.
  • Fast Transfers: Funds can often arrive within minutes on popular transfer routes.
Sign up for Wise today and see how much you could save on your next transfer to India 🚀

IDFC FIRST Bank NRI Account Options

IDFC FIRST Bank understands the evolving needs of NRIs and provides these primary account types:

  • NRE (Non-Resident External) Account: A convenient rupee-denominated account designed for parking income earned outside India. Funds in this account are freely repatriable, meaning you can easily transfer them back to your country of residence.
  • NRO (Non-Resident Ordinary) Account: This account is specifically built to manage income generated within India, such as rent, dividends, or pensions. While funds in the NRO account have restrictions on repatriation, there are some permissible situations for transferring money abroad.
  • FCNR (B) Deposit Account (Foreign Currency Non-Resident (Bank) Deposit Account): This fixed-term deposit account allows you to deposit your savings in major foreign currencies like USD, GBP, EUR, etc. You'll earn competitive interest rates on these deposits which are protected from exchange rate fluctuations.

Advantages of IDFC FIRST Bank NRI Accounts

  • Attractive Interest Rates: Earn competitive returns on your savings, especially on FCNR deposits.
    Tax Benefits: Interest earned on NRE accounts is typically tax-free in India. FCNR deposits may also be exempt from income tax, providing additional savings.
  • Simplified Banking: Manage your accounts easily with IDFC FIRST Bank's online and mobile banking platforms.
  • Dedicated Support: Receive assistance and guidance tailored to your NRI banking needs.
    Learn More on the IDFC FIRST Bank Website.

Beyond Transfers: Simply your NRI financial life with Wise

Wise offers an ideal alternative to banks for global expats with roots abroad. Take a look at the Wise multi-currency account available for residents living in supported countries. Enjoy an account as worldly as you are and spend just like a local when you travel abroad with a linked debit card, while also paying less in fees.

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*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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