Features of IDBI Bank NRO Account
Below are the features of IDBI Bank NRO Account:
- Account Types: You can choose to open a Current Account, a Savings Account, a Term Deposit, or a Recurring Deposit.
- Joint Account: You can open a joint NRO account with other NRIs or with resident Indians. A mandate facility is also available, which allows a family member to operate the account on your behalf.
- Banking Convenience: Enjoy seamless banking with a domestic Debit+ATM card and comprehensive internet banking facilities with IDBI Bank NRO account.
Types of IDBI Indian Bank NRO Account
Given below are IDBI Bank NRO accounts various types:
NRO Savings Account:
The features offered by IDBI Bank NRO Savings Account are:
- IDBI Bank NRO savings account is perfect for managing your regular income from Indian sources.
- The bank offers tiered interest rates based on your daily account balance.
Non-Resident Ordinary (NRO) Fixed Deposit:
Competitive FD interest rates ensure wealth growth. The features offered by IDBI Bank NRO Fixed Deposit Account are:
- IDBI Bank NRO Fixed Deposit allows you to earn attractive returns on your accumulated Indian funds.
- Choose a tenure from 15 days to 10 years. Interest can be paid monthly, quarterly, or credited as a lump sum at maturity.
- For quick liquidity, you can get a loan against your deposits. Your deposit can be automatically renewed upon maturity if you choose.
Non-Resident Ordinary (NRO) Recurring Deposit:
IDBI Bank NRO Recurring Deposit Account offers multiple features, some of which are:
- IDBI Bank NRO Recurring Deposit Account is ideal for building wealth with regular investments.
- The account lets you deposit a fixed amount monthly.
- The deposit tenure is flexible, ranging from 1 year to 10 years. You can invest between ₹100 and ₹1 Crore per month.
Please also read about: IDBI Bank FD Interest Rates
NRO Account Fixed Deposits Interest Rate
FD is a safe and beneficial investment option for NRIs. The IDBI Bank NRO Accounts Fixed Deposits Interest rates are:
| Tenor |
Interest Rate |
| 07-14 days |
3.00 |
| 15-30 days |
3.00 |
| 31-45 days |
3.25 |
| 46- 60 days |
4.50 |
| 61-90 days |
4.75 |
| 91days-6 months |
5.50 |
| 6 months 1 day to 270 days |
5.75 |
| 271 days up to < 1 year |
6.00 |
| 1 year |
6.55 |
| >1 Year to 2 Years (Except 555 Days, 444 Days and 700 Days) |
6.55 |
| > 2 Years to < 3 Years |
6.55 |
| 3 years to < 5years |
6.25 |
| 5 years |
6.25 |
| > 5 years to 7 years |
5.95 |
| >7 years to 10 years |
5.95 |
*Interest rates are applicable from July 2025.
Eligibility Criteria to Open an IDBI Bank NRO Account
The following conditions must be fulfilled to open an IDBI Bank NRO Account in India:
How to Open an IDBI Indian Bank NRO Account?
The following easy steps are to be followed to open an IDBI Indian Bank NRO Account:
Step 1: Download the "NRI Relationship and Account" opening form. Additionally to open NRE /NRO/ FCNR Fixed Deposit, also download the "NRI Fixed Deposit Form from the official website of the bank.
Step 2: Fill out the forms completely, including all necessary signatures.
Step 3: Prepare below given required documents, get them attested.
Step 4: Select the type of account you want along with signing the service Charges form for your chosen Step 5: Courier the completed forms and all supporting documents to the IDBI Bank branch.
Step 6: Once your account or customer ID is activated, you can transfer money to it.
Step 7: The bank will activate your account after receiving all the correct documents.
Note: Signing the Service Charges form isn't needed if you're only opening a Fixed Deposit.
You can also open an NRO account with IDBI Bank in online mode through video KYC.
Step 1: Go to the official website of IDBI Bank
Step 2: Under ‘NRI Section’ select ‘NRO Account’
Step 3: Click on ‘Open an Account’
Step 4: After video KYC and other essential following processes, your NRO account will be opened.
Documents Required to Open an IDBI Indian Bank NRO Account
The following documents are required to open an IDBI Indian Bank NRO Account :
- Valid current passport copy
- A visa copy of your valid residency, work, or student visa.
- Address Proof
- Form 60
- A recent photograph of the individual account holder.
- If you are a Person of Indian Origin (PIO), you must submit a self-declaration, along with a copy of your PIO or Overseas Citizen of India (OCI) card, or a copy of your or your parents'/grandparents' past Indian passport.
- Additional Documents for Mariners (if applicable): If you work for a foreign shipping company, you'll also need a copy of your valid work contract, your last wage slip, and your Continuous Discharge Certificate.
Note that the above documents have to be attested by any one of the following :
- Indian Embassy abroad
- Existing local banker abroad
- Overseas Notary
- Self Attestation
For self-attestation details, visit the official website of the bank.
Benefits of Opening an IDBI Bank NRO Account
IDBI Bank's NRO account offers several advantages for NRIs.
- Manage Indian Earnings: You can conveniently deposit a variety of Indian income sources, including rent, dividends, pensions, or even sale proceeds from assets.
- Flexible Fund Sources: The account can be credited with inward remittances from abroad, foreign currency you physically bring into India, and transfers from other NRO accounts.
- Tax Management: While the interest earned is subject to Indian income tax, you may be able to claim a reduced tax benefit under a Double Taxation Avoidance Agreement (DTAA), if one exists between India and your country of residence.
- Repatriation Flexibility: You can repatriate up to USD 1 million per financial year from your NRO account for all bona fide purposes, subject to RBI guidelines.
- Funds Transfer: Transfer up to USD 1 million from your NRO to an NRE account after paying any applicable taxes.
Conclusion
The IDBI Bank NRO Account provides a straightforward and effective way for NRIs to handle their Indian-sourced income. Its array of account types, competitive interest rates, and seamless digital services make it a practical choice. The account not only helps you manage funds from within India but also offers the flexibility to transfer those funds abroad, making it a valuable tool for global financial management.
Invest 18k/month & get 2 Crore# Tax-Free*
Manage your funds online60k + happy customers across 25+ countries
Compare & Choose30+ Plans and 150+ Fund options
