How can I open an IDFC First Bank NRO Account?

You can open an IDFC First Bank NRO Account online by filling out the application form available on the bank's website. You need to provide necessary documents, such as proof of identity, proof of address, and proof of your NRI status.

What are the benefits of an IDFC First Bank NRO Account?

An IDFC First Bank NRO Account offers competitive interest rates, free online fund transfers, monthly interest credits, and the facility to repatriate up to USD 1 million annually, subject to applicable tax deductions.

Is the interest earned on an IDFC First Bank NRO Account taxable?

Yes, the interest earned on an IDFC First Bank NRO Account is taxable under Indian income tax laws. Tax Deduction at Source (TDS) is applied at the prevailing rates before the interest is credited to your account.

Can I transfer money from my IDFC First Bank NRO Account to a foreign bank account?

Yes, you can transfer funds from your IDFC First Bank NRO Account to a foreign bank account. You can repatriate up to USD 1 million in a financial year after fulfilling the required tax obligations.

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Disclaimer: # The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. All plans listed here are of insurance companies’ funds.

IDFC First Bank NRO Account

The IDFC First Bank NRO Account is specifically designed to help Non-Resident Indians (NRIs) manage their income earned in India, such as rent, dividends, or pensions, with ease. This account allows NRIs to deposit and repatriate funds while adhering to RBI regulations. It offers attractive interest rates, convenient online banking facilities, and access to various financial services.

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What is IDFC First Bank NRO Account?

The IDFC First Bank NRO (Non-Resident Ordinary) Account is specifically designed for Non-Resident Indians (NRIs) to manage income earned in India, such as rent, dividends, pensions, or other payments. This account allows NRIs to conveniently handle their Indian earnings in Indian Rupees. It offers features like seamless fund transfers, competitive interest rates, and tax deduction at source (TDS) on the interest earned. The account also permits repatriation of funds up to specified limits as per RBI guidelines.

Types of IDFC First Bank NRO Accounts

IDFC Bank NRO Fixed Deposit
- Joint Account Facility: Joint account holders can be appointed for added convenience.
- Repatriation Option: Repatriate NRO fixed deposit funds up to USD 1 million per year after paying applicable taxes.
- Automatic Renewal: Enjoy automatic deposit renewal for the same tenure as the original deposit.
- Flexible Tenure: Choose deposit tenures ranging from 7 days to 10 years.
- Secure Fund Management: Manage income earned in India conveniently while focusing on your career overseas.
- Attractive Interest Rates: Earn high returns on Indian earnings even while residing abroad.
IDFC Bank NRO Savings Deposit
- Daily Interest Calculation: Interest is calculated daily on the closing balance and credited monthly to your account.
- Competitive Interest Rates: Earn high returns on your foreign income and grow your wealth faster.
- Convenient Utility Payments: Pay utility bills and shop online with Indian merchants easily using your NRO account.
- Seamless Money Transfers: Send money to any Indian bank account anytime through net banking or mobile banking.
- Tax Compliance: Interest earned is subject to Tax Deducted at Source (TDS) as per prevailing rates.
- Global Account Access: Access and manage your account from anywhere with the mobile banking app.

IDFC First Bank NRO Savings Account Interest Rates

Balance Range	Rate of Interest (% p.a.)
Up to ₹5 lakh	3.00%
Above ₹5 lakh to ₹100 crore	7.25%
Above ₹100 crore to ₹200 crore	4.50%
Above ₹200 crore	3.50%

IDFC First Bank NRO Term Deposit Account Interest Rates ~w.e.f. 26 November 2024

Period	Rate of Interest (% p.a.)
1 year	6.50%
1 year 1 day – 370 days	7.25%
371 days – 399 days	7.50%
400 days – 500 days	7.90%
501 days – 2 years	7.25%
2 years 1 day – 3 years	6.80%
3 years 1 day – 5 years	6.75%
5 years 1 day – 10 years	6.50%

Eligibility Criteria to Apply for IDFC First Bank NRO Account

The following category of individuals can open an IDFC First Bank NRO Account in India:

Non-Resident Indians
Person of Indian Origin (PIO)
Overseas Citizen India (OCI)
Seafarers working on International Vessels
Oil Rig Employees working on International Offshore Projects

Documents Required to Open IDFC First Bank NRO Account

The following documents are essential to open an IDFC First Bank NRO Account:

Identity Proof: Passport
Non-Resident Status Proof (any one):
- Visa
- PIO card
- Foreign passport with PIO declaration
- Continuous Discharge Certificate with valid contract letter (for seafarers)
- Resident Permit or Resident Card
Overseas Address Proof (any one):
- Passport
- Driving license
- National ID/Government-issued ID
- Latest utility bill (mobile/gas/electricity/telephone)
- Latest savings bank statement (transactional account)
- Council tax bill
- Resident Permit
- Voter ID/Electoral card
Tax-Related:
- PAN/Form 60
- FATCA-related fields in the application form
Other Documents:
- Recent colour photograph
- Image of your signature (for online applications)

Benefits of Opening IDFC First Bank NRO Account

The key benefits offered by the IDFC Bank NRO Account are as follows:

Easy Fund Management: Manage income like rent and dividends easily through online transfers and bill payments, even while abroad.
Repatriation Benefits: Repatriate up to USD 1 million per year, subject to taxes, for easy transfer to your country of residence.
Convenient Access: Access your account 24/7 through a mobile app and online banking, enabling transactions anytime, anywhere.
Dedicated Support: Get personalized help from a relationship manager for all your banking needs.
Tax Compliance: The principal amount is tax-free, but interest earned is subject to TDS as per Indian tax laws.
Flexible Withdrawals: Enjoy free, unlimited ATM withdrawals across India with no extra charges.

Conclusion

The IDFC First Bank NRO Account is ideal for NRIs managing Indian income like rent, dividends, or pensions. Enjoy attractive interest rates, hassle-free fund repatriation, and 24/7 online access. With seamless banking services and customer-friendly features, IDFC First Bank ensures reliable and efficient financial solutions in 2025, making it the top choice for NRIs.

FAQs

What is an IDFC First Bank NRO Account?

An IDFC First Bank NRO (Non-Resident Ordinary) Account is a savings account specifically designed for Non-Resident Indians (NRIs) to manage income earned in India, such as rent, dividends, or pensions. It ensures convenient access to funds while staying abroad.
How can I open an IDFC First Bank NRO Account?

You can open an IDFC First Bank NRO Account online by filling out the application form available on the bank's website. You need to provide necessary documents, such as proof of identity, proof of address, and proof of your NRI status.
What are the benefits of an IDFC First Bank NRO Account?

An IDFC First Bank NRO Account offers competitive interest rates, free online fund transfers, monthly interest credits, and the facility to repatriate up to USD 1 million annually, subject to applicable tax deductions.
Is the interest earned on an IDFC First Bank NRO Account taxable?

Yes, the interest earned on an IDFC First Bank NRO Account is taxable under Indian income tax laws. Tax Deduction at Source (TDS) is applied at the prevailing rates before the interest is credited to your account.
Can I transfer money from my IDFC First Bank NRO Account to a foreign bank account?

Yes, you can transfer funds from your IDFC First Bank NRO Account to a foreign bank account. You can repatriate up to USD 1 million in a financial year after fulfilling the required tax obligations.

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*Past 10 Year annualised returns as on 01-03-2025
*All savings plans are provided by the insurer as per the IRDAI approved insurance plan. Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 2 Cr. is for a 30 year old healthy individual investing Rs 18,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: 1,06,79,507 @ CAGR 4%; 2,12,15,817 @ CAGR 8%. All plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
**Returns are based on past 10 years' fund performance data (Fund Data Source: Value Research).