IDFC FIRST Bank NRO FD Scheme

Overview

The IDFC First Bank NRO FD scheme allows individuals settled abroad to allocate their income earned in India in this lucrative and safe investment avenue. It provides a platform for Indians residing overseas to park their savings earned from rent, pension, and dividends.

The IDFC First Bank NRO Fixed Deposit scheme aims to keep the income earned in the country itself. One can earn handsome interest rates on the investments made in the scheme that varies based on the tenure of the investment. The deposits in this scheme are made in Indian Rupees, as the income is earned on Indian soil.

Eligibility Criteria for Opening an IDFC First Bank NRO FD

The eligibility criteria for the IDFC Bank NRO FD scheme are as follows:

Non-Resident Indian

• Pursuing their education, business, and employment
• Deputed individuals from the government of India and UN organisations.
• Individuals employed as mariners, in oil rings, or on any airline registered overseas with Indian nationality.

Person of Indian Origin

• Individuals holding an Indian Passport
• Spouses of Indian Citizens or PIO
• Individuals with parents/grandparents are or were Indian Citizens under the Constitution of India.

Documents Required to Open an IDFC First Bank NRO Fixed Deposit

The individuals must produce the following documents when applying for the IDFC First Bank NRO Fixed Deposit scheme.

• Name
• Address
• Date of Birth
• Date and Place of Issue
• The expiration date of the Passport
• Photograph
• Address
• Signature
• Observation Page (If any)
• Copy of Employment Visa
• Copy of Residence Visa
• Copy of Work or Residence Permit
• Documents validating Indian or Overseas Addresses
• PAN Card Copy. The applicant can also submit Form 60
• Latest passport-size photograph

Key Attractions for IDFC First Bank NRO Fixed Deposit Scheme

The IDFC First Bank NRO FD scheme offers the following attractions to investors.

Joint Holder

The scheme allows the investors to nominate a joint holder. One can put a close relative who is an Indian resident as the second holder of the fixed deposit account. The second holder would be only able to access or manage the account post the demise of the NRI first holder.

Repatriable

The funds allocated in the IFDC Bank NRO FD scheme are entirely repatriable. One can conveniently transfer the principal amount and the interest earned from the scheme. The account holder is required to provide the wire details for facilitating this facility.

Features & Benefits of IDFC Bank Fixed Deposit Scheme

The IDFC First Bank NRO Fixed Deposit provides the following features and benefits to the investors with the scheme.

• The scheme offers a flexible tenure to non-resident Indians to cater to their varying investment objectives. Tenure on the IDFC Bank NRO FD scheme ranges from anywhere between 7 days to 10 years.
• The scheme offers a variety of options to investors with the bank. One can select from the simple and compound interest options. One can choose either a monthly or quarterly payout in the simple interest option. In the compound interest option, the accumulated interest would be paid on maturity that is compounded every 90 days.

How to Apply for IDFC FIRST Bank NRO FD

The applicant is required to implement the following steps to apply for the IDFC First Bank NRO FD scheme.

STEP 1: Visit the official website of IDFC First Bank. https://www.idfcfirstbank.com/nri-banking/nri-savings-account/nro-savings-account

STEP 2: Navigate to the ‘Apply Now’ button on the page.

STEP 3: Fill in the relevant details and attract the necessary documents to conclude the application process.