A Federal Bank NRE savings account is a type of savings account offered by Federal Bank, which is specifically designed for Non-Resident Indians (NRIs). Federal Bank NRE accounts are available in different forms to suit different financial requirements of Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs). You can apply for a Federal Bank NRI account to manage your finances in India.
How to Open Federal Bank NRE Account
NRIs can apply for a Federal Bank NRE savings account online from the country of their residence to maintain their income earned abroad with the Federal Bank in India.
The following are the ways to open a Federal Bank NRI account online:
- Open a Federal Bank NRE account online through the bank’s website
- Apply for an NRI account online using SBNRI app
Federal Bank NRE Savings Account Opening on Its Website
You can apply for a Federal Bank NRI account online by visiting the bank’s official website. Open the NRI Account page and take the following steps to open a Federal Bank NRI account online:
- Click on ‘Apply Online’ link. Fill up Federal Bank NRI – Online Account Opening Form by completing the following steps:
- Accept the terms and conditions and click on ‘AGREE’ button.
- Primary Details: Type primary details.
- OTP Verification: Complete the OTP verification.
- Applicant & Nominee Details: Enter the account, applicant and nominee details in the next steps.
- Document Upload: Upload the supporting documents as mentioned in the checklist, in jpeg (980x735px) or PDF formats below 1 Mb.
- Upload Signature: Upload a jpg/jpeg file of your signature (980×735 pixels) and a size of less than 70kb.
- Capture Current Photo: Capture your photo through the webcam.
Once your application for a Federal Bank NRE account is submitted successfully, an email with the Federal Bank NRI account opening form attached to it will be sent to you. Print and sign it, and dispatch it to the bank’s address mentioned in the email. Put your signature wherever marked in the application form.
Get the supporting documents attested by any of the following entities:
- Authorized officials of overseas branches of a scheduled commercial bank registered in India.
- Branches of overseas banks associated with Indian banks.
- Notary public in the country where you reside.
- Court Magistrate / Judge.
- Indian Embassy/ Consulate General in your country of residence.
Write down the ‘Reference Number’ given on the top left corner of the form for future reference. Please note that the bank must receive the hard copy of the signed account opening form to open your account.
Open NRI Account Online Using SBNRI App
SBNRI app is one of a kind that caters to the banking needs of NRI customers. You can use SBNRI app for NRI account opening online by taking the following steps:
- Download the SBNRI App and sign in using your credentials.
- Click on ‘Open NRI Account’ button and select the bank where you want to open an NRI account.
- Use the in-app scanning feature to scan and upload KYC documents.
- Click on ‘Apply’ and that’s it.
Documents Required
Here is the checklist of documents for NRI account opening with Federal Bank:
Mandatory documents:
- Identity proof
- First page of your valid passport containing your name, date of birth, photo, signature, date of issue and expiry, etc.
- Last page of your passport where your father’s name and addresses are mentioned
- Address proof
If the address is different from the address mentioned in the passport, submit any of the following documents for address proof:
- Indian driving license
- Voter’s identity card
- Aadhaar card
- NRI status proof
- Employment visa/ work permit/ student visa/ residence visa/ residence permit/ uniform ID card of the resident country
- Attestation documents: you can get your documents attested by any of the following authorities:
- Embassy
- Public notary
- A banker or exchange company
- Directly submit to Federal’s branch/ relationship manager
- Self-attestation
In case the above documents are self-attested, the following documents are mandatory
- An account payee cheque of your existing NRE account with an Indian Bank, drawn in your name for a minimum of Rs. 5000.
- Original overseas bank or credit card statement, not more than 6 months old (self-attested by the customer)
The original KYC documents shall be submitted at the branch within 12 months from the date of opening a Federal Bank NRI account. If you fail to do so, the bank will freeze or restrict the account operations.
Federal Bank NRE Account Minimum Balance
Account holders are required to maintain an average monthly balance of Rs.5,000 in a Federal Bank NRI account.
- Federal Bank NRE savings account average monthly balance starts from Rs. 5,000. To Rs. 1,00,000
Federal Bank NRE Account Interest Rate
- Federal Bank NRE savings account interest rate ranges from 3.05% – 6.00% p.a.
Federal Bank NRE Savings Account Types
Federal Bank NRE savings accounts come in different forms with various features to meet the different needs of Non-Resident Indians. You can open an NRE savings account that suits your financial requirements and offers the benefits of easy banking and provides you with greater transaction power.
Fed NRI Power
- Average monthly balance of Rs. 5,000
- Free internet banking,mobile banking and email alerts
- RTGS/ NEFT facility available
- Free daily cash withdrawals up to Rs. 20,000 through any branch
Fed NRI Premium
- Average Monthly Balance of Rs. 25,000/-
- Free mobile banking, internet banking, and email alerts
- Free daily cash withdrawals up to Rs. 50,000 through any branches
- RTGS/ NEFT facility available
Fed NRI Privilege
- Average Monthly Balance of Rs. 1,00,000/-
- Free mobile banking, internet banking, and email alerts
- Free daily cash withdrawals up to Rs. 50,000 through any branches
- RTGS/ NEFT facility available
- 25% discount on home loan processing fee
Fed NRI Eve
- Average Monthly Balance of Rs. 50,000/-
- Free mobile banking, internet banking, email alerts, monthly account statement
- Free daily cash withdrawals up to Rs. 50,000 through any branches
- RTGS/ NEFT facility available
- Two zero balance savings accounts for two children below 12 years of age
FedFirst
- Average Monthly Balance of Rs. 1,000/-
- Free mobile alerts and email alerts
- Free daily cash withdrawals up to Rs. 2,500 at ATMs
Fed NRI Care
- Average Monthly Balance of Rs. 1,000/-
- Free mobile banking, internet banking, email alerts, monthly account statement
- Free daily cash withdrawals up to Rs. 10,000 through any branches
- RTGS/ NEFT facility available
- Zero balance allowed for the first calendar quarter
Fed NRE/NRO SB Online
- Average Monthly Balance of Rs. 5,000/-
- Free mobile banking, internet banking, mobile alerts, free email alerts
- Free daily cash withdrawals up to Rs. 50,000 at ATMs
- RTGS/ NEFT facility available
Fed NRE Noor Online
- Average Monthly Balance of Rs. 5,000/-
- Free email alerts
- Master Classic (Crown) International Debit card with Rs. 50,000 daily limit for ATM withdrawal and Rs. 100000 daily limit for POS/Shopping
- RTGS/ NEFT facility available
Final Words
Due to lots of information and documentation required to apply for NRI accounts, NRI account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRI account with nominal documentation in just 10 minutes.
You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.
