Federal Bank is one of the major private sector banks in India. Headquartered in Kochi, the bank has more than 1,200 branches in India. Representative offices of Federal Bank in Dubai, Abu Dhabi, Qatar, Kuwait and Oman serve NRIs living in the region. Federal Bank NRI account is one of the most preferred NRI bank accounts among a vast number of NRI customers from around the world. NRIs and OCIs can open a Federal Bank NRI savings account to conduct banking transactions and invest in India.
Federal Bank NRI account
With a large number of NRI customers and a large network of remittance partners across the world, Federal Bank receives and manages 15% of India’s total remittances. The bank also has remittance arrangements with more than 110 banks/ exchange companies across the world. However, NRIs are required to open an NRI – NRE or NRO – account to save their foreign earnings in INR in India.
Federal Bank offers different types of NRI accounts including NRE savings account, NRO savings account, NRE current account and NRO current account. You can apply for a Federal Bank NRI account opening online without visiting India.
Types of Federal Bank NRI Savings Accounts
Basically there are two types of Federal Bank NRI savings accounts:
- NRE Savings Account
- NRO Savings Account
Federal Bank NRE Accounts
Federal Bank NRE savings accounts are available in various forms to fulfill the customized banking needs of all types of Non-Resident Indians. With a Federal NRE account, you can enjoy easy banking and greater transaction power.
Federal Bank NRO Accounts
Federal Bank offers different types of NRO savings accounts with a wide range of exciting features like e-statement, online bill payments, internet banking, fund transfers, etc. to offer NRI customers a smooth experience.
Federal Bank NRI Account Opening
Federal Bank NRI savings account opening process is simple, short and instant. You can apply for a Federal Bank NRI account opening online or offline to keep your foreign earnings in India. Every NRI customer who wants to invest in India in stocks, mutual funds, fixed deposits, etc. can open an NRI account in Federal Bank. The following are the ways to open a Federal Bank NRI account online:
- Open a Federal Bank NRI account online through the bank’s website
- Apply for an NRI account online using SBNRI app
Federal Bank NRI Savings Account Opening on Its Website
You can apply for 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.
- Click ‘Open An Account’ on the redirected page.
- Accept the terms and conditions and click on ‘AGREE’ button.
- Complete the OTP verification.
- Enter the account, applicant and nominee details in the next steps.
- Upload the supporting documents as mentioned in the checklist, in jpeg (980x735px) or PDF formats below 1 Mb.
- Upload a jpg/jpeg file of your signature (980×735 pixels) and a size of less than 70kb.
- Capture your photo through the webcam.
Once your application is submitted successfully, you will receive an email containing the Federal Bank NRI account opening form. Print and sign it, and send it to the bank’s address mentioned in the email. Affix your signature wherever marked in the application form.
Supporting documents need to be attested by any of the following entities:
- Authorized officials of overseas branches of Scheduled Commercial Banks registered with the RBI.
- Branches of overseas banks having relationships with Indian banks.
- Notary Public in your country of residence.
- Court Magistrate/ Judge
- Indian Embassy/Consulate General in the country where the non-resident customer resides
Note down the ‘Reference Number’ mentioned in 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 for Federal Bank NRI Account Opening
Here is the checklist of documents for NRI account opening with RBL Bank:
- 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:
- Public notary
- A banker or exchange company
- Directly submit to RBL’s branch/ relationship manager
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.
Features and Benefits
Federal Bank NRE Savings Account
- Federal NRE savings account allows NRIs to save and manage their foreign income in INR.
- Free internet banking and mobile banking.
- You can apply for a Federal NRE account online through the bank’s website.
- Federal Bank NRI savings account interest rates can be up to 4.75% p.a.
- The principal and interest rate earned on Federal Bank NRE accounts are fully repatriable overseas.
- You can directly remit funds from your overseas bank account to Federal Bank.
- While federal bank NRI account minimum balance varies depending on the account type, the average monthly balance required for FED NRI Power is Rs. 5,000.
Federal Bank NRO Savings Account
- With a Federal Bank NRO account, NRI customers can save and manage their foreign as well as Indian earnings.
- Federal Bank NRO account minimum balance differs from scheme to scheme, starting from as low as Rs. 5000.
- Federal Bank NRO savings account interest rate is 3% p.a. to 4.75% p.a.
- NRO accounts can be opened jointly with residents only on a Former or Survivor basis.
- Federal Bank NRO account interest rate is fully repatriable.
- Account holders are provided with a free debit card, free account statement and new-age banking channels.
Federal Bank NRI 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 NRI Account Interest Rate
- Federal Bank offers 3% p.a. to 4.75% p.a. interest rate for NRI accounts.
- Federal Bank NRI savings account average monthly balance starts from Rs. 5,000.
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.
Federal Bank has representative offices in the UAE, Qatar, Kuwait, and Oman.
You can dial Federal Bank NRI customer care number +91 484 2385601 / 2385536 / 2201729 or write an email at [email protected]
The average monthly balance required to maintain a Fed NRI Premium account is Rs. 25,000.
The interest rates are calculated at the end of the day based on the balance in the Federal Bank NRE savings account. The interest will be credited to the savings bank account at a quarterly frequency.
All NRI, PIOs and OCI aged above 18 years can apply for a Federal Bank NRI savings account.