An NRO account is one of the Federal Bank NRI savings accounts opened by Non-Resident Indians and Overseas Citizens of India. NRIs can open a Federal Bank NRO savings account to save their earnings in India, such rents, dividends, or any other income arising or accruing in India. Moreover, an NRO savings account is the best bank account for NRI investment in India. Federal bank NRO account comes with many attractive features like internet banking, e-statements, online bill payment options, etc.
Apply for NRO Savings Account in 10 minutes by clicking the link below.
Features and Benefits of Federal Bank NRO Account
By opening an NRO account with Federal Bank, NRIs can enjoy many benefits including free internet banking, average monthly balance as low as Rs. 5,000. Federal Bank offers three types of NRO savings accounts to fulfill the different needs of NRI customers.
1. Fed NRO Power
- Free daily POS transactions up to Rs. 100,000/-
- Free daily ATM cash withdrawals up to Rs. 25,000 and up to Rs. 20,000 through any branches
- Free internet banking, email alerts, mobile banking and mobile alerts
- RTGS/ NEFT facility
2. Fed NRO Premium
- Free Rupay classic debit card
- Free daily POS transactions up to Rs. 100,000/-
- Free daily ATM cash withdrawals up to Rs. 25,000 and up to Rs. 50,000 through any branches (other than base branch)
- Free internet banking, mobile banking, and mobile and email alerts
- Average monthly balance of Rs. 25,000 should be maintained
3. Fed NRO Privilege
- Free Rupay Platinum debit card
- Free daily POS transactions up to Rs. 300,000/-
- 50% discount on annual fees on PIS
- Free daily ATM cash withdrawals up to Rs. 50,000
- Free internet banking, mobile banking, and mobile and email alerts
- Average monthly balance of Rs. 1,00,000 to be maintained
- Free transactions from branches other than base branch
NRIs can open an NRO account jointly with residents only on a former or survivor basis.
Federal Bank NRO Account Opening Online
You can apply for a Federal Bank NRO savings account online from the country where you reside. There are two ways to open an NRO account online as under:
- Open a Federal Bank NRO account online through the bank’s website
- Apply for an NRI account online on sbnri.com or SBNRI app
Federal Bank NRO Savings Account Opening on Its Website
You can apply for a Federal Bank NRI account online on 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 NRO account is submitted successfully, you will receive an email with the Federal Bank NRI account opening form attached to it. Print and sign it, and send 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.
Don’t forget to note 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
NRIs can open an NRO account online via sbnri.com or SBNRI app. Click the button above to apply for an NRO account. Or take the following steps for account opening.
- 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 NRO 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 RBL’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 NRO 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 NRO Account Minimum Balance
Federal Bank NRO account minimum balance varies depending on the account type:
- Fed NRO Power: NRIs need to maintain an average monthly balance of Rs. 5,000.
- Fed NRO Premium: An average monthly balance of Rs. 25,000 should be maintained in this account.
- NRO Privilege: Account holders should maintain an average monthly balance of Rs. 1 lakh.
Federal Bank NRO Account Interest Rate
- Federal Bank NRO savings account interest rate ranges from 3.05% – 6.00% p.a.
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.
