Indian Rupee Accounts

The HSBC Non Residential External Account (NRE Account) is a Savings / Current account held in India, in Indian Rupees.

You can deposit your foreign currency earnings into the Non Residential External account by transfers from your country of residence or transfers from other Non Residential External accounts in India. The money you deposit in foreign currency is converted into Indian Rupees, as per the prevailing foreign exchange rate^. You can always convert the funds back to foreign currency and transfer it out of India, since both principal and interest earned are freely repatriable.

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• Features & Benefits
• Service Charges and Fees
• Interest Rates

Features & Benefits

• Tax free*** - Interest earned on your deposits in this account is tax free*** in India.
• FREE International ATM / Debit Card - Withdraw money at 1 million HSBC/VISA/Plus ATMs and purchase at over 10 million establishments across the world.
• Internet Banking - Access and track your account 24x7, from anywhere in the world. FREE funds transfer to any bank account in India. You can also get free delivery of Rupee Drafts, request for E-Statements for your bank account, create and access Fixed Deposits, stop cheques and order new cheque books.
• Phone Banking - Enjoy quick and efficient banking experience by using HSBC India Phone Banking.
• Pay bills for services availed by your family in India - Pay the utility bills of your family in India such as electricity, telephone and mobile bills through Internet Banking. You can also avail the Standing Instructions facility to manage your monthly payments like utility bills.
• Your family in India can also operate the account - You can appoint any of your family members as your Constituted Attorney under a duly executed Power of Attorney for the account. The power of attorney holder will receive a FREE ATM / Debit card^ and cheque book. Download the power of attorney form.
• Your family can thus access your account for their financial needs - Withdraw money at HSBC ATMs or shop at establishments across India with the ATM / Debit card, issue cheques for payments in India, deposit foreign currency cheques in your name to your account.
• Nomination facility is available on the Non Residential External account.
• Joint Account - You can hold the account/deposit jointly with Resident Indians^{^^} as well as other NRIs.

For NRIs in Canada:

^{^^} NRE / FCNR Accounts opened / held jointly with resident close relative (relative as defined in Section 6 of the Companies Act 1956), can be operated only on 'Former or Survivor' basis.

^ Foreign exchange rate are subject to daily change

^ Free debit card facility is only available to nominated family members who have been appointed as the Constituted Attorney under a duly executed Power of Attorney for an NR Account holder. Fees will be charged on the debit card held by the primary NR account holder. Please refer to the debit card sections in www.hsbc.co.in for details on debit card fees.

***Indian tax information given herein is for general information only and is not meant to constitute, and therefore should not be construed, as advice on tax matters. Prior professional tax advice analysing individual facts and circumstances should be sought before taking any decision. As the tax laws keep changing by virtue of amendments in law, issue of administrative circulars and notifications and court rulings, there can be no assurance about the validity of the tax information contained in this document subsequent to its release. If you are tax resident in any other country, you should consult your tax advisor regarding the tax treatment of these deposits in your country of residence.

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The HSBC Non Resident Ordinary Account (NRO Account) is a Savings / Current account held in India, in Indian Rupees. The NRO account is suited for you if you have earnings in India (such as rent income, dividend, pension, etc).

You can deposit your foreign currency earning into the NRO account which will be converted into Indian Rupees, as per the prevailing foreign exchange rate^. What’s more you can repatriate# an amount up to USD 1 million or equivalent in your local currency per financial year from your NRO account.

Interest earned on this account is liable for taxation in India as per the Indian Income tax laws***

Know more

• Features & Benefits
• Eligibility
• Compare NR Accounts
• Service Charges and Fees
• Interest Rates
• FAQs

Features & Benefits

• FREE Local Debit Card / ATM Card - Withdraw cash at over 23,500 HSBC/Visa/Plus ATMs and shop at over 3,50,000 merchants in India with a Debit Card.
• Internet Banking - Access and track your account 24x7, from anywhere in the world. FREE funds transfer to any bank account in India. You can also get Free delivery of Rupee Drafts, request for E-Statements for your bank account, create and access Fixed Deposits, stop cheques and order new cheque books.
• Phone Banking - Enjoy quick and efficient banking experience by using HSBC India Phone Banking.
• Pay bills for services availed in India - Pay the utility bills of your family in India such as electricity, telephone and mobile bills through Internet Banking. You may also set up standing instructions to manage your monthly payments like utility bills.
• Nomination facility is available on the NRO account.
• Joint Account - The HSBC NRO Account can be opened jointly by a Non Resident Indian with Resident Indians or Non-Resident Indians only.

For NRIs in Canada:

^ Foreign exchange rate are subject to daily change

*** Indian tax information given herein is for general information only and is not meant to constitute, and therefore should not be construed, as advice on tax matters. Prior professional tax advice analysing individual facts and circumstances should be sought before taking any decision. As the tax laws keep changing by virtue of amendments in law, issue of administrative circulars and notifications and court rulings, there can be no assurance about the validity of the tax information contained in this document subsequent to its release. If you are tax resident in any other country, you should consult your tax advisor regarding the tax treatment of these deposits in your country of residence.

# As per current local regulations the permissible remittance from the balances in NRO accounts is up to USD 1 million or equivalent in your local currency, per financial year for all bonafide purposes. The remittances (net of applicable taxes) will be allowed to be made on production of an undertaking by the remitter and a certificate from a chartered Accountant in the prescribed formats.

NR deposits are under the Reserve Bank of India programme for Non-Resident Indians and are governed by the rules in effect from time to time relating to such programmes, are subject to the sovereign risk arising from, and governed by the laws of, or any changes to the laws of India. NRI Services are provided by HSBC India. HSBC India is the branch of The Hongkong and Shanghai Banking Corporation Limited and HSBC India is not regulated in Canada. NR deposits with the Bank in India are not insured by Canadian Deposit Insurance Corporation (CDIC), nor by any other insurance company or corporation outside India and are payable only at the branch of the Bank in India where the deposit is made. You should consult your tax advisor for the Canada treatment of income from these deposits.

Eligibility

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