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Indian Rupee Accounts
Indian Rupee Accounts
NRE Account
With an NRE account, you can manage all your Indian Rupee transactions be it paying for your home loan EMI or sending money to your loved ones, using your overseas savings.
You can open the NRE Account as a savings or a current account and it can also be opened jointly with other NRIs.
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Features & Benefits
- With this account, you can send money to India for FREE*. And fast!
- Both principal and interest are freely^^ repatriable and interest earned is tax free** in India
- Access your accounts from over 1 million HSBC/VISA/Plus ATMs and purchase at over 26 million establishments across the world
- FREE Debit card## for your family for giving them instant access to your account
- Manage your Rupee payments with ease through Internet Banking – place an online request for free funds transfer to 3rd party accounts in India or choose the free Rupee Draft Delivery.
- You can also transfer funds to 3rd party accounts in India through RTGS at a charge of INR 250 (plus applicable taxes) per instruction which can be submitted vide duly filled RTGS form, at any HSBC branches in India or an NRI Centre in the country of your residence. RTGS done through Internet Banking would be charged at INR 50 (plus applicable taxes) per instruction. Click here to download the RTGS form.
- Get anytime, anywhere account access: Track, access and operate your account from across the world, 24/7 through Internet Banking and Phone Banking
- You can also avail the Standing Instructions facility to manage your monthly payments
- You can hold the account/deposit jointly with Resident Indians^ as well as other NRIs
^ 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.
* Terms and Conditions apply. For more details click on - USA Remittances, UK Money Transfers, UAE Remittances, Others Remittances.
** Indian tax information given herein is general and is not meant to constitute, and therefore should not be construed, as advice. The tax consequences are also based on individual facts and circumstances. As such, prior professional tax advice should be sought to fully understand and appreciate the Indian tax implications. We assume no obligation or liability of any nature whatsoever by issuing this document. For US Citizens and US Residents, if necessary, you should consult your tax advisor for questions regarding the US tax treatment of these deposits. If you are resident in any other country, you should consult your tax advisor regarding the tax treatment of these deposits in your country of residence.
## Free debit card for a nominated family member refers to a family member appointed with the Power of Attorney for an NR account holder.
NRO Account
HSBC’s NRO Account enables you to manage your income generated in India, be it rent income or dividend warrants, with ease and convenience. What’s more, you can also send money into this account from overseas to manage your payment commitments in Indian Rupees.
You can open a NRO Account as either a savings or a current account and it can even be opened jointly with a Resident Indian.
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Features & Benefits
This account offers you a host of exciting inbuilt features and benefits that let you:
- Send money home Free+: Send money home to your family and friends in India, absolutely free. Meet your personal commitments such as loan repayments and other expenses!
- Manage your Rupee payments easily through Internet Banking - place an online request for free funds transfer to 3rd party accounts in India or choose the free Rupee Draft Delivery
- You can also transfer funds to 3rd party accounts in India through RTGS at a charge of INR 250 (plus applicable taxes) per instruction which can be submitted vide duly filled RTGS form, at any HSBC branches in India or an NRI Centre in the country of your residence. RTGS done through Internet Banking would be charged at INR 50 (plus applicable taxes) per instruction. Click here to download the RTGS form.
- Withdraw cash at over 23,500 HSBC/Visa/Plus ATMs and shop at over 3,50,000 merchants in India with a Debit Card
- You can also avail the Standing Instructions facility to manage your monthly payments
- Get anytime, anywhere account access: Track, access and operate your account from across the world, 24/7 through Internet Banking and Phone Banking
+ Terms and Conditions apply. For more details - USA Remittances, UK Money Transfers, UAE Remittances, Others Remittances
Eligibility
| To open an HSBC NRO Account, here’s what you need: | ||
| MINIMUM DEPOSIT | ||
| NRO Savings Account | INR 10,000 | |
1 For NRIs in UK: The NRI can instruct HSBC Bank plc / first direct to transfer funds from his/her GBP account with HSBC Bank plc/first direct in UK using the bill payment module available through Phone Banking and through Personal Internet Banking offered by HSBC Bank plc / first direct, to his or her account with HSBC in India(NR account) and this will be done free. HSBC Bank plc/first direct customers can also give these instructions using the direct debit form on www.hsbc.co.in or by sending a cheque drawn on the NR's account with HSBC Bank plc/first direct in UK.
2 For NRIs in UAE: Transfers from the UAE are free only if the funds are transferred from your AED account with HSBC Bank Middle East Limited to your own NR account with HSBC India.
3 For NRIs in HK: The transfers are free only if done from your HKD account with HSBC Hong Kong to your NR account with The Hongkong and Shanghai Banking Corporation Limited in India. Only transfers to an NR savings/current account can be done instantly. Also, only transfer requests submitted before 3:55 p.m. for Monday to Friday or 11:55 a.m. for Saturday ( Hong Kong time) will be processed on the same day. All transfer requests submitted afterwards will be processed on the next working day. The term 'working day' refers to a bank working day in both Hong Kong and India.
All foreign currency transactions through HSBC India are subject to Service Tax. Please Click here for details.
# As per current local regulations the permissible remittance from the balances in NRO accounts is up to USD 1 million, 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.
Deposits / accounts held with HSBC India are neither protected by the Hong Kong Deposit Protection Scheme nor the Hong Kong SAR Government’s Exchange Fund.
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