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Indian Rupee Deposits
Indian Rupee Deposits
NRE Term Deposits
With attractive Rupee interest rates, HSBC’s NRE Term Deposits are a preferred choice to park, your overseas earnings. Add to that, all interest earned on these deposits is completely tax free+ in India!
You can also place NRE Term Deposits jointly with other NRIs.
Know more
- Features & Benefits
- Eligibility
- How to place a Fixed Deposit Online
- Interest Rates^
- Service Charges and Fees
Features & Benefits
- Attractive interest rates
- Entire interest income is tax free+ in India
- Enjoy complete repatriability^^ on both principal and interest however a conversion fee is applicable
- Choice of a wide range of tenors
- Free^^ remittance of proceeds on maturity through Internet Banking or Telegraphic transfer / Demand draft
A flat conversion fee^^ of Rs. 50/-, plus currently applicable service tax, will be charged to you for each remittance transaction involving foreign currency conversion. - Nomination facility available
^ Interest on NRE deposits will be paid on completion of each year. In case of a premature withdrawal within a year, no interest will be payable.
The Bank, on request from a depositor, may at its discretion allow withdrawal of a term deposit before completion of the period of the deposit agreed upon at the time of placement of the deposit. For term deposits that are prematurely encashed, penal interest @1% will be levied. The interest paid will be 1% lower than the rate prevailing on the date of placement of the deposit for the period for which the deposit remained with the bank or the contractual rate, whichever is lower. No interest will be paid on premature withdrawals of deposit which has remained with the Bank for less than the minimum period for which deposits were being accepted for the said currency and deposit type, as on the date of placement of deposit.
+ 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.
Eligibility
| MINIMUM DEPOSIT | |
| NRE Term Deposit | INR 25,000 |
NRO Term Deposits
You have worked hard to ensure that Rupee income in India even though you are overseas. Now make that income work harder for you.
Place NRO Term Deposits with the surplus balances in your NRO Account. And get higher returns than a savings/current account.
You can place an NRO Term Deposit jointly with a resident Indian and also avail the Nomination facility.
Know more
- Features & Benefits
- Eligibility
- How to place a Fixed Deposit Online
- Interest Rates^
- Service Charges and Fees
Features & Benefits
- Attractive interest rates
- Avail of overdraft against your NRO Term Deposits at just 2% over the deposit rate*
- Remittance^^ from the balances in NRO accounts up to USD 1 million is permissible, per financial year for all bonafide purposes
- You can choose from a wide range of tenors
* 2% over the weighted average of the interest rates applicable to the linked fixed deposits subject to a maximum of the Bank's Prime Lending Rate as may be declared by the Bank from time to time. Overdraft available at the sole discretion of The Hongkong and Shanghai Banking Corporation Limited, India. Terms and Conditions apply.
^ The Bank, on request from a depositor, may at its discretion allow withdrawal of a term deposit before completion of the period of the deposit agreed upon at the time of placement of the deposit. For term deposits that are prematurely encashed, penal interest @1% will be levied. The interest paid will be 1% lower than the rate prevailing on the date of placement of the deposit for the period for which the deposit remained with the bank or the contractual rate, whichever is lower. No interest will be paid on premature withdrawals of deposit which has remained with the Bank for less than the minimum period for which deposits were being accepted for the said currency and deposit type, as on the date of placement of deposit.
^^ A flat conversion fee of Rs. 50/- plus service tax, currently applicable at 10.30% of the fee, will be debited by HSBC India from the proceeds of each remittance transaction involving foreign currency conversion.
Eligibility
| MINIMUM DEPOSIT | |
| NRO Term Deposit | INR 25,000 |
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.
4 For NRIs in Canada: Remittances from Canada are free only if the funds are transferred from your CAD account with HSBC Bank Canada, to your own NR Account with HSBC India.
# 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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