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Deposits

Non Resident External Term Deposits (NRE)
HSBC's NRE Term Deposit is a term deposit held in India, in Indian Rupees. You can convert your foreign currency earnings into Indian Rupee NRE deposit or transfers funds from your NRE/FCNR account in India to place a new NRE deposit.
Non Resident Ordinary Term Deposits (NRO)
HSBC's NRO Term Deposit is a term deposit held in India, in Indian Rupees. The NRO* deposit is suited for you if you have earnings in India (such as rent income, dividend, pension, etc) on which you want to earn fixed returns. You can also transfer funds from your NRO/NRE/FCNR account to place a new NRO deposit.
Foreign Currency Non Resident Deposits (FCNR)
HSBC India's FCNR Deposit is a deposit maintained in foreign currency in India.
Resident Foreign Currency Deposits (RFC)
If you are returning to India permanently you need not worry about converting your foreign currency savings into Indian Rupees at unfavorable exchange rates.
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NR deposits are offered under the Reserve Bank of India program for Non-Resident Indians and are governed by the rules in effect from time to time relating to such programs, are subject to the sovereign risk arising from, and governed by the laws of, or any changes to the laws of India. NR deposits with the Bank in India are not insured by Federal Deposit Insurance Corporation (FDIC) of the U.S.A., 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. Under current U.S. tax laws, U.S. citizens and residents are subject to tax in their worldwide income. You should consult your tax advisor for the U.S. treatment of income from these deposits.

*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.

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