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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 best 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^
Interest earned on this account is liable for taxation in India as per the Indian Income tax laws***
##Log on to the Personal Internet Banking account on www.hsbc.co.in to know more
^ Foreign exchange rate are subject to daily change
*Terms and Conditions apply. Please refer to the remittances section for more information.
**The term 'working days' refers to days that are bank working days in both UAE and India. In case of FastCHEQUE, the NR account will be credited in 3-5 working days post receipt of the cheque at the lockbox.
***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.
#TDS, when due and applicable will be deducted in accordance with the provisions of the Income Tax Act, 1961 and the Rules thereunder as in force. Such TDS shall be recovered from saving/current/demand deposit a/c(s). Please contact our branch and submit the necessary documents in case lower TDS applies as provided by the relevant tax treaties. These documents should be submitted along with the Account Opening Form and also before the start of each new financial year. The bank reserves its right to reject any such claims. Hence any claim for refund of TDS will lie directly with the Government of India and the bank will not be liable in any manner.
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 Accounts and NRI Services are offered by The Hongkong and Shanghai Banking Corporation Limited in India (HSBC India) under the Reserve Bank of India Non-Resident Indian Program.
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.
@This feature requires separate registration
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^
Interest earned on this account is liable for taxation in India as per the Indian Income tax laws***
Key features:
- Send money to India
You can send money to India for FREE*!
FastCLICK
You can send money to India for FREE* through Internet Banking. Moreover your money gets credited into your HSBC NRO account in India in just 3 working days**!
Know more about FastCLICK
FastCHEQUE
Send money to India for FREE* via cheque and FastCHEQUE instruction form , in just 3-5 working days**!
Know more about FastCHEQUE - Access your account from around the world
Local Debit Card
Withdraw money at 23,500 HSBC / VISA / Plus ATM's in India
Accepted at over 350,000 merchant establishments in India.
Internet Banking
Access and track your account 24x7, from anywhere in the world
- FREE## funds transfer to any bank account in India from your HSBC India NRE account
- Free delivery of Rupee Drafts
- Request for E-Statements for your bank account
- Create and access Fixed Deposits
- Stop cheques, order new cheque books
Phone Banking
- Enjoy quick and efficient banking experience by using HSBC 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.
- Nomination facility
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.
##Log on to the Personal Internet Banking account on www.hsbc.co.in to know more
^ Foreign exchange rate are subject to daily change
*Terms and Conditions apply. Please refer to the remittances section for more information.
**The term 'working days' refers to days that are bank working days in both UAE and India. In case of FastCHEQUE, the NR account will be credited in 3-5 working days post receipt of the cheque at the lockbox.
***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.
#TDS, when due and applicable will be deducted in accordance with the provisions of the Income Tax Act, 1961 and the Rules thereunder as in force. Such TDS shall be recovered from saving/current/demand deposit a/c(s). Please contact our branch and submit the necessary documents in case lower TDS applies as provided by the relevant tax treaties. These documents should be submitted along with the Account Opening Form and also before the start of each new financial year. The bank reserves its right to reject any such claims. Hence any claim for refund of TDS will lie directly with the Government of India and the bank will not be liable in any manner.
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 Accounts and NRI Services are offered by The Hongkong and Shanghai Banking Corporation Limited in India (HSBC India) under the Reserve Bank of India Non-Resident Indian Program.
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.
@This feature requires separate registration
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