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Non-Resident Indian Services

Products and services for customers living overseas or returning to India after being aboard

NRE rupee account

You can deposit your foreign currency earnings into the NRE account by transfers from your country of residence or transfers from other NRE accounts in India.

 

Key features:

  • Tax free2

    Interest earned on your deposits in this account is exempt from tax in India.

  • Access your account from around the world
  • International Debit Card3

    Access to HSBC Group ATMs and ATMs affiliated to the Visa network and access to Visa merchant outlets worldwide 

Fees and charges:

₹350 per month (plus applicable charges)

Ways to open:

Online, Branch, Phone

NRO rupee account

The HSBC Non Resident Ordinary Account (NRO Account) is a Savings / Current bank 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).

 

Key features:

  • Access your account from around the world
  • Issuance of Local Debit Card / ATM Card
  • Access to HSBC Group ATMs and ATMs and merchant outlets affiliated to the Visa network within India

Fees and charges:

₹350 per month (plus applicable charges)

Ways to open:

Online, Branch, Phone

NRE rupee term deposit

HSBC India's NRE Term Deposit is a fixed term deposit held in Indian Rupees. You can place an NRE Term Deposit with your foreign currency earnings.

 

Key features:

  • Earn interest on your balance
  • Both the principal and interest are tax free in India
  • Tenure range from 1 to 5 years
  • Minimum deposit ₹25,000

Fees and charges:

₹350 per month (plus applicable charges)

Ways to open:

Online, Branch, Phone

NRO rupee term deposit

HSBC's NRO Term Deposit is a term deposit held in India, in Indian Rupees.

 

You can place an NRO Term Deposit with the balances in your NRO or NRE Savings or Current Account.

 

Key features:

  • Minimum deposit ₹25,000
  • Tenures range from 7 days to 5 years.
  • An NRO Term Deposit gives you higher1 post tax returns in India than a NRO or NRE savings / current account.
  • Interest earned is subject to Income Tax deduction at source2. The permissible remittance from the balances in NRO accounts is up to USD$1 million3, per financial year for all bonafide purposes.

Fees and charges:

₹350 per month (plus applicable charges)

Ways to open:

Online, Branch, Phone

FCNR deposit

You can place an FCNR Deposit with your foreign currency earnings. Your deposit is protected from exchange rate fluctuations since it is maintained in your foreign currency of choice.

 

Key features:

  • Interest can be cumulated and received at the time of maturity or can be received every half-yearly.
  • Hold currency in US Dollars, Pound Sterling, Japanese Yen, Euros, Canadian Dollars, Australian Dollars, Danish Krone, Swiss Francs, and Swedish Krona
  • Both principal and interest are completely tax free1 in India.
  • Enjoy a wide range of tenors:
    1 year - 3 years (USD,GBP,DKK,CHF,SEK)
    1 year - 2 years (EURO, JPY, CAD, AUD)

Fees and charges:

A charge of ₹1,200 per quarter for non-maintenance of required balance would apply for RFC Domestic Current Account.

Ways to open:

Online, Branch, Phone

RFC deposit

If you are returning to India you need not worry about converting your foreign currency savings into Indian Rupees at unfavorable exchange rates. You can retain them in foreign currency by placing a RFC deposit with us and convert them into Indian Rupees at a later date when the exchange rate is favorable.

You can place RFC deposits in any of these 4 currencies: US Dollars, Pound Sterling, Japanese Yen, Euros.

 

Key features:

  • Transfer funds currently held in NRE Accounts, FCNR Deposits and overseas remittances accounts into RFC Deposits when you return.
  • Maintain your funds as a Fixed Deposit in India. The Deposit comes with an auto renewal facility.
  • The deposits can be used to make bona fide remittances overseas without any prior approval.

Fees and charges:

A charge of ₹1,200 per quarter for non-maintenance of required balance would apply for RFC Domestic Current Account.

Ways to open:

Online, Branch, Phone

Important Information

GST fee table

Amount of currency exchanged

Value of Supply

Up to ₹100,000
1% of gross amount exchanged, subject to minimum amount of ₹250
From ₹100,001 to ₹10,00,000
₹1000 plus 0.5% of gross amount exchanged
Above ₹10,00,000
₹5500 plus 0.1% of gross amount exchanged, subject to maximum of ₹60,000
GST fee table

Amount of currency exchanged

Up to ₹100,000

Value of Supply

1% of gross amount exchanged, subject to minimum amount of ₹250

Amount of currency exchanged

From ₹100,001 to ₹10,00,000

Value of Supply

₹1000 plus 0.5% of gross amount exchanged

Amount of currency exchanged

Above ₹10,00,000

Value of Supply

₹5500 plus 0.1% of gross amount exchanged, subject to maximum of ₹60,000

Other Terms & Conditions

1 Foreign exchange rate are subject to daily change

2 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.

3 A transaction fee is applicable for withdrawals from other bank ATMs or any ATM outside India. All cash withdrawals overseas must be strictly in accordance with the FEMA Regulations of the Reserve Bank of India. The aggregate expenses (i.e. through cash/traveller's cheques/your bank accounts) should not exceed the limit set by RBI, as prevailing from time to time.

Log on to the Personal Internet Banking account on www.hsbc.co.in to know more

Non-Resident Indian (NRI) 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 deposits/ accounts are held with The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) and are not insured by any insurance company or corporation outside India and are payable only at the branch of the Bank in India where the deposit is made.

Non-Resident (NR) accounts and Non-Resident Indian (NRI) services are offered by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) under the Reserve Bank of India programme for Non-Resident Indians and are governed by the extant rules and regulations and the applicable laws of India, relating to such programmes, and are subject to the sovereign risk arising from any changes to such laws/rules/regulations.

Approved for issue in the UK by HSBC Bank plc. 8 Canada Square, London E14 5HQ. Deposits/investments made with non-UK members of the group do not benefit from the protection provided under the UK Financial Services and Markets Act 2000, including the UK Financial Services Compensation Scheme.

NR deposits are offered 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. NR deposits with the Bank in India are not insured by Federal Deposit Insurance Corporation (FDIC) of the USA. Under current US tax laws, US citizens and residents are subject to tax on their worldwide income. You should consult your tax advisor for the US treatment of income from these deposits.

NRI accounts and services are offered by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India). HSBC India is a branch of The Hongkong and Shanghai Banking Corporation Limited. The Hongkong and Shanghai Banking Corporation Limited has a Representative Office in the UAE licenced by the Central Bank of the United Arab Emirates.

Deposits/accounts held with HSBC India are not protected deposit and are not protected by Deposit Protection Scheme in Hong Kong.

For Residents within Kingdom of Bahrain, we remind you that deposits made with HSBC India do not benefit from the protection provided under the Deposit Protection Scheme established by the Central Bank of Bahrain regulation concerning the establishment of a Deposit Protection Scheme and a Deposit Protection Board.

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.

Deposits and accounts held with HSBC India are not protected by the Australian Financial Claims Scheme.

Non-resident individuals/customers can avail of accounts under HSBC Premier, HSBC Advance and the Basic Banking Savings Bank Deposit Account (BSBDA).

With effect from 2nd May 2014, accounts under HSBC Advance or the BSBDA can be opened when the Non Resident individuals are present in India.

Existing account holders can continue to maintain their Savings or Current accounts under HSBC Premier, Advance or Personal Banking. In case the existing account (NRE and NRO) is to be converted to BSBDA, written instructions will be needed signed by all the account holders. Any other existing savings and current accounts, will have to be closed within 30 days of the account being converted to BSBDA.

Do refer to the website from time to time for updated terms and conditions, eligibility criteria and schedule of charges.

Transactions on your Non Resident (NR) account in India are required to be in line with the guidelines prescribed under the Foreign Exchange and Management Act, 1999 (FEMA).

To ensure that we adhere to this requirement, we have developed our systems and processes to help you capture the purpose or the source of the transaction(s) undertaken on your NR accounts. This includes Internet and Mobile banking platforms along with our deposit slips and cheque leaf and books are being enhanced to assist you in capturing the ‘purpose’ of the transactions.

Also note, the RBI has issued recent clarification wherein transfers between two NRO accounts maintained by the same person or otherwise should be in compliance with the debits and credits to NRO accounts as prescribed under FEMA.

FEMA notification with respect to Non Resident Accounts