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Overseas education

Products and services if you're studying or planning to study overseas in the near future.

What kind of account will help you with overseas education?

NRO Account

Non-Resident Ordinary account

A savings/current account held in India in rupees.

 

What's great about it:

  • Access and track your NRO account 24x7
  • The NRO account can be debited for the purpose of local payments, transfers to other NRO accounts or remittance of current income abroad
  • Transfer funds for the purpose of education, accommodation, incidental expenses, and other overseas remittance requirement*
  • Debit Card – Access to HSBC Group ATMs and ATMs and merchant outlets affiliated to the Visa network within India
*Subject to limit of USD 1 million in a Financial Year and adherence to Foreign Exchange Management Act.

Sign up for your account today

 

How to apply: online, phone, branch

Premier for Non-Resident Indians (NRIs)

Choose HSBC Premier for your child and you and get global benefits including worldwide Premier status, easy access to all your accounts and preferential rates on remittance and transfers.

Key features that support your banking needs

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Account opening before you leave India

We'll help you open an account in your destination country/region before you head overseas, so it's ready for use when you arrive.

Global network via HSBC Premier

Our global network covers more than 66 countries/regions, offering you worldwide emergency support.

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Online banking

Manage and move your money internationally with ease via online banking and Global View Global Transfer.

Supplementary cards work worldwide

HSBC Premier debit and credit cards from India have worldwide acceptance, and are ready to to use upon arrival in foreign countries/regions.

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Preferential rates

HSBC Premier customers get preferential rates on foreign exchange, loans, remittances and fees.

Explore our suite of wealth services and solutions

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We offer a variety of solutions that help you or your child manage finances while studying overseas, including assistance in opening your international account* before you leave India.

*Services provided through International Banking center (IBC)

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Receive a Secured Education Loan* with lower interest rates and higher amounts with a Loan Against Property.

*Please note that Tax at source (TCS) will be collected at applicable rates and these loans would not qualify for lower rate of Tax collected at source (TCS) which applies to loans under section 80E.

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Get preferential FX rates on money transfers and remittances for tuition fees and overseas education related costs.

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Travel protection and support

Moving overseas for education is a big move. We offer a variety of travel protection and support solutions including insurance, emergency cash for lost cards, and supplementary cards.

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Priceless learning experiences for your children

An international education can help broaden horizons. Make the most of studying abroad with HSBC.

Overseas education guides

Education in Canada

HSBC can help with your Guaranteed Investment Certificate 
(GIC), so you can follow your dreams of a Canadian degree. 


According to the Citizenship and Immigration Canada guidelines, approximately $10,000 CAD per year is required to cover living expenses, and does not include tuition fees. This requirement is fulfilled through the purchase of a participating GIC, and evidence that you have paid your tuition. HSBC is a partner bank for GIC and can help make this simpler for you. For more information on GIC, please visit hsbc.ca

Apply for NRO account

Important information

Terms & conditions for NRO Account

Foreign exchange rate are subject to daily change.

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.

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/region, you should consult your tax advisor regarding the tax treatment of these deposits in your country/region of residence. Tax Deducted at Source (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.

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

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.

Non-Resident Indian (NRI) account and /or 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.

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 with the Bank in India are not insured by Federal Deposit Insurance Corporation (FDIC) of the USA, nor by any other insurance company or corporation outside India and are payable only at the branch in India where the deposit is made.

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.

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