Open an NRE Savings Account | NRI Banking Services

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NRE Rupee Account

What is an NRE account?

An NRE account, also known as a non-resident external account, is a bank account you can use to transfer your foreign earnings to India quickly and easily. The money you deposit is converted to rupees at the prevailing foreign exchange rate[@nri-fx-rates].

You'll hold your NRE account with us as a Premier or Personal Banking account.

Ready to apply?

Transfer money easily back and forth from India, with no documentation needed and no limits on how much you can send.

The interest you earn from an NRE account is completely tax-free in India, helping your money grow more easily[@nri-tax].

We're one of the world's largest international banks, with over 160 years' experience of cross-border banking.

Discover more NRE account features

Bank seamlessly wherever you are

Sending money to India or back to your home location is quick, simple and secure.

Transfer your money quickly to and from India, with competitive exchange rates and no fees from HSBC
Receive a debit card you can use for cash withdrawals[@nri-atm] and transactions in India and abroad[@nri-debit-fees-abroad]
Set up bill payments for your family in India – for their electricity and mobile phone bills, for example[@nri-family-bills]
Get help whenever you need it in app, online, by phone or in person at our network of branches worldwide

Manage your money online and on mobile

With online banking and the HSBC India app, staying on top of your finances is easy whether you're in India or your country of residence.

View all your HSBC accounts in one place, wherever you are, whenever you want
Move funds between your accounts with just a couple of taps or clicks
Enjoy access to phone and branch banking too

Add a power of attorney or nominee

Our NRE account also allows you to grant power of attorney (POA) to a family member in India, so they can manage your finances for you while you're away[@nri-poa-nominee].

Your family member will receive a debit card[@nri-debit-card] and be able to use your account for certain transactions on your behalf
They’ll also receive a chequebook they can use for payments in India, and they can deposit foreign currency cheques in your name into the account
You can also add a nominee – someone to receive the deposited funds in the event of your death

Choose from Premier or Personal Banking

Our NRE account is available as a Premier or Personal Banking account.

Choose Personal Banking, and you'll enjoy our standard banking service. Choose Premier, and you'll get everything that comes with Personal Banking, plus premium services, exclusive products and your own dedicated Relationship Manager for you and your family in all markets offering Premier.

Eligibility criteria apply.

Things to know before you apply

Who can apply for an NRE account?

To apply for an NRE account, you must be a non-resident Indian (NRI), a person of Indian origin (POI), an overseas citizen of India (OCI) or a seafarer employed with foreign vessels.

Additional eligibility criteria will apply depending on whether you choose to open your account as a Personal Banking or Premier customer.

You'll hold your NRE account with us as a Premier or Personal Banking account.

Premier Account

To open an NRE account as a Premier Account, you must meet at least one of the following criteria:

Maintain a quarterly Total Relationship Balance (TRB)[@nri-total-relationship-balance] [@nri-trb-shortfall-charge-premier] of at least INR40,00,000 (40 lakh), or
Maintain a salary account with a net monthly salary credit of at least INR3,00,000 (3 lakh), or
Hold a mortgage of at least INR1,15,00,000 (1 crore 15 lakh) and meet the TRB criterion of at least INR4,000,000 (40 lakh) within 12 months from the date of first disbursement of the mortgage loan, or
Already qualify for Premier in another country/territory

More information on Premier eligibility

Personal Banking Account

To open an NRE account as a Personal Banking Account, you must meet at least one of the following criteria:

Maintain a quarterly Total Relationship Balance (TRB)[@nri-total-relationship-balance] [@nri-trb-shortfall-charge-personal-banking] of at least INR1,50,000, or
Hold an HSBC corporate salary account under Employee Banking Solutions (EBS), with monthly salary credits of at least NR25,000, or
Have a mortgage with HSBC, with your equated monthly instalments (EMIs) being debited from this account

To apply for this account, you'll need:

A valid passport
An overseas visa
Indian address proof if you're an NRI (such as your passport, latest utility bill or bank statement)
Foreign address proof (such as your latest utility bill or residence permit)
A Permanent Account Number (PAN) card or Form 60 if you don't have a PAN card
A Foreign Account Tax Compliance Act (FATCA) declaration for the United States, or Common Reporting Standard (CRS) for other countries

Your documents must be self-attested and attested by a third-party or HSBC branch. You can provide them at a later date if you haven't had them attested yet, but doing so may delay your application.

If you're applying for a joint account, we'll need documents for both applicants.

You can open a joint account with:

Another NRI
A resident Indian who's a close relative, such as your spouse, parent, sibling or child

If the joint account holder is a resident Indian, the account must be operated on a former or survivor basis. This is where only one person, the 'former' (the NRI), can operate the account while they're alive. If the former dies before the 'survivor' (the other joint account holder), the survivor can take over.

To open a joint account, you and the joint account holder will need to come into an HSBC branch in India or overseas. If it's overseas, please make an appointment first by contacting us or your nearest branch directly.

Relatives you can hold a joint account with (PDF) Download

Ready to apply for an NRE account?

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The fastest way to apply. Get a callback straight away and your account could be open in just 4 hours from the moment you submit your documents.

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Apply online

Apply for your NRE account by completing our online application form.

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Frequently asked questions

To apply for an NRE account, you must be a non-resident Indian (NRI), a person of Indian origin (POI), an overseas citizen of India (OCI) or a seafarer employed with foreign vessels.

Additional eligibility criteria will apply depending on whether you choose to open your account as a Personal Banking or Premier customer.

Yes, you can transfer up to USD1 million per tax year to an NRE account or accounts outside of India[@nri-nro-remittance]. You'll need to provide the relevant tax documentation (a 15CA and/or 15CB form), which proves the source of funds and that any necessary taxes have been paid in India.

You can send, or 'transfer', money to your HSBC NRE account from an overseas bank account, or from another NRE account.

If the account you're transferring from is an HSBC account, you can make the transfer quickly and conveniently using online or mobile banking. The transfer will also be free of charge (other banks may charge a fee).

If your money is in foreign currency, it will be converted to rupees at the prevailing foreign exchange rate before it arrives in your NRE account.

See how this type of bank account in India can help you manage your foreign currency earned overseas.

See how the different tax guidelines, exemptions and deductions will affect what you pay as a non-resident Indian.

Send money abroad, make international payments and transfer money to your overseas accounts - free[@gmt-free-fees] using the HSBC India app.

Notes

All foreign currency transactions through HSBC India are subject to applicable taxes.

Goods and Services Tax (GST) regulations and notified GST rates, Central GST and, State/Union Territory GST, and Cess as applicable or Inter-State GST, as applicable, would apply on our fees and charges.

The transaction value for forex conversion services is calculated as shown in the table.

**Currency transfer fees**
Currency transfer fees 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

**Currency transfer fees**
Currency transfer fees of currency exchanged	Up to ₹100,000
Value of Supply	1% of gross amount exchanged, subject to minimum amount of ₹250

Currency transfer fees of currency exchanged	From ₹100,001 to ₹10,00,000
Value of Supply	₹1000 plus 0.5% of gross amount exchanged

Currency transfer fees of currency exchanged	Above ₹10,00,000
Value of Supply	₹5500 plus 0.1% of gross amount exchanged, subject to maximum of ₹60,000

Non-Resident Indian (NRI) accounts 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.

NRE account

What is an NRE account?

Why choose our NRE account?

Enjoy hassle-free repatriation

Earn tax-free interest

Bank with the international experts

Discover more NRE account features

Bank seamlessly wherever you are

Manage your money online and on mobile

Add a power of attorney or nominee

Choose from Premier or Personal Banking

Things to know before you apply

Who can apply for an NRE account?

Additional eligibility requirements

What documents you'll need to apply

How to open a joint NRE account

Account documents and useful links

Ready to apply for an NRE account?

Get an immediate callback

Apply online

Frequently asked questions

Who can open an NRE account?

Can I deposit Indian rupees in an NRE account?

Can I transfer funds from an NRO account to an NRE account?

Can I transfer from an NRE account to another NRE account?

How do I send money to an NRE account?

You might also be interested in

NRE account benefits for NRIs

Understanding NRI income tax rules

Global Money Transfers

Notes

Revised Goods and Services Tax information

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