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. The money you deposit in foreign currency is converted into Indian Rupees, as per the prevailing foreign exchange rate1.
You can always convert it back to foreign currency and repatriate the sum out of India, since both principal and interest earned in this NRE account are Freely repatriable.
Interest earned on your deposits in this account is exempt from tax in India.
International Debit Card3
Access to HSBC Group ATMs and ATMs affiliated to the Visa network and access to Visa merchant outlets worldwide
₹350 per month (plus applicable charges)
Online, Branch, Phone
You can appoint a resident individual as Power of Attorney for your NRE account. The power of attorney holder will receive a debit card6 and cheque book
Your family can thus access your account for all their financial needs:
Kindly note operation of the account by your appointed Power of Attorney is restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels
NRE account can be in the names of two or more non-resident individuals provided all the account holders are persons of Indian nationality or origin or with Resident close relatives (PDF) (relative as defined in Section 6 of the Companies Act, 2013) on 'former or survivor' basis.
The resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with extant instructions during the life time of the NRI/ PIO account holder.
Nomination facility is available on the NRE account.
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A savings/current account held in India in rupees, best suited for those with income in Inida
A fixed term deposit account help in Indian rupees, in which you can place foreign currency earnings
A fixed term deposit account help in Indian rupees, in which you can place the balances from your NRE or NRO savings/current account
Compare all NRI accounts services from HSBC
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.
4Log on to the Personal Internet Banking account on www.hsbc.co.in to know more
5 This feature requires separate registration
6 Free for first year debit card facility is only available to nominated family members who have been appointed as the Power of Attorney for an NR Account holder. Fees will be charged on the debit card held by the primary NR account holder. Please refer to the debit card sections in www.hsbc.co.in for details on debit card fees.
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.