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A father playing sand with his daughter; image used for HSBC NRO rupee term deposit page.

NRO Deposit

A fixed term deposit account held in Indian rupees, in which you can place the balances from your NRE or NRO savings/current account.

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Why choose an NRO 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. Click here to see tenures and corresponding rate.
  • 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.

Ways to open:

Online, Branch, Phone

NRO Deposit Features & Benefits

Easy money management

  • Interest earned on your term deposit can be cumulated and received at the time of maturity or can be received in your NRO account every quarter. 
  • You can break your deposit before the maturity period3 subject to the pre mature withdrawal clause
  • Avail of overdraft4 against your NRE deposits. Click here (PDF, 40KB)
    for the terms and conditions for Smart Money International account

 

Family banking

Nomination facility

  • Nomination facility is available on the NRO account.

Joint Term Deposit

  • You can hold the account/deposit jointly with NRI as well as other Residents who are close relatives (PDF) (relative as defined in Section 6 of the Companies Act, 2013),
  • Deposits held jointly with residents can be operated only on 'Former or Survivor' basis.

SmartMoney facility

  • Availability of overdraft4 against your NRO Term Deposits at just 2% over the deposit rate5.

Interest Rates for NRO Deposit

Please note all interest rates are subject to change from time to time. Our Fixed Deposit board rates change are executed  in the system by 10:00 am on the day of rate change. All fixed deposit booked before the system execution time on the day of rate change shall be updated with the applicable rate of interest.

Fixed Deposit Interest Rates for Non Residents with effect from Thursday, 7 September 2023.

Term / Amount

Board Rates (Below INR 20M)

7 Days

2.85

8 Days

2.85

9 to 14 Days 3.00

15 to 29 Days

3.00

30 to 59 Days

3.40

60 to 89 Days

3.60

90 to 93 Days

3.80

94 Days

3.80

95 to 179 Days

4.00

180 Days

4.50

181 to 269 Days

3.25

270 to 364 Days

3.7

365 Days

4

366 to 399 Days

4

400 Days

3.25
401 Days to less than 18 months
6.25
18 months to  599 days 4.1
600 days 3.75
601 to 699 days 3.30
700 days 3.75
701 to 730 days
4.25
731 Days
4.25
732 Days to less than 36 months
7.25
36 months to less than 37 months
7.00
37 months to less than 48 months
6.00
48 months to 60 months
6.00
Fixed Deposit Interest Rates for Non Residents with effect from Thursday, 7 September 2023.

Term / Amount

7 Days

Board Rates (Below INR 20M)

2.85

Term / Amount

8 Days

Board Rates (Below INR 20M)

2.85

Term / Amount

9 to 14 Days

Board Rates (Below INR 20M)

3.00

Term / Amount

15 to 29 Days

Board Rates (Below INR 20M)

3.00

Term / Amount

30 to 59 Days

Board Rates (Below INR 20M)

3.40

Term / Amount

60 to 89 Days

Board Rates (Below INR 20M)

3.60

Term / Amount

90 to 93 Days

Board Rates (Below INR 20M)

3.80

Term / Amount

94 Days

Board Rates (Below INR 20M)

3.80

Term / Amount

95 to 179 Days

Board Rates (Below INR 20M)

4.00

Term / Amount

180 Days

Board Rates (Below INR 20M)

4.50

Term / Amount

181 to 269 Days

Board Rates (Below INR 20M)

3.25

Term / Amount

270 to 364 Days

Board Rates (Below INR 20M)

3.7

Term / Amount

365 Days

Board Rates (Below INR 20M)

4

Term / Amount

366 to 399 Days

Board Rates (Below INR 20M)

4

Term / Amount

400 Days

Board Rates (Below INR 20M)

3.25

Term / Amount

401 Days to less than 18 months

Board Rates (Below INR 20M)

6.25

Term / Amount

18 months to  599 days

Board Rates (Below INR 20M)

4.1

Term / Amount

600 days

Board Rates (Below INR 20M)

3.75

Term / Amount

601 to 699 days

Board Rates (Below INR 20M)

3.30

Term / Amount

700 days

Board Rates (Below INR 20M)

3.75

Term / Amount

701 to 730 days

Board Rates (Below INR 20M)

4.25

Term / Amount

731 Days

Board Rates (Below INR 20M)

4.25

Term / Amount

732 Days to less than 36 months

Board Rates (Below INR 20M)

7.25

Term / Amount

36 months to less than 37 months

Board Rates (Below INR 20M)

7.00

Term / Amount

37 months to less than 48 months

Board Rates (Below INR 20M)

6.00

Term / Amount

48 months to 60 months

Board Rates (Below INR 20M)

6.00

Interest rates are subject to change without any prior notice.

Floating rate overnight Mibor (M) linked deposits*

Floating rate overnight Mibor (M) linked deposits* between ₹10,000 and ₹9,999,999

Term / Amount

Interest Rate (% p.a.)

7 Days

M-309bps

8 Days

M-309bps

9 Days

M-309bps

10 Days

M-280bps

11 Days

M-270bps

12 Days

M-260bps

13 Days

M-120bps

14 Days

M-120bps

15 Days

M-120bps

30 Days

M-120bps

60 Days

M-120bps

90 Days

M-120bps

365 Days

M-120bps

60 months

M-120bps

Floating rate overnight Mibor (M) linked deposits* between ₹10,000 and ₹9,999,999

Term / Amount

7 Days

Interest Rate (% p.a.)

M-309bps

Term / Amount

8 Days

Interest Rate (% p.a.)

M-309bps

Term / Amount

9 Days

Interest Rate (% p.a.)

M-309bps

Term / Amount

10 Days

Interest Rate (% p.a.)

M-280bps

Term / Amount

11 Days

Interest Rate (% p.a.)

M-270bps

Term / Amount

12 Days

Interest Rate (% p.a.)

M-260bps

Term / Amount

13 Days

Interest Rate (% p.a.)

M-120bps

Term / Amount

14 Days

Interest Rate (% p.a.)

M-120bps

Term / Amount

15 Days

Interest Rate (% p.a.)

M-120bps

Term / Amount

30 Days

Interest Rate (% p.a.)

M-120bps

Term / Amount

60 Days

Interest Rate (% p.a.)

M-120bps

Term / Amount

90 Days

Interest Rate (% p.a.)

M-120bps

Term / Amount

365 Days

Interest Rate (% p.a.)

M-120bps

Term / Amount

60 months

Interest Rate (% p.a.)

M-120bps

*For Corporate customers only

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Useful Links

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Find out more about NRO Account; image used for HSBC NRO rupee term deposit page.
 

A savings/current account held in India in rupees, best suited for those with income in Inida.

Find out more about NRE Account; image used for HSBC NRO rupee term deposit page.
 

The HSBC NRE Account is a savings/current account held in India, in Indian Rupees.

Find out more about NRE Deposit; image used for HSBC NRO rupee term deposit page.
 

A fixed term deposit account held in Indian rupees, in which you can place foreign currency earnings.

Find out more about Compare NRI Services; image used for HSBC NRO rupee term deposit page.
 

Compare all NRI accounts services from HSBC.

Important Information

Other Terms & Conditions

1 This comparison is based on taxation rates currently applicable to individuals in India and rates of interest as at January 1, 2009 on NRO and NRE term deposits with HSBC India.

2 Tax Deduction at Source, 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.

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.

3 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.

4 Overdraft available at the sole discretion of The Hongkong and Shanghai Banking Corporation Limited, India. Terms and Conditions apply.

5 Interest on amount overdrawn will be charged at the rate of 2% over the weighted average of the interest rates applicable to the linked fixed deposits subject to a maximum of the Bank's Prime Lending Rate as may be declared by the Bank from time to time. Overdraft available at the sole discretion of The Hongkong and Shanghai Banking Corporation Limited, India. Terms and Conditions apply.

HSBC India, on request from a depositor, would allow withdrawal of a Fixed Deposit before completion of the period of the deposit agreed upon at the time of placement of the deposit subject to penalty on premature withdrawal of Fixed Deposit as may be applicable as per the table appended below (Applicable to NRO Deposits only) -

The Bank on request from the depositor, will allow withdrawal of all term / fixed deposit of individuals (held singly or jointly) irrespective of whether the amount is above or below INR 15 lakhs, before completion of the period of the deposit (premature withdrawal) agreed upon at the time of placing the deposit. The Bank shall declare their policy for penal interest rates for premature withdrawal of term deposit. The Bank shall make depositors aware of the rate applicable on premature withdrawal of the term / fixed deposit vide account rules/terms and conditions as updated from time to time and informed to customer post providing due notice. Interest shall be paid one percent less than the rate prevailing on the date of placement of deposit applicable to the amount and period for which the deposit remained with the bank not at the contracted rate. No interest will be paid on premature withdrawals of deposit which has remained with the Bank for less than the minimum period for which deposits were being accepted for the said currency and deposit type, as on the date of placement of deposit. In case of foreign currency fixed deposits, where no interest is payable on account of withdrawal prior to the minimum deposit tenure, the Bank may, at its sole discretion, levy a penalty to cover the swap cost, as permitted under extant regulations.

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.

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