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Non-resident ordinary (NRO) accounts are maintained in Indian rupees. They can be opened as a savings, fixed deposit, or recurring deposit account.
Here are some of the key things to think about if you're planning to open an NRO account.
An NRO account refers to a bank account that caters to the banking needs of non-resident Indians (NRIs) who have an income source in India.
This includes income from rent, a pension, interest, or dividends earned from sources such as investments and business returns.
Once you declare NRI status, you're no longer eligible to hold a regular savings account in India. Instead, you must convert your account or open an NRI account.
Opening an NRO fixed or recurring deposit account is a great way to deposit your domestic revenue and save for the future. You can also increase your savings as you get higher interest rates for these accounts compared to a savings account.
Learn more about NRI services and how to open an NRI account online.
You can open and hold an individual NRO account with HSBC Bank. You can also open a joint account with another NRI or a resident Indian who is a close relative.
Even if you're living abroad, you may still have to take care of the expenses of your loved ones in India. With an NRO bank account, you can pay the monthly utilities, such as electricity, telephone and mobile bills.
An NRO account also allows you to make transactions like paying rent or home loan repayments.
24/7 phone banking facility ensures a quick and efficient banking experience.
This is an important part of your NRO account. You can appoint any of your family members as a nominee for your NRO account through online banking or phone banking. Should anything happen to you, the deposit in your account will be given to the appointed nominee.
Online banking services enables you to access your NRO account anytime you want. This removes the restrictions of having to bank at certain times of the day.
With an HSBC NRO account, you can transfer funds to your other bank accounts where you reside. You can also send money to anyone and to any bank account without restrictions.
An NRO account with HSBC comes with a range of online and other services. You can:
An NRO account is very useful if you're an NRI with an income source in India. It lets you put your savings in Indian currency and enjoy a hassle-free banking experience.
A non-resident external (NRE) account is used for NRIs to deposit their overseas income in a rupee account. You won't be able to deposit income earned in India in Indian rupees in the account.
If you'd like to deposit funds earned in India as well as overseas, then you'll need to open an NRO account.
Visit our contact page to speak to us over the phone, to email, or to make an online enquiry.
Open an NRO saving or current account to deposit your income in India or your foreign currency earnings in rupees.
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