HDFC Bank NRE (Non-Resident External) savings account is a fully repatriable account for Non-Resident Indians (NRIs) to park their overseas income. NRI customers can transfer funds to their NRE accounts freely at any time, and earn attractive interest rates. HDFC NRE Savings account also offers the benefit of banking anywhere around the globe.
Also Read: HDFC NRI Account Opening
Features & benefits of HDFC NRE savings account
- Through HDFC NRE savings account, NRI customers can transfer funds easily in India and abroad.
- HDFC NRE account interest rate is one of the highest in the market.
- There is no tax on the interest earned on an NRE account in India.
- HDFC Bank NRE account holders are granted an international debit card for cash withdrawal and shopping anywhere in the world.
- NRIs can nominate someone to operate their account when opening an NRE savings account. The account holder needs to submit a letter of mandate at any HDFC Bank branch to appoint a mandate.
- HDFC NRE savings account holders can conduct banking transactions 24×4 through the HDFC net banking facility. They can pay utility bills, recharge DTH and mobile/ phones.
- A complementary personalised chequebook is granted to customers when they open HDFC NRE accounts.
- NRIs can access their free email statement to keep a track of their funds credited to and debited from the account.
- NRIs can invest in mutual funds, SIP and insurance plans through the HDFC NRE account.
- Customers can deposit their income in a foreign currency and request to convert it into INR while making transactions. It provides protection against fluctuating currency exchange rates.
- While travelling to India, NRIs are required to submit the foreign currencies or travellers’ cheques on arrival in the country. If the amount in travellers’ cheque is more than $10,000 or the deposit amount exceeds $,5,000, you would need to submit a CDF (Currency Declaration Form) on arrival in the country.
- NRIs can remit funds into the NRE savings account from any overseas bank.
- They can also transfer funds from any of their existing HDFC NRI accounts i.e. NRE (Non-Resident External) or FCNR (Foreign Currency Non-Repatriable) account to the HDFC NRE account.
Eligibility for NRI savings account
All Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can apply for HDFC NRI accounts, including NRE savings accounts.
Documents required to apply for HDFC NRE account
You will need to submit the following documents to apply for an NRE account opening:
- Photocopy of the page of your passport containing personal details like your name, address, date of birth, date of issue and expiry, photograph, signature, etc.
- Photocopy of PAN card
- If you don’t have a PAN card, you can submit Form 60
- Copy of valid visa/ work permit
- One passport size coloured photograph of each applicant
- Overseas address proof – should be same as mentioned in the NRE account opening application form
- A cheque/ demand draft as the initial account opening deposit equivalent to the amount required to maintain the HDFC NRE account minimum balance per month (In case of draft, DD slip is mandatory)
HDFC NRI Account fees and charges
Here are the fees and other charges an applicant will have to pay for the HDFC NRI account opening.
|HDFC NRE account minimum balance requirement||– Rs. 10,000 (Metro/ urban branches)|
– Rs. 5,000 (Semi-urban/ rural branches)
|Activation of dormant account||Nil|
|Cheque book||– 25-leave chequebook is free per financial year|
– Additional chequebook of 25 leaves will cost Rs. 75 per cheque
|PAP chequebook usage charges||Nil|
|DD issuance charges at bank branch||– Up to Rs. 10,000: Rs. 50|
– Above Rs. 10,000: Rs. 5 per 1000 on entire amount (min Rs. 75 and max Rs. 10,000)
|DD issuance charges through net banking||– Up to Rs. 10 lakh: Rs. 50 + applicable bank charges|
|DD issuance charges at non-HDFC Bank locations||Up to Rs. 500: Rs. 10; from Rs. 500 to Rs. 1,000: Rs. 15; from Rs. 1,000 to Rs. 5,000: Rs. 25; From Rs. 5,000 to Rs. 10,000: Rs. 30; from Rs. 10,000 to Rs. 1 lakh: Rs. 6 per Rs. 1,000 (subject to a minimum of Rs. 300 and max Rs. 10,000)|
|Cheque/ DD draft cancellation/ revalidation||Rs. 100|
|Local cheque deposited for outstation account||No charge|
|ATM card||No charge|
|ATM card – replacement charges||Rs. 200 + GST|
|ATM card transactions charge at non-HDFC domestic ATMs||No charge|
|HDFC Debit Card annual fee – regular||Rs. 150 + applicable taxes|
|Debit card renewal fee – regular||Rs. 150 + applicable taxes|
|Debit card annual fee – platinum||Rs. 750 + applicable taxes/ annum|
|Debit card renewal fee – platinum||Rs. 750 + applicable taxes/ annum|
|Add-on debit card – regular||– One add-on card – Free for the first year|
– Rs. 150 per year + taxes
|Debit card transaction charge at non-HDFC Bank international ATMs||Rs. 25 for balance enquiry; Rs. 125 per withdrawal + taxes|
|Decline charge for insufficient balance||Rs. 25|
|PIN generation charge||Rs. 50 + taxes|
|Chequebook return due to negative reason||Rs. 50|
|Interest certificate||Rs. 50|
|Account closure||No charges for up to 14 days; 15 days to 12 months: Rs. 500; after 12 months: no charge|
|Hold statement||Rs. 400 per year|
|Duplicate passbook issuance||Rs. 100|
|Photo attestation||Rs. 100 each instance|
|Address confirmation||Rs. 50|
|Standing instruction||Rs. 25 per transaction|
|Standing instruction rejection||Rs. 200 per instance|
|Visa Money Transfer||Rs. 5 + taxes per transaction|
|NEFT charges – inward||Free|
|NEFT charges – outward||– Up to Rs. 10,000: Rs. 2.5 (plus applicable taxes) per transaction|
– From Rs. 10,001 to Rs. 1 lakh: Rs. 5 (plus applicable taxes) per instance
– From Rs. 1 lakh to Rs. 2 lakh: Rs. 15 (plus applicable taxes) per instance
|RTGS – inward||Free|
|RTGS – outward||– From Rs. 2 lakh to Rs. 5 lakh: Rs. 25 (plus applicable taxes) per instance|
– From Rs. 5 lakh to Rs. 50 lakh: Rs. 50 (plus applicable taxes) per instance
|IMPS – inward||Free|
|IMPS – outward||– Up to Rs. 1 lakh: Rs. 5 (exclusive of taxes) per transaction|
– From Rs. 1 lakh to Rs. 2 lakh: Rs.15 (exclusive of taxes) per instance
How to open HDFC NRE account
There are two methods to open an NRE account:
- Through HDFC Bank
- Open NRE account online using SBNRI app
HDFC NRE Savings account opening on the HDFC Bank’s website
Here are the steps to open NRE account online:
- Select NRE account on NRI Banking page of HDFC Bank.
- Click on ‘Apply Online’ button and fill the NRE account application form.
- Within 2 to 3 working days, you will receive a phone call from an HDFC executive, who will help with your application for an NRI account opening.
- You can send a filled NRI account form and other documents to one of the HDFC branches in India.
- HDFC Bank offers courier pick-up in some countries. You can confirm the same with the bank through HDFC NRI customer care service.
- Your NRE account will be opened within 5 to 7 working days of receiving the form.
- Once your account is opened, the bank will intimate you via the registered email ID.
Note: Get your documents and photocopies attested by the Indian Embassy or Notary or an overseas bank in your country of residence before sending them to a bank branch in India.
Open NRE account online using SBNRI app
SBNRI app is one of a kind that caters to the banking needs of Non-Resident Indians (NRIs). You can use SBNRI app for NRI account opening online by taking the following steps:
- Download the SBNRI App and sign in using your credentials.
- Click on ‘Open NRI Account’ button and select the bank where you want to open an NRI account.
- Use the in-app scanning feature to scan and upload KYC documents.
- Click on ‘Apply’ and that’s it.
HDFC NRE account interest rate
HDFC NRE savings account interest rate ranges from 3% to 3.5% per annum.
Due to lots of information and documentation required to apply for NRE accounts, NRE account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRE account with nominal documentation in just 10 minutes.
You can apply for an NRI account opening online through a bank’s website. Fill the account opening form online and upload the scanned documents. The NRI account opening process varies from bank to bank. Alternatively, you can download SBNRI app to apply for NRI account opening online.
When opening the HDFC Bank NRE account, you have to make an initial payment of Rs. 10,000 by fund transfer, Demand Draft, cheque or cash. You need to maintain a minimum average monthly balance of Rs. 10,000 to avoid a non-maintenance penalty.
You can carry out all transactions in Indian rupees only. However, you can deposit funds in different foreign currencies which will be converted on your request to conduct transactions in Indian rupees.
Yes, you can repatriate funds freely between India and your country of residence.