HDFC Bank, a reputed and leading private sector bank in India, is one of the most preferred banks by NRIs for banking services back home. HDFC bank offers a variety of NRI services from banking to investment to loan. NRIs and PIOs need to open an NRI bank account to manage their income and investments in India. HDFC NRI accounts include savings accounts, current accounts and salary accounts. You can open an HDFC NRI account online or visit the nearest branch of HDFC Bank in India for the same.
How to open HDFC NRI account
There are primarily two ways to open an NRI account:
- Visit the nearest branch of the bank in India or the bank’s website
- Open NRI account online through SBNRI
Here are the ways to open NRI bank accounts with HDFC Bank based on your current residence and preferred channel.
HDFC NRI account opening on bank’s website
Here are the steps to apply for HDFC NRI account online:
- Visit the NRI Banking page of HDFC Bank and select the NRI account type – NRE or NRO or RFC.
- Click on ‘Apply Online’ button and fill the NRI account application form.
- Within 2 to 3 working days, you will get a phone call from an HDFC executive, who will help with your application for an NRI account opening.
- Once you are ready with the NRI application form and documents, you can forward these documents to the HDFC Bank in India. If available, the bank will arrange for a courier pick-up from your country of residence.
- If all the information in the NRI application form is correct, your NRI account will be opened within 5 to 7 working days of receiving the form.
- The bank will inform you about the account opening status via the registered email ID.
If you are not able to visit the bank for HDFC NRI account opening, your documents and photocopies can be attested by the Indian Embassy in your country of residence or Notary or a banker overseas. Then forward these documents to HDFC Bank for the account opening.
Open NRI account online through SBNRI App
SBNRI App allows NRIs to apply for an NRI account online in the simplest and shortest way. Here are simple steps to apply for an NRI account with minimal documentation and in a few steps via the SBNRI App:
- 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.
- Scan and upload KYC documents using the in-app scanning feature.
- Click on ‘Apply’ and that’s it.
Documents required for HDFC NRI account
For HDFC NRE account
Here is the list of documents required to open HDFC NRE account
- A copy of the page of your passport that includes personal details like your name, address, date of birth, date of issue, expiry date, photograph, signature, etc.
- A copy of PAN card/ Form 60
- Copy of valid visa/ work permit
- One passport size photograph of each applicant
- Overseas address proof (address on the document should be the same as mentioned in the application form)
- An initial payment cheque/ demand draft of your own account equivalent to the amount required to maintain the HDFC NRI account minimum balance i.e. Rs. 10,000 in Metro & Urban areas and Rs. 500 in Semi-Urban & Rural areas. (In case of draft, DD slip is mandatory)
For HDFC NRO account
Here is the list of documents required to open HDFC NRO account
- Copy of passport that has all important details
- Copy of visa/ work permit
- A copy of PAN card or Form 60
- An initial payment cheque/ demand draft of your own account equivalent to the amount required to maintain the HDFC NRI account minimum balance. (In case of draft, DD slip is mandatory)
HDFC NRI savings accounts
Every Indian and person of Indian Origin (PIO) who has moved abroad for employment and studies should have NRI savings accounts to meet their banking and other financial requirements in India. HDFC Bank allows you to have easy access to your accounts from abroad and during your visit to India. You can send money to your family in India and invest in Indian markets through the HDFC NRI savings account.
Types of HDFC NRI savings accounts
HDFC NRE savings account
HDFC NRE savings account is an NRI bank account that allows Non-Resident Indians to park their foreign earnings in Indian rupees. Here are the features and benefits of HDFC NRE accounts:
- Free fund transfers at competitive exchange rates.
- HDFC NRE account interest rate ranges from 3% to 3.5% per annum.
- Earn tax-free higher interest rates on your NRE account in India.
- International debit card for easy cash withdrawal and worldwide shopping.
- Appoint a mandate to operate your NRE account in India.
- Free repatriability of funds to any place outside India.
- Use NRE savings accounts to invest in mutual funds in India.
- NRIs can directly remit the amounts to HDFC Bank from their overseas bank account.
- Transfer funds from an existing NRE/FCNR account held in other banks in India.
HDFC NRO savings account
HDF NRO savings account is an NRI bank account that allows NRIs to deposit their Indian and foreign income in a rupee-denominated account. Here are the features and benefits of HDFC NRO accounts:
- Hassle-free funds transfer anywhere in the world with minimal documentation after payment of applicable taxes.
- HDFC NRO account interest rate ranges from 3% to 3.5% per annum.
- NRIs can appoint their Indian family members in India as a mandate holder to operate their accounts.
- Domestic debit card for easy cash withdrawal and shopping in India.
- Repatriate up to $1 million in a financial year from your NRO account.
- Interest earned on HDFC NRO savings account is subject to the tax deduction. TDS is deducted at 30% plus applicable surcharge and cess.
HDFC RFC savings account
- HDFC RFC accounts can be opened in three currencies – USD, GBP and EUR.
- No risk of the exchange rate as you can keep your foreign earnings in the same currency.
- Cash withdrawal in Indian rupees.
- Tax exemption on interest accrued on the declaration of Resident but Not Ordinarily Resident status.
- Funds repatriation for bonafide purposes.
- Convenience of banking at any of the HDFC branches in India.
Due to lots of information and documentation required to apply for NRI accounts, NRI account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRI account with nominal documentation in just 10 minutes.
It depends on your requirements. You can compare the features of NRI accounts offered by multiple banks to find the best NRI account. HDFC NRI account is one of the most preferred NRI bank accounts by Indians living abroad.
For any financial transactions and any type of investment by NRIs in India, whether it is funds transfer, investment in mutual funds, stock, commodities, etc., having an NRE or NRO account is mandatory.
Yes, OCI card holders can have NRI accounts in India as they can enjoy similar benefits as NRIs. OCIs can apply for NRE accounts, NRO accounts and FCNR accounts to carry out financial transactions in India.
NRIs are citizens of India living in a foreign country and hold an Indian passport. On the other hand, an OCI is a foreign citizen but was a citizen of India at any time in the past.