The Indian diaspora accounts for around 33% of the UAE’s population. However, most of these Indian expats have some sorts of financial commitments in India. Non-Resident Indians and Overseas Citizens of India can apply for HDFC NRI account opening in UAE to manage their finances in India. HDFC Bank offers two types of savings bank accounts – NRE and NRO accounts – for NRIs for their India related banking and investment needs.
Process of HDFC NRI Account Opening in UAE
NRIs living in Dubai or other Emirates can apply for HDFC Bank NRI account opening to meet their several financial needs in India. While HDFC NRE savings account allows NRIs to park their foreign currency earnings in India, they can open an NRO account to deposit their income sourced in India.
Primarily there are two ways to apply for an NRI account:
- Visit the bank’s website or its nearest branch in India
- Open NRI account online through SBNRI
Here are the ways to open NRI bank accounts with HDFC Bank for NRIs from the UAE.
HDFC NRI account opening from UAE on bank’s website
Here are the steps to apply for HDFC NRI account online from UAE:
- Visit the NRI Banking page of HDFC Bank and select the NRI account.
- Fill up and submit the NR account application form online.
- One of the bank representatives will call you to assist you further with the account opening process.
- Existing customers of HDFC Bank need to self-attest all supporting KYC documents to open an NRI account under a non-face-to-face basis.
- If you are not an existing customer of the bank, you need to self-attest KYC documents and then get them attested by any one of the designated authorities.
- 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 also arranges for a courier pick-up from the area where you live in the UAE.
- 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.
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 to Open NRI Account
- HDFC NRI account opening form (A4) signed by all holders.
- Latest passport size photographs.
- Copy of PAN card / Form 60 (in absence of PAN).
- Identity proof (Indian / Foreign Passport).
- Proof of NRI/PIO Status.
- Proof of Address (Any one address proof – either overseas or Indian).
Features and Benefits of HDFC Bank NRI Account
Some of the key features of HDFC Bank NRI account in UAE are as follows:
- NRE account holders get an International Debit Card linked to their NRE Account that allows them to shop and travel anywhere in the world.
- 24*7 NetBanking and MobileBanking facility.
- BillPay registration for easy payment of utility bills.
- Email account statements.
- You can appoint a Resident Indian mandate holder for ease of operation of your account in India.
- You can add an NRI as a joint account holder into the account. You can also add a resident Indian as a joint account holder on ‘former or survivor’ basis.
HDFC NRI Savings Account Types
UAE-based NRIs can choose between NRE and NRO savings accounts.
HDFC Bank NRE savings account:
Listed below are features and benefits HDFC NRE savings account:
- Competitive NRE account interest rate ranging from 3% to 3.5% per annum.
- Interest earned is tax-free in India.
- International debit card for easy cash withdrawal and worldwide shopping.
- Free repatriability of funds to any place outside India.
- Use NRE savings accounts to invest in different asset classes in India, like mutual funds, CRE, real estate, etc.
- NRIs can directly remit the amounts to HDFC Bank from their overseas bank account.
HDFC NRO Savings Account
Here are the features and benefits of HDFC NRO accounts:
- Interest earned on an HDFC NRO savings account is taxed in India. TDS is deducted at 30% plus applicable surcharge and cess.
- 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.
- You can repatriate up to $1 million in a financial year from your NRO account.
HDFC Bank UAE Centers for NRIs
HDFC Bank has a presence in the UAE through its representative offices at different locations, including Dubai and Abu Dhabi. Indian expats can contact one of HDFC Bank UAE branches or NRI access point to avail many banking services.
NRIs can contact the following HDFC Bank UAE centers for their banking related requirements:
Abu Dhabi Center: HDFC Bank Representative Office104, Juma Al Majid Commercial Building, Opp BurJuman Centre,Trade Centre Road,P.O.Box No. 64546Dubai, UAE.
Dubai Center: HDFC Bank Representative Office104, Juma Al Majid Commercial Building, Opp BurJuman Centre,Trade Centre Road,P.O.Box No. 64546Dubai, UAE.
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. You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.