HDFC Non-Resident Ordinary (NRO) savings account is an NRI bank account required by every NRI who has earnings in India. HDFC NRO account enables customers to conduct hassle-free banking and funds transfer from anywhere in the world. NRI customers can park their Indian and overseas income in the HDFC Bank NRO account and earn attractive interest rates.
Also Read: HDFC NRE Savings Account
HDFC NRO account features & benefits
Here are the key features and benefits of HDFC NRO savings account:
- You can repatriate outside India or transfer to an NRE account up to USD 1 million in a financial year.
- Transfer funds from abroad in a convertible foreign currency.
- Directly remit from your overseas bank, or deposit cash or traveler’s cheques on your visit to India.
- You can also transfer funds from an existing NRE/ NRO account in India.
- Pay your utility bills or other obligations using HDFC NRO account.
- Repatriate up to USD 1 million from your NRO account per financial.
- A domestic debit card for easy cash withdrawal or shopping in India.
- Add-on ATM card/ domestic debit card for mandate/ POA holders for ease of account operation in India.
- HDFC NetBanking and PhoneBanking facilities.
- You can appoint a mandate holder for ease of operation of the account.
- Tax deductions
- Interest earned on HDFC NRO savings account is subject to TDS (Tax Deducted at Source) at 30% plus applicable surcharge and cess.
- DTAA: Under the Double Tax Avoidance Agreement provision, NRI customers can get the concessional rate of TDS on interest earned in India. For which NRIs have to mandatorily provide ‘Tax Residency Certificate (TRC) to the deductor bank.
Eligibility Criteria
Every Non-Resident Indian (NRI) and Person of Indian Origin (PIO) can apply for HDFC Bank NRO account.
Documents required to apply for HDFC NRO account
Here is the checklist of documents required to apply for an HDFC NRO account:
- PAN card or Form 60 (in absence of PAN)
- Recent passport-size photographs
- Self-attested copy of Official Valid Document. New to Bank customer needs to get the document certified by any of the following:
- Overseas branch of a scheduled commercial bank registered in India.
- Branch of an overseas bank that has a relationship with HDFC Bank.
- Notary Public abroad.
- Court Magistrate/ Judge abroad.
- Indian Embassy/ Consulate in the country of your residence.
- Identity proof: Photocopy of Indian passport (for NRI) and Foreign passport (for PIO)
- Citizenship proof:
- Indian passport holder: Photocopy of valid visa/ employment visa, student visa, dependent, etc. or work permit.
- Foreign passport holder: Photocopy of OCI or PIO card or PIO declaration wherever applicable.
- Proof of address: Officially valid documents:
- Valid passport
- Driving license
- Aadhaar card (Indian address proof)
- Voter’s ID card (Indian address proof)
- Job card issued by NREGA duly signed by an officer of the State Government
- Documents issued by the Government Departments Foreign Jurisdictions (like OCI/ PIO card, Work/ Resident Permit, Social Security Number, Green Card, etc.) (acceptable from foreign citizens holding OCI/ PIO card)
- Letter issued by Foreign Embassy or Mission in India (acceptable from foreign citizens holding OCI/ PIO card)
- Proof of address for Deemed to be OVD
- Latest utility bill (electricity/ water/ telephone/ piped gas/ postpaid mobile) – not more than 2 month old
- Property or municipal tax receipt
- Pension or Family Pension Payment Order (PPOs) issued by the Government Departments or Public Sector Undertaking (PSU)
- Letter of allotment of accomodation or Leave and License agreements
NRI savings account fees & charges
The following table contains the fees & charges applicable along with HDFC NRO account minimum balance requirement.
| Fee type | Detail |
|---|---|
| HDFC NRO account minimum balance requirement | – Rs. 10,000 (Metro/ urban branches) – Rs. 5,000 (Semi-urban/ rural branches) |
| Activation of dormant account | NA |
| Cheque book | – 25-leave cheque book is free per financial year – Additional cheque book of 25 leaves will be @ 75 per cheque |
| PAP cheque book usage charges | NA |
| DD issuance charges at bank branch | – Up to Rs. 10,000: Rs. 50 – More than Rs. 10,000: Rs. 5 per 1000 on the whole amount (min Rs. 75 and max Rs. 10,000) |
| DD issuance charges through net banking | – Up to Rs. 10 lakh: Rs. 50 |
| 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 |
| Cheque book return due to negative reason | Rs. 50 |
| Phonebanking | Free |
| MobileBanking | Free |
| HDFC netbanking | Free |
| BillPay | Free |
| Insta alert | Free |
| Interest certificate | Rs. 50 |
| TDS certificate | Free |
| 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 |
| Passbook issuance | Free |
| 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 NRO account
You can open an NRO account in two ways:
- On HDFC Bank’s website
- Open NRO account online using SBNRI app
HDFC NRO Savings account opening on the HDFC Bank’s website
Here are the steps to open NRO account online:
- Select NRO account on the NRI Banking page of HDFC Bank.
- Click on ‘Apply Online’ button and fill up the NRO account application form.
- You will be informed via a phone call from HDFC executive within 2 to 3 working days.
- He will help with your application for an NRI account opening.
- Send the attested filled NRI account opening form and supporting documents to one of the HDFC branches in India.
- HDFC Bank has a courier pick-up facility in some countries. You can confirm the same by reaching out to HDFC NRI customer care service.
- Your NRO account will be opened within 5 to 7 working days.
- After your account has been opened, the bank will inform you via the registered email ID.
Note: Get the photocopies of your account opening form and other supporting documents 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 NRO account online using SBNRI app
SBNRI app is one of its kind that caters to the banking and other financial needs of Non-Resident Indians (NRIs) and PIOs (Persons of Indian Origin). Here are the steps of NRI account opening online:
- Download the SBNRI App and sign up using your credentials.
- Click on ‘Open NRI Account’ button and select the bank you want to open an NRO account with.
- Use the in-app scanning feature to scan and upload KYC documents.
- Click on ‘Apply’ and that’s it.
HDFC NRO Account Interest Rate 2023
HDFC NRO savings account interest rate ranges from 3% to 3.5% per annum.
| NRO Bank Account Balance | NRO savings Account Interest Rate |
|---|---|
| Rs. 50 lakh and above | 3.50% |
| Below Rs. 50 lakh | 3.00% |
Note:
- Interest rate will be calculated on the daily balance maintained in your NRO savings account.
- Interest rate will be paid at quarterly intervals.
Also Read: HDFC NRI Account Opening: Steps to Open NRI Savings Account
Due to lots of information and documentation required to open an NRO account, NRO account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRO 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.
FAQs
Your savings account is maintained in Indian Rupees.
The minimum amount required to open an HDFC NRO Savings Account is INR 10,000 or its equivalent in foreign currency. The same amount is required to maintain an Average Monthly Balance with HDFC Bank.
The permissible debits/credits to an HDFC NRO savings account are as follows:
Permissible credits to NRO Savings Account:
– Income earned in India such as rent, dividends, or interest
– Proceeds from the sale of assets in India
– Proceeds of remittances received from abroad through normal banking channels
The bank should be informed about the source of funds at the time of crediting funds in NRO savings accounts.
Permissible debits to NRO Savings Account:
– Local payments in Indian Rupees
– Remittance of funds outside India (subject to certain limits and conditions)
– Transfer of funds to other NRO accounts or to an NRE (Non-Resident External) account
– Payment of taxes, fees, and charges
NRIs can repatriate an amount up to USD 1 million per financial year from the balances held in their NRO savings account. They need to submit required documents along with Form 15CA and 15CB/CA certification.
Any interest earned on an NRO savings account is subject to TDS as per the applicable tax rates defined by the Income Tax Department.
