HSBC Bank India is the Indian subsidiary of HSBC Holdings plc, one of the most trusted international banks. The bank offers several banking products and services for Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs). HSBC India offers NRI accounts for Indian citizens residing abroad to deposit their foreign and Indian income. HSBC India NRI account opening process is both online and offline as per your convenience. Here is everything you need to know about HSBC NRI account types and the opening process.
Want to apply for an NRI account? Click the button below to open an NRI account online right away.
HSBC Bank NRI Account Opening
A Non-Resident Indian (NRI) and Person of Indian Origin (PIO) can open an HSBC India NRI account to meet different banking and investment needs related to the currency denomination, fund transfers, investment in India, income tax return filing, etc. There are multiple ways of opening an HSBC NRI account, including online, branch visits and phone calls. Before applying for an account, you should be aware of the documentation, application process and types of NRI accounts.
Also Read: NRI Accounts: Which one to choose? NRE or NRO?
Documents required for NRI account
Although documentation may slightly vary based on the country of your residence and type of NRI account you want to open, here is the checklist of documents you will need to apply for HSBC NRI account opening. Get these documents along with the HSBC NRI account opening form attested by the authorities listed in the table.
| Basic documents | Attestation |
|---|---|
| – Identity proof (passport) – Non-Resident status proof (valid visa/ work permit, etc.) – For PIOs: Foreign passport and PIO card – Overseas address proof (Gas bill/ electricity bill/ telephone bill/ bank statement) not over 3 months old – PAN card – Photographs | You will need to self attest these documents and get them attested by any of the following entities: – Indian Embassy/ High Commission in your country of residence – Notary Public – Court Magistrate/ Judge – Bank official of overseas branch of HSBC India Bank |
How to open NRI account
You can apply for HSBC NRI account opening in two ways – online or at the bank branch.
Apply for an HSBC NRI bank account online on the bank’s website
- Visit the official website of HSBC Bank India
- Open the HSBC India NRI page and select the bank account type
- Click on the ‘Apply now’ link and fill up your information in the inquiry form
- Confirm and submit your information
- The bank representative will get in touch with you in 3-7 working days
Note: If you’re not an existing customer/ employee of HSBC overseas, you need to be physically present at the local India branch for opening an account.
NRI Account Opening through SBNRI
To apply for an NRI account online, you have two options. You can either click the “Apply for NRI” button on this page or utilize the SBNRI app. The SBNRI app is a unique platform designed specifically for the convenience of opening an NRI account online. Here are the simple steps to apply for an online NRI account using the SBNRI app:
- Download the SBNRI app from either the Google Play Store or App Store.
- Log in to the app using your credentials.
- Tap on the “Open NRI account” button and choose the desired bank from the provided list.
- Utilize the in-app scanning feature to scan and upload your KYC documents.
- Finally, click on the “Apply” button, and your application will be submitted.
By following these steps, you can easily apply for an NRI account online using the user-friendly SBNRI app.
Visit one of the HSBC India branches
Alternatively, you can visit a branch of HSBC Bank in India to open an NRI account. Don’t forget to carry supporting documents along with you.
Types of HSBC NRI account – savings account
HSBC NRE savings account
An NRI can deposit his/ her foreign currency earnings into the HSBC NRE account by transfers from one’s country of residence or from other NRE accounts in India. Funds transferred in a foreign currency are converted into INR (Indian Rupees), as per the current foreign exchange rate. The funds can be converted back to foreign currency and repatriated out of India.
Here are the key features of HSBC NRE (Non-Resident External) account
- Both principal and interest earned in an HSBC NRE savings account are freely repatriable.
- Interest earned on deposits in the NRE account is exempt from tax in India.
- You can access your account from around the world.
- International debit card is issued to the account holder.
- Account holders will get access to HSBC Group ATMs and ATMs affiliated to the Visa network.
- Access to Visa merchant outlets worldwide.
- Online banking, phone banking and family banking
HSBC NRO savings account
The HSBC Non-Resident Ordinary (NRO) savings account is held in Indian Rupees to park Indian income of NRIs. You can open the NRO account if you have earnings in India such as rent income, pension, dividend, Indian salary, etc. You can also deposit your foreign currency earnings into the NRO account which will be converted into INR as the prevailing exchange rate.
Here are the key features of HSBC NRO savings account
- Funds up to USD 1 million per financial year can be repatriated per financial year from an NRO account.
- Interest earned on the NRO account is taxable in India under the Indian Income Tax laws.
- You can access your account from around the world.
- Local debit card/ ATM card is issued to the account holder.
- Account holders will get access to HSBC Group ATMs and ATMs affiliated to the Visa network within India.
- Online banking, phone banking and family banking
HSBC NRI Account Minimum Balance
HSBC NRI account minimum balance or average monthly balance balance (AMB) of Rs. 150,000 should be maintained in a combination of HSBC NRI savings account and fixed deposits.
Also Read: NRI Account Minimum Balance: Updated for 2024
HSBC NRI Account Interest Rates
HSBC NRE/NRO saving accounts interest rate 2023 are as under:
| Balance in HSBC NRE/NRO Account | Interest Rate (p.a.) |
|---|---|
| Up to Rs. 10 cr | 2.00% |
| Rs. 10 cr and above | 2.50% |
Contact SBNRI
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 online NRI account in India 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
It depends on the bank where you want to open an NRI account. If you are in India, it is better to visit the bank to open an NRI account. However, if you want to open an NRI account from abroad, you need to visit Indian Embassy/ Consulate to attest documents. Now you can open an NRI account online from abroad using the SBNRI App and you don’t need to visit the Indian Embassy to attest documents.
The minimum balance required to be maintained for HSBC savings account is Rs. 150,000.
Yes, NRIs can open multiple NRE savings bank accounts.
You can easily withdraw in Rupees from your NRE account.
