HSBC 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 their foreign currency income to their NRE accounts freely at any time, and earn attractive interest rates. HSBC NRE Savings account also offers the benefit of banking anywhere around the globe.
Features & benefits of HSBC NRE savings account
- Through HSBC NRE savings account, NRI customers can transfer funds easily in India and abroad.
- HSBC 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.
- HSBC 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 HSBC Bank branch to appoint a mandate.
- HSBC NRE savings account holders can conduct banking transactions 24×4 through the HSBC net banking facility. They can pay utility bills, recharge DTH and mobile/ phones.
- A complementary personalised chequebook is granted to customers when they open HSBC 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 HSBC 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.
- NRE account can be in the names of two or more non-resident individuals provided all the account holders are persons of Indian nationality or origin or with Resident close relatives relatives.
- NRIs can remit funds into the NRE savings account from any overseas bank.
- They can also transfer funds from any of their existing HSBC NRI accounts i.e. NRE (Non-Resident External) or FCNR (Foreign Currency Non-Repatriable) account to the HSBC NRE account.
Also read: HSBC India NRI Account: Open NRI Account Online
Eligibility for NRI savings account
All Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can apply for HSBC NRI accounts, including NRE savings accounts.
Documents required to apply for HSBC 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 HSBC NRE account minimum balance per month (In case of draft, DD slip is mandatory)
- HSBC NRE Bank Account holders can add nomination from Internet Banking or Download the form and submit to nearest HSBC India Branch.
Also read: HSBC Bank NRE FD Rates 2023
HSBC NRI Account fees and charges
Here are the fees and other charges an applicant will have to pay for the HSBC NRI account opening.
| Fee type | Details |
| HSBC NRE account minimum balance requirement | Rs. 1,50,000 Average Quarterly Balance(AQB) in a combination of Savings Account/Current Account or Fixed Deposit Balance |
| Cheque book | – 25-leave chequebook is free per financial year- Reorder of cheque book is free- Reorder of cheque book issued urgently at bank branch will cost Rs 100 |
| DD issuance charges at bank branch | 0.1% of the value of demand draft/cashier’s order subject to a minimum of Rs 100 and a maximum of Rs 2,500 |
| DD issuance charges through net banking | No charges applicable on requests placed through Internet Banking and 25% of branch charges for requests placed through PhoneBanking |
| DD issuance charges at non-HSBC Bank locations | 0.3% of the value of demand draft/cashier’s order subject to a minimum of Rs 100 |
| Cheque/ DD draft cancellation/ revalidation | No Charge |
| Cheque return – Outward and inward for insufficient funds and technical reasons (per instrument) | Rs 275 |
| HSBC Debit Card annual fee – regular | Rs. 150 + applicable taxes (No charges applicable for CEP customers) |
| Debit card renewal fee – regular | Rs. 150 + applicable taxes |
| Card replacement Fee (outside India/within India) | Rs 150 + International/National courier charges as applicable |
| Debit card transaction charge at HSBC Bank international ATMs in India | No Charge |
| Debit card transaction charge at non-HSBC Bank international ATMs in India | No charges applicable for first 5 transaction per month.Subsequent transactions will be charged Rs 20 per transaction |
| Other bank ATM cash withdrawals/balance enquiries (outside India) | Cash withdrawal – Rs 120 per withdrawalBalance enquiry – Rs 15 per enquiry |
| HSBC Group ATM transactions (outside India) | Cash withdrawal – Rs 120 per withdrawalBalance enquiry – Rs 15 per enquiry |
| Currency conversion mark-up (international transactions) | 3.5% of transaction value |
| Decline charge for insufficient balance | Rs. 25 |
| Phonebanking | Free |
| MobileBanking | Free |
| HSBC netbanking | Free |
| Interest certificate | Rs. 50 |
| Issue of Duplicate TDS certificate | Rs 100 |
| Passbook issuance | Free |
| Duplicate passbook issuance | Rs. 100 |
| Photo attestation | Rs. 50 |
| Address confirmation | Rs. 50 |
| Standing instruction | Rs. 50 per instruction setup between HSBC accounts in IndiaRs 100 per instruction setup between non-HSBC accounts in India |
| NEFT charges – inward | Free |
| NEFT charges – outward | – Up to Rs. 10,000: Rs. 1.5 (plus applicable taxes) per transaction– From Rs. 10,001 to Rs. 1 lakh: Rs. 4 (plus applicable taxes) per instance– From Rs. 1 lakh to Rs. 2 lakh: Rs. 14 (plus applicable taxes) per instance – No charges if NEFT transactions done through Personal Banking or Mobile Banking |
| RTGS – inward | Free |
| RTGS – outward | – From Rs. 2 lakh to Rs. 5 lakh: Rs. 19 (plus applicable taxes) per instance– From Rs. 5 lakh to Rs. 50 lakh: Rs. 44 (plus applicable taxes) per instance |
How to open HSBC NRE account
There are two methods to open an NRE account:
- Through HSBC Bank
- Open NRE account online using SBNRI app
HSBC NRE Savings account opening on the HSBC Bank’s website
Here are the steps to open NRE account online:
- Select NRE account on NRI Banking page of HSBC 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 HSBC 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 HSBC branches in India.
- HSBC Bank offers courier pick-up in some countries. You can confirm the same with the bank through HSBC 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.
HSBC NRE Account Interest Rate
HSBC NRE savings account interest rate ranges from 2% to 2.5% per annum.
Also read: HSBC FCNR Rates: NRI Tax-Free Foreign Currency Investment
HSBC NRE Account Minimum Balance
HSBC NRE Bank Account holders need to maintain an Average Quarterly Balance (AQB) of Rs 150,000 or more in a combination of savings account, current account and fixed deposit balances.
HSBC NRE Debit Card
Customers can avail HSBC NRE debit card, an international debit card, for cash withdrawal and shopping anywhere in the world. NRI customers get this when opening the HSBC Bank Non-Resident External (NRE) Savings Account.
HSBC NRI Customer Care
For any queries related to NRE savings account, you can contact HSBC Bank NRI customer care team through PhoneBanking, email, WhatsApp, etc.
Open NRI Savings Account with SBNRI
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 also click on the button below to apply for an NRI account. Also, visit our blog and YouTube channel for more details.
FAQs
Can I open NRI account online?
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.
What is the minimum initial deposit amount required to open a HSBC NRE savings account?
HSBC NRE Bank Account holders need to maintain an Average Quarterly Balance (AQB) of Rs 150,000 or more in a combination of savings account, current account and fixed deposit balances.
In what currency can I conduct transactions using the HSBC NRE savings account?
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.
Can I repatriate funds from my HSBC NRE savings account?
Yes, you can repatriate funds freely between India and your country of residence.
What is HSBC NRE account interest rate?
HSBC NRE account interest rate ranges from 2% to 2.5% per annum.
