HSBC Bank NRO (Non-Resident Ordinary) savings account is a savings bank account for Non-Resident Indians(NRIs) to manage their earnings in India like rental income, dividend, pension, and more. NRI customers can transfer their foreign currency income to their NRO accounts which will be converted into Indian rupees. HSBC NRO Savings account also offers the benefit of banking anywhere around the globe.
Features & benefits of HSBC NRO savings account
- Through HSBC NRO Savings account, NRIs can transfer funds from their foreign account into NRO accounts easily.
- A complementary personalised chequebook is granted to customers when they open HSBC NRO 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 NRO account.
- HSBC NRO Savings account allows you to access HSBC Banking facilities across the world 24X7.
- You can easily transfer funds to any bank account in India from your HSBC NRO Savings account.
- The account allows you access to Debit Card/ATM Card and use it on any HSBC ATMs worldwide and ATMs and merchant outlets affiliated to Visa networks.
- NRIs can create and access NRI Fixed Deposit with HSBC NRO Savings Account.
- Issue rupee drafts, stop checks, e-statements and new cheque books.
- Pay utility bills with ease via online banking feature of HSBC NRO Savings Account.
- Access online banking and mobile banking from anywhere in the world.
- Use nomination facility to add nominees via internet banking.
- Open Joint Account with NRIs or residents who are close relatives.
- Operate deposits held jointly with residents under “Former or Survivor” basis.
Also read: HSBC India NRI Account: Open NRI Account Online
Eligibility for HSBC NRO savings account
All Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can apply for HSBC NRI accounts, including NRO savings accounts.
Documents required to apply for HSBC NRO account
You will need to submit the following documents to apply for an NRO 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 NRO account opening application form
- A cheque/ demand draft as the initial account opening deposit equivalent to the amount required to maintain the HSBC NRO account minimum balance per month (In case of draft, DD slip is mandatory)
- HSBC NRO Bank Account holders can add nomination from Internet Banking or Download the form and submit it to the nearest HSBC India Branch.
Also read: HSBC Bank NRE FD Rates 2023
HSBC NRO Savings Account fees and charges
Here are the fees and other charges an applicant will have to pay for the HSBC NRO account opening.
| Fee type | Details |
| HSBC NRO Savings account minimum balance requirement | Rs. 1,50,000 Average Quarterly 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 withdrawal Balance enquiry – Rs 15 per enquiry |
| HSBC Group ATM transactions (outside India) | Cash withdrawal – Rs 120 per withdrawal Balance 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 India Rs 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 |
HSBC NRO Savings Account Minimum Balance
HSBC NRO Savings Bank Account holders need to maintain an Average Quarterly Balance (AQB) of Rs 150,000 or more.
HSBC NRO Savings Account Repatriation Rules
You can repatriate up to USD 1 million per year from your NRO Savings account, subject to payment of applicable taxes. However, the repatriation of funds from an NRO account is subject to certain conditions, such as proof of tax compliance and a certificate from a chartered accountant.
Also read: Repatriation of Funds from India to Abroad
HSBC NRO Debit Card
Customers can avail HSBC NRO 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 Ordinary (NRO) Savings Account.
How to open HSBC NRO Savings account
There are two methods to open an NRO account:
- Through HSBC Bank
- Open NRO account online using SBNRI app
HSBC NRO Savings account opening on the HSBC Bank’s website
Here are the steps to open NRO account online:
- Select NRO account on NRI Banking page of HSBC Bank.
- Click on ‘Apply Online’ button and fill the NRO 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 NRO 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 NRO 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 NRO Savings Account Interest Rate
HSBC NRO savings account interest rate ranges from 2% to 2.5% per annum.
Also read: HSBC FCNR Rates: NRI Tax-Free Foreign Currency Investment
HSBC NRI Customer Care
For any queries related to NRO savings account, you can contact HSBC Bank NRI customer care team through PhoneBanking, email, WhatsApp, etc.
Open NRO Savings Account with SBNRI
Due to lots of information and documentation required to apply for NRO accounts, the 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. 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 out 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 NRO savings account?
HSBC NRO Bank Account holders need to maintain an Average Quarterly Balance (AQB) of Rs 150,000 or more.
In what currency can I conduct transactions using the HSBC NRO 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 into Indian rupees.
Can I repatriate funds from my HSBC NRO savings account?
You can repatriate up to USD 1 million per year from your NRO Savings account, subject to payment of applicable taxes. However, the repatriation of funds from an NRO account is subject to certain conditions, such as proof of tax compliance and a certificate from a chartered accountant.
What is HSBC NRO account interest rate?
HSBC NRO account interest rate ranges from 2% to 2.5% per annum.
