HSBC NRO Fixed Deposit Account is offered by HSBC Bank in India for Non-Resident Indians (NRIs) to hold term deposits in Indian rupees. HSBC Bank allows NRIs to place NRO FD and term deposits from their balances in NRO/NRE Savings or Current Accounts. Latest HSBC Bank NRO FD rates range from 2.85% – 7.25% per annum for flexible tenure ranging from 7 days to 5 years and fixed deposit amount less than Rs. 2 cr.
Also read: HSBC India NRI Account: Open NRI Account Online
HSBC Bank NRO FD Rates 2023
Listed below are the HSBC Bank NRO FD rates applicable from Thursday, 7 September 2023:
| Tenure | Below Rs. 2 crore |
| 7 days | 2.85% |
| 8 days | 2.85% |
| 9 to 14 days | 3.00% |
| 15 days to 29 days | 3.00% |
| 30 days to 59 days | 3.40% |
| 60 days to 89 days | 3.60% |
| 90 days to 93 days | 3.80% |
| 94 days | 3.80% |
| 95 days to 179 days | 4.00% |
| 180 days | 4.50% |
| 181 days to 269 days | 3.25% |
| 270 days to 364 days | 3.70% |
| 365 days | 4.00% |
| 366 days to 399 days | 4.00% |
| 400 days | 3.25% |
| 401 days to less than 18 months | 6.25% |
| 18 months to 599 days | 4.10% |
| 600 days | 3.75% |
| 601 days to 699 days | 3.30% |
| 700 days | 3.75% |
| 701 days to 730 days | 4.25% |
| 731 days | 4.25% |
| 732 days to less than 36 months | 7.25% |
| 36 months to less than 37 months | 7.00% |
| 37 months to less than 48 months | 6.00% |
| 48 months to 60 days | 6.00% |
Note: All the interest rates mentioned above are subject to change without prior notice.
Also read: HSBC Bank NRE FD Rates 2023
Features and Benefits of HBSC NRO Fixed Deposits
- The minimum deposit for HSBC NRO fixed deposit is Rs 25,000.
- The tenure for HSBC NRO fixed deposit ranges from 7 days to 5 years.
- Transfer money from an existing NRE/ NRO account with a bank in India to open NRO deposits.
- You can receive your earned interest on term deposits every quarter in your NRO account or can be cumulated and received at the time of maturity.
- HSBC NRO Term deposit offers you higher post tax returns in India than a NRO/NRE Savings or Current account.
- You have the option to break your deposit before the maturity period subject to the premature withdrawal clause of the HSBC Bank Term Deposit.
- You can avail overdraft against your NRO term deposits at just 2% over your deposit rate.
- You can operate deposits jointly with NRIs as well as Residents who are close relatives. Deposits held jointly with residents can operate under a “Former or Survivor” basis.
Also read: HSBC NRO Savings Account: Features & Benefits
Taxation on HSBC Bank NRO Fixed Deposit Earned Interest
Interest earned on your HSBC Bank NRO Fixed Deposits will be subject to Tax Deduction at Source. Also, 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
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 Fixed Deposit Interest Rate
HSBC NRO fixed deposit interest rate ranges from 2.85% – 7.25% per annum for tenures ranging from 7 days to 5 years.
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 Bank 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 fixed deposit?
HSBC NRO fixed deposit can be opened with as minimum as Rs 25000.
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 Fixed deposit account?
Interest earned on your NRO Fixed Deposits will be subject to Tax Deduction at Source. Also, 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 fixed deposit interest rate?
HSBC NRO fixed deposit interest rate ranges from 2.85% – 7.25% per annum for tenures ranging from 7 days to 5 years.
