All You Need To Know About NRI Banking Services At HDFC Bank

NRIs can choose from a wide range of bank accounts at HDFC Bank. Find out about the different plans HDFC has and see if any of them will work for you when you go abroad.

If you are an Indian citizen who lives abroad for about 182 days a year or is about to do so, you will need to change your Indian bank account into an NRI account.

1. HDFC Bank offers NRI bank accounts under four different categories
2. How to open an account in HDFC as an NRI
3. HDFC NRI account opening documents
4. HDFC NRI account minimum balance
5. Interest rates for HDFC NRI account
6. Interest rates for HDFC NRE & NRO Savings accounts
7. HDFC NRE Fixed Deposit
8. HDFC RD for NRI
9. HDFC Bank Remittance (International Money Transfers)
10. Charges for receiving money internationally with HDFC
11. HDFC Bank’s Remittance service
12. HDFC Credila - Education Loan abroad
13. HDFC Home Loan for NRI
14. HDFC Bank NRI Customer Care Number
15. FAQs
16. Useful Links

1. HDFC Bank offers NRI bank accounts under four different categories

• NRI Savings Accounts
• NRI Current Accounts
• NRI Salary Accounts
• Accounts for Returning NRIs

Let’s take a look at the account options for each one:

HDFC NRI Savings Accounts

Like an average Indian savings account, NRI Savings accounts are the standard bank accounts for Indian citizens and OCI/PIOs living abroad for family, work, or studies.

• NRE Savings Accounts are for money made outside of India.
• NRO Savings Accounts are for money made in India.
• RFC Savings Accounts are for keeping money made in a foreign country.

HDFC NRI Current Accounts

With an HDFC NRI current account, you can hold on to Indian rupee earnings, send money back to India, and even deposit foreign earnings.

• NRO current account for the income earned in India;
• You can use an NRE current account to send money back home and give family members in India access.

HDFC NRI Salary Accounts

• NRI Salary accounts allow you access to salaries earned in India and for use abroad and back home.
• NRI Regular Salary Account is for regular salary income in India and has better rates for sending money back home.
• This account is for mariners and crew members who work for shipping companies.
• NRI Premium Salary Account for the higher daily withdrawals limits and a platinum debit card.

HDFC Accounts for returning NRIs

For NRIs returning to India, HDFC provides accounts to make the process of income from abroad back to India and moving earnings, with an eye towards exchange rates.

• RFC Overdraft against the FD to manage cash flow for a savings or current account.
• Demat, offshore investments, mutual funds, and loans against the securities for protecting and growing your earnings.
• RFC FDs are used to hold FDs in a foreign currency to lessen the exchange rate risk.
• Health, accident, travel, and life insurance are all considered.
• RFC Savings Account allows you to keep the money you earn abroad in a foreign currency and get INR from it.

2. How to open an account in HDFC as an NRI

You can open an NRI account with HDFC in two main ways.

• Apply in person, go to an HDFC Bank branch in India that is close to you.
• Fill out the online form and wait for an HDFC NRI Banking representative to get in touch.

In both situations, you must show official proof that you are an NRI. You should also find out ahead of time what kind of NRI account is best for you. Researching the NRO and NRE accounts will help you decide what is best for you and your family.

HDFC NRI account opening online

If you are not in India or need help getting to a bank branch, you can open an HDFC NRI account by filling out the online form. Here's how to do it:

• Fill out the online form for NRIs to get in touch.
• Fill in your current location and contact information.
• Send in the form
• Someone from HDFC will get in touch with you to talk about the next steps.

When you give HDFC your contact information, they may use SMS, WhatsApp, or a phone call to get in touch with you.

If you need additional support, you can contact the NRI services by emailing nri@hdfcbank.com. click here for more details

3. HDFC NRI account opening documents

Your supporting documents used to play a significant role in opening an NRI account. If you are a non-resident alien and would like to create an account with HDFC, the following are some of the documents that may be required.

• Confirmation of residence as listed on the application.
• A copy of your passport includes all the personal detail pages.
• Proof of the Indian address
• Proof of the overseas address Copy of the PAN card or Form 60.
• A passport-sized color photo
• Copy of the overseas employment, residence visa, or permit as proof of the NRI status.
• A deposit check from your account for the minimum deposit needed for your HDFC NRI account.

If you live outside of India and want to open an HDFC NRI account, the Indian Embassy in your country will need to verify your documents and copies. You can have a notary or a banker sign them if you can't do that. click here for more details

4. HDFC NRI account minimum balance

HDFC NRI accounts require a minimum balance to avoid account fees. So, here is what to expect as a minimum balance from the NRO and NRE accounts at HDFC.

Type of account	Minimum balance for Metro/Urban accounts	Minimum balance for Semi-Urban/Rural accounts
NRE Savings & Currents Accounts	₹ 10,000	₹ 5,000
NRO Savings & Currents Accounts	₹ 10,000	₹ 5,000

5. Interest rates for HDFC NRI account

HDFC offers interest rates for their various NRI accounts. Take a look at the current interest rates below.

6. Interest rates for HDFC NRE & NRO Savings accounts

Savings Accounts	Below ₹50 lakhs	Above ₹50 lakhs
NRE & NRO Savings Accounts	3.50%	3.00%

7. HDFC NRE Fixed Deposit

HDFC Bank offers several NRE accounts with different tenure options and competitive interest rates. All the NRIs and people of Indian origin hold these term deposits. It is easy to open an NRE fixed deposit account and can be completed over the web.

Features and benefits:

• The minimum period for which one should hold an NRE account is around seven days, while on the other hand, the maximum period is ten years.
• All HDFC NRE FD accounts can be maintained in the Indian currency and are fully repatriable on the internet and the principal amount.
• You can open an account online.
• Nominees can be added to the account.
• Loans can be availed against the account.

Interest Rates on NRE Fixed Deposits (Less than Rs.5 crore)

Tenure	Interest Rate
Seven days to 14 days	2.50%
15 to 29 days	42.50%
30 to 45 days	3.00%
46 to 60 days	3.00%
61 to 90 days	3.00%
91 days to 6 months	3.50%
Six months one day to 6 months three days	4.40%
Nine months one day to less than one year	4.40%
One year	4.90%
One year one day to 2 years	4.90%
Two years one day to 3 years	5.15%
Three years one day to 5 years	5.30%
Five years one day to 10 years	5.50%

8. HDFC RD for NRI

HDFC Bank’s recurring deposits offer interest rates ranging from 3.50% p.a. to 5.60% p.a. for the general public on tenures ranging from 6 months to 10 years, while senior citizens get an additional interest of 0.50% on all terms. Non-Resident Indians can also open recurring deposits with the bank for tenures ranging from 12 months to 10 years with interest rates ranging from 5% p.a. to 5.60% p.a. You can open a recurring deposit account with a minimum monthly investment of Rs.1,000. click here for more details

9. HDFC Bank Remittance (International Money Transfers)

You can receive funds with the HDFC from most regions across the globe. HDFC provides lots of convenient facilities to receive money in India from abroad. Some of these methods require you to hold an HDFC Bank Account in India but use some techniques. International funds can be transferred to non-HDFC accounts.

HDFC Quickremit

HDFC Quickremit services are only available for money transfers from Singapore and Australia. With Quickremit, you can transfer money in INR to both HDFC Bank and Non-HDFC Bank accounts in India. You can also choose for door delivery of INR demand drafts at around 1650 locations in India.

The minimum amount that can be sent using HDFC Quickremit is AUD 250/ SGD 250, and the maximum amount that can be sent in a single transaction is AUD 10,000/ SGD 30,000. click here for more details

HDFC IndiaLink

It is easy to receive International funds in India from the Middle Eastern (Saudi Arabia, Kuwait, UAE, and more) and African countries. click here for more details

HDFC SWIFT

HDFC Swift transfer allows you to receive funds from local banks outside India in your HDFC Bank account.

A remittance form must be completed and submitted to the local bank outside India to transfer funds through Swift transfer. The state should contain the following details.

• HDFC Bank Nostro Account Number
• HDFC Bank SWIFT
• Beneficiary account number with HDFC bank in India
• Deposit instructions (for example, opening a new rupee NRE account or booking a new FCNR deposit for one year in USD)

click here for more details

10 Charges for receiving money internationally with HDFC

Mode of Transfer	Outward Remittance Fee (charged to the sender of money abroad)
Quickremit Australia	AUD 250 – 999- SGD 5AUD 1000 and above- Zero service fee
Quickremit South East Asia	SGD 250 – 999- SGD 4SGD 1000 and above- Zero service fee
IndiaLink	Correspondent bank charges are applicable.

11. HDFC Bank’s Remittance service

B2B Payments via HDFC Bank

Enable seamless B2B payments on your portal with HDFC Bank’s payment gateway EPI. Create an additional revenue stream by facilitating the round-the-clock online sale of goods and services.

Over 15 leading B2B portals, such as VSNL, Sifymall, and Fabmart, have successfully implemented highly secure and scalable solutions.

Your portal can benefit from customized solutions and enjoy additional services such as integrating your organization’s SCM module, set-up of escrow accounts, and more.

Global

Send and receive money in 22 currencies worldwide at competitive rates and charges which can be done from your nearest branch.

Quick

Your money will reach you within 72 hours.

Convenient

Secure and direct credit to your HDFC Bank accounts for the Inward Remittances and your loved ones for the outward remittances.

Inward Remittances:

You can walk into your bank abroad with your remittance details and ask them to remit the funds via any of the below-mentioned correspondent banks worldwide. The bank will credit your or your beneficiary account or open a Rupee or a foreign currency FD as required by you.

Features and Benefits:

• Secured channel for fund transfer
• Direct Credit to your HDFC Account
• Most convenient channel for creating FCNR deposits
• Inward Remittances are accepted in 22 currencies, namely

Click here for the List of Correspondent Banks

Outward Remittances:

Send money abroad for more than one reason: Gifting, medical purpose, education, and maintenance for a close relative, or donation for a cause. HDFC Bank's extensive network gives you reach to most parts of the world.

Click here for the List of Correspondent Banks

Features and Benefits:

• Faster and hassle-free transfers: Your money will reach within 72 hours of your instructions anywhere across the globe. You must enter any HDFC Bank with the required documentation to send outward remittances.
• Choice of multiple currencies: HDFC Bank can send money overseas in 22 different currencies via SWIFT.

click here for more details

12. HDFC Credila - Education Loan abroad

HDFC Credila, an HDFC Limited company, is India's first dedicated education loan company. HDFC Credila Financial Services became India’s first reliable education loan company pioneering the specialist education loan lender concept. With a highly specialized focus, HDFC Credila offers home-delivered customized education loans or an in-depth understanding of students’ requirements to pursue a master’s abroad.

Rate of Interest does HDFC Credila.

The rate of interest varies with different profiles.

• For unsecured loans, Interest rates can be as low as 10.5% to as high as 14%. You will receive your interest rate once you submit your documents and apply for the loan. Post which, the credit team will decide the pace.
• A Secured loan can be 0.5-1% lower than an unsecured loan.
• However, this figure is just indicative. This will vary depending on factors such as your academic profile, financial profile, shortlisted universities, repayment abilities, and & your co borrower’s previous credit history.

Major documents required

• Fully Completed Application Form
• Photos
• Photo ID
• Residence Proof
• Academic Documents
• Proof of Admission
• Bank Statements
• Income Proof of Co-Applicant
• Immovable Property Document

What all expenses does HDFC Credila cover?

HDFC Credila funds the total cost of your education, including living expenses & all other expenses reducing your financial worries. click here for more details

13. HDFC Home Loan for NRI

HDFC Bank offers eligible Non-Resident Indian borrowers affordable housing loans at attractive interest rates starting at 6.75% p.a. with flexible repayment options on extended tenures of up to 20 years. The processing fee ranges from Rs.3,000 to Rs.4,000 or up to 1.25% of the loan amount. The floating rate NRI home loans offer the benefit of zero prepayment charges in case of partial or complete repayments for individual borrowers. Women borrowers are also eligible for an interest rate concession of 0.05%. click here for more details

14. HDFC Bank NRI Customer Care Number

NRI Account Opening Assistance (Toll-Free)
USA*	855-207-8106
Canada*	855-846-3731
UK*	800-756-2993
Singapore*	800-101-2798

15. FAQs

Who can use this facility?

This facility is available for HDFC Bank customers who are resident individuals. This facility is not available for Non-Residents, Corporate, Partnership firms, HUF, Trusts, etc.

Is there any maximum and minimum limit on transactions?

• Minimum Amount Per Transaction - USD 100 or equivalent
• Maximum Amount Per Transaction - USD 25,000 or equivalent
• Maximum No. of Transactions per day - No limit

What is the minimum balance required in an HDFC Bank NRE account?

Rs.10,000

Is an NRE account taxable?

Interest from an NRE account is tax-free only for non-residents. Any interest earned on an NRE account will be taxable as soon as you return to India. You can, however, opt for transferring your funds in the NRE account to the RFC (Resident Foreign Currency) version upon the return.

What about the annual limit of remittances?

Foreign Outward Remittances undertaken through this facility would be reckoned under your annual LRS limits of USD 250,000 per Financial Year (April to March).

16. Useful Links

https://www.hdfcbank.com/nri-banking/save/nri-accounts

https://www.hdfcbank.com/nri-banking/save/nri-accounts/savings-account

https://www.hdfcbank.com/personal/resources/learning-centre/save/know-how-to-open-nri-account

https://www.hdfcbank.com/nri-banking/save/nri-accounts/savings-account/nre-savings-account

https://www.hdfcbank.com/personal/resources/learning-centre/save/know-the-documents-required-for-nri-account

https://www.hdfcbank.com/nri-banking

https://www.hdfcbank.com/nri-banking/save/nri-accounts/current-account

https://www.hdfcbank.com/personal/resources/learning-centre/save/know-nri-account-meaning-and-its-types