What is HDFC Bank NRE Account?
HDFC Bank NRE (Non-Resident External) Account is designed for NRIs (Non-Resident Indians) to manage their income earned abroad. It allows you to deposit foreign earnings in Indian Rupees, making it easier to transfer funds to India. The account is fully repatriable, meaning both the principal and interest can be sent back abroad. It offers tax-free interest in India and is available as a savings, current, or fixed deposit account.
Types of HDFC Bank NRE Account
HDFC Bank NRE Accounts with their key features are listed below:
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HDFC Bank NRE Savings Account
An NRE Savings Account is specifically for Non-Resident Indians (NRIs) to manage their foreign income in Indian Rupees. It provides tax benefits and easy access to funds.
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Higher Interest Rates: Earn competitive interest rates on your savings.
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Zero Tax on Interest: Interest earned is exempt from Indian income tax.
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International Debit Card: Withdraw cash and shop globally with ease.
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Mandate Holder Option: Appoint a resident Indian to operate your account on your behalf.
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24/7 Online Banking: Manage your account anytime through HDFC's NetBanking.
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HDFC Bank NRE Current Account
The NRE Current Account is designed for NRIs to facilitate their business transactions and daily expenses in India. It allows easy fund management without earning interest. The HDFC Bank NRE Current Accounts are non-interest-bearing.
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Repatriable Funds: Transfer money abroad without restrictions.
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International Debit Card: Access funds and make payments globally.
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Convenient Fund Transfers: Remit funds to India easily using various methods.
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Personalized Cheque Book: Receive a customized cheque book for transactions.
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Online Banking Access: Operate your account anytime with NetBanking services.
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HDFC Bank NRE Fixed Deposit Account
The NRE Fixed Deposit Account allows NRIs to invest their foreign earnings for a fixed period at attractive interest rates, ensuring capital safety and growth.
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Attractive Interest Rates: Enjoy higher returns compared to regular savings accounts.
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Tax-Free Earnings: Interest earned is not subject to Indian income tax.
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Flexible Tenure Choices: Choose from various terms ranging from 1 year to 5 years.
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Repatriable Funds: Both principal and interest can be transferred abroad.
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Loan Against Deposit Option: Access loans against your fixed deposit amount.
HDFC Bank NRE Savings Account Interest Rates
The interest rates offered by HDFC Bank NRE savings account are as follows:
| Account Type |
Interest Rate |
Minimum Balance |
| NRE Savings Account |
- Less than ₹50 lakh: 3.00%;
- ₹50 lakh and above: 3.50%
|
- ₹10,000 (Urban/Metro branches)
- ₹5,000 (Semi-Urban/Rural branches)
|
*Interest is calculated daily and paid quarterly.
HDFC Bank NRE Term Deposit Account Interest Rates
The HDFC Bank offers the following interest rates for NRE Fixed Deposit Accounts:
| Tenure |
Interest Rate (per annum) |
| 1 year to < 15 months |
6.60% |
| 15 months to < 18 months |
7.10% |
| 18 months to < 21 months |
7.25% |
| 21 months to 2 years |
7.00% |
| 2 years 1 day to < 2 years 11 months |
7.00% |
| 2 years 11 months (35 months) |
7.35% |
| 2 years 11 months 1 day to ≤ 3 years |
7.00% |
| 3 years 1 day to < 4 years 7 months |
7.00% |
| 4 years 7 months (55 months) |
7.40% |
| 4 years 7 months 1 day to ≤ 5 years |
7.00% |
| 5 years 1 day to 10 years |
7.00% |
*Interest rates as of December 2024.
Documents Required to Apply for HDFC Bank NRE Account
The following documents must be submitted while applying for the HDFC Bank NRE Account in India:
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Application Form
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Recent passport-sized photo
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Identity Proof (Valid Indian or Foreign Passport copy, Permanent Account Number (PAN) card or Form 60)
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NRI Status Proof (Valid visa, work permit, or Overseas Citizen of India (OCI) card)
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Address Proof
NOTE: All documents must be self-attested and may need to be attested by authorized officials if applying from abroad.
Benefits of Opening an HDFC Bank NRE Account
The key benefits of opening an HDFC Bank NRE Account are as follows:
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Tax-Free Earnings: Interest earned on the account is fully exempt from income tax in India.
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Easy Repatriation: Funds, including principal and interest, can be repatriated to your home country without restrictions.
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Multiple Currency Deposits: Deposit earnings in foreign currency and hold them in Indian Rupees.
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Attractive Interest Rates: Competitive interest rates to maximize your savings.
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Convenient Banking Access: Manage your account online, through mobile banking, or at HDFC Bank branches.
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Free International Debit Card: Get a debit card for seamless transactions worldwide.
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Bill Payments & Transfers: Easily pay bills in India or transfer funds to Indian accounts.
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Joint Accounts: Open joint accounts with eligible NRIs or close family members.
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Loans Against Deposits: Avail loans in India against your NRE fixed deposits.
Conclusion
The HDFC Bank NRE Account offers a convenient way for NRIs to manage their international earnings while enjoying tax-free interest and easy fund repatriation. It’s a reliable solution to stay financially connected with India.
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