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HDFC - NRI Accounts

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Services available with NRI accounts

Cheque Book

For added security, your cheque book comes with your name and "NRE Account", pre-printed on it. For your convenience, your cheque book will be mailed to you. 

ATM Card

When you open an account with HDFC, you get a free ATM card, which enables you to conduct various banking transactions such as cash withdrawals, cheque deposits from other NRE Accounts or funds from abroad, balance inquiry, mini statements, cheque book requests and mail facilities. You can use your ATM card 24 hours a day, 365 days a year, at of HDFC's ATMs across India. 

24-Hour Phone Banking

When you open an account at HDFC's branches in Mumbai, Calcutta, Chennai, Delhi, Bangalore, Hyderabad or Pune, you can enjoy the convenience of PhoneBanking. You will receive a Telephone Identification Number (TIN), which will enable you to contact the bank and conduct a host of transactions on the phone. 

International Debit card

The HDFC Bank International Debit Card is available to all its customers. It is more than just an ATM card, with the advantage that you can also use it to shop or pay for just about anything, all over India as well as abroad.. The debit card is offered at an a nominal annual fee of Rs. 250/- to the resident account holders. In addition, NRE account holders will be charged a one time fee of Rs. 500/- at the time of issuance. 

Wide Branch Network/ Intercity Banking

This state-of-the-art technology enables you to access your accounts from any of HDFC's branches nationwide. Most branches are also equipped with an ATM, to allow you the flexibility to conduct your transactions after banking hours. 

Safe Deposit Lockers

As a savings or current account holder, you can avail the safe deposit locker facilities at select branches. For your convenience, these lockers are available in a variety of sizes. Locker fees will be debited from your Savings Account.

Cluster Deposits

Fixed Deposits are held in units of Re. 1. This allows you to encash part of the deposit amount (in multiples of Re. 1) before the maturity date, while the remaining units continue to earn you interest at the contract rate. Therefore in an emergency, you can withdraw the exact amount you need to minimise the interest loss. There is no limit on the number of units, or the frequency at which you can withdraw units during the tenure of the deposit. 

Reinvestment Deposit

In a reinvestment deposit, the interest accrued to your deposit at the end of each quarter is invested along with the principal. Effectively, you receive compound interest. The tenure of your deposit must be a minimum of 6 months. You will only receive interest on the date of maturity. However, the interest accrued during each financial year is subject to tax regulations. Tax is deducted from accrued interest each year on March 31st. The remaining amount is reinvested with the Principal at the contract rate. 


Automatic Rollovers

As a Fixed Deposit holder, you can avail of the facility for automatic rollovers and payments (for both the principal and interest). You can select this option in the Account Opening Document (AOD). The options available are: 

Rollover only Principal

Rollover Principal and Interest accrued in Reinvestment Deposit: This will rollover the deposit for the same tenure at the interest rate applicable on the maturity date. This rate will not depend on the original contract rate. 
On or before the maturity date, you can make the following changes in the rollover instructions of the deposit: 
Change in tenure
Change in maturity instructions 
Change in payment instructions 
Change in principal (only reduced amount)


Premature Withdrawals

HDFC Bank now allows a customer to encash the fixed deposits even before it's maturity date, the interest rate continues to be the same as at the time of opening the account. Interest is provided only for the completed period. However, if the deposit is encashed before 6 months from the date of its booking, it earns no interest. 


Interest Calculations

Interest on a FD is usually calculated on a quarterly basis, for contracts which have a tenure of 6 months and above. For deposits with a tenure below 6 months, the interest is calculated at maturity. The interest rate is a simple rate, and calculations are based on the tenure of a FD in number of days.

Where :- I = P*I*N/365
I = Interest
P = Principal amount
I = interest rate (annual)
N = Tenure of deposit (in days)

Interest for a cumulative deposit is calculated every quarter, and the Principal P is increased to include interest accrued during the previous quarter. 


Tax deducted at Source (TDS)

Tax is deducted at source on the interest earned at a flat rate of 30%. The Bank will issue TDS certificates by the 25th of the month following the month in which your deposit matures. 

Documentation Required

Introduction Documents Initial Pay-in	Power of Attorney (optional)
Copy of Passport  Copy of Visa*	Funds transferred from existing NRE Account Remittance from abroad Foreign Currency Travellers Cheques Foreign Currency notes/ coins

* Copies of Passport and Visa must be attested by the Branch Manager (overseas)/Notary Public or an official of the Indian Embassy in the country of residence or Employer. In case of attestation by employer, latest overseas bank statement in original or cancelled paid cheque of your overseas bank account has to be enclosed. 

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