HDFC NRO FD Scheme

What is an HDFC NRE FD Scheme?

Various financial and banking services are available with the HDFC bank specifically designed for Non-Resident Indians. This includes savings, fixed deposits, salary, etc. There are also provisions to open a foreign currency account and an offshore account. This can be extremely helpful and convenient for many users who are in sync with the Indian banking system and want to create an account for their foreign salary or savings capital. Moreover, investment is also becoming necessary for creating a much-needed future financial cushion. HDFC offers provisions for NRIs to invest in HDFC Fixed Deposits schemes, recurring deposit plans, mutual fund investment schemes, trading, etc. If an Indian is interested in investing in a fixed deposit scheme from a foreign land, they can opt for the following plans.

• NRE Fixed Deposit
• NRE Tax-Saver Fixed Deposit
• NRO Fixed Deposit
• RupeeMax Scheme

Here, the HDFC NRE fixed deposit allows an NRI to park their monetary capital and get returns at attractive interest rates. There are provisions to make partial and premature withdrawals making the scheme a highly liquid plan. Furthermore, users have various benefits such as overdraft protection, joint account, repatriation, etc. The HDFC NRE FD rates are standardised plans formulated by adhering to market rate norms and competing with other financial institutions making the scheme a highly lucrative investment option.

Eligibility Criteria

The eligibility criteria is not that complicated. There aren’t many policies regarding who can open an HDFC NRE Deposit. One has the complete liberty to open an HDFC NRE Deposit if they are a Non-resident Indian with a valid passport and supporting documents. They can opt to open an HDFC NRE account with transactions doable in the Indian national rupees. Furthermore, in the case of joint account holders, the second party also needs to be a person of Indian origin. Their current whereabouts can be any foreign nation. But they will be requested to produce valid NRI documents as well.

Documents Required

Some key documents required for completing the HDFC NRE deposit application form include the following.

• First page, along with the last four pages of your passport. It should be self-attested as well.
• Work permit copy
• Employment visa
• Visa proving the residence
• Address proof of both Indian and foreign residencies.
• Proof of a valid bank account can be proved via a cancelled cheque, mini statement, etc.

Key Attractions

The HDFC NRE Deposit scheme comes with an array of features and benefits that make it a lucrative investment option for non-resident investors. Customers can benefit from knowing the various aspects of the scheme that will result in a rather profitable investment. Thus, here are some key attractions of the HDFC NRE deposit scheme.

• Tax benefits – It will be prudent for the investors to know that the tax earned on fixed deposits in India will be tax-free for non-resident investors. This makes the HDFC NRE deposit scheme preferable as the NRO account attracts tax deductions at the source.
• Ease in applying – The HDFC NRE deposit scheme has a very smooth application process due to customer experience and quality service. The transactions are diligently handled.
• Minimum balance requirement – The fixed deposit scheme requires customers to maintain a minimum of INR 10,000 in their account. This is comparatively a lower threshold amount given the stature of most non-resident Indians.
• Foreign currency non-residence account – Customers can open a foreign currency account if they want to invest in their foreign currency.
• Top-notch customer service – The bank carefully manages NRI accounts while providing excellent customer service. All the user has to do is to fill out the required form, and a representative will contact them on priority. This way, the HDFC NRE deposit account can be a convenient choice for many.

Features & Benefits

In addition to the key attractions, HDFC NRE deposit has various features that let the scheme sell itself. Here are some main features and benefits of buying an HDFC NRE FD plan.

• Bank claims to offer high-interest rates on the deposits
• Provision to make partial withdrawals before the maturity date.
• 90% overdraft facility available with the HDFC NRE deposit.
• Bank allows customers to send their savings back to India anytime.
• Provision to let a joint account holder partake.
• Can nominate someone for insurance
• Sweep-in facility available.
• Flexible tenure choice available from 1 year to 10 years.

How to Apply for HDFC NRE FD

Non-Resident Indians have been given the provision to open an HDFC NRE FD account in India. For this, they can mainly opt for a couple of schemes. These include the HDFC NRE FD, a scheme where customers can open a non-resident external account with the bank. The other method is the NRO account which implies that one is opening an ordinary non-resident account. There are tax-saving provisions for interest earned from India’s HDFC NRE FD account. There are a few ways to apply for an HDFC NRE deposit account. This includes applying online from the official website of HDFC, requesting a call-back from the customer representative, visiting the nearest bank branch, or through the net banking portal.

• For applying through the website, go to the official website of HDFC.
• Locate the NRI Fixed Deposit option from the main menu.
• Customers must follow the NRI section and enter the required product type.
• Click on Apply now and complete the interest form wherein you will be required to enter your basic details.
• Once you have submitted your application form, a customer service representative will visit your address and assist you in opening an HDFC NRE deposit account.

HDFC NRE Account Customer Care

HDFC offers speedy grievance redressal and efficient communication. Anyone who needs to connect with the bank can simply call on their toll-free numbers 1800 202 6161 / 1860 267 6161, which are accessible across India. Moreover, one can also connect with their AI bot named Eva from the official website. The bot assists with various aspects of the banking service. Lastly, customers can simply reach out to their nearest bank branch or sort out any queries. There are also various social media handles with which one can present complaints or feedback.