HDFC NRO FD Scheme

What is an HDFC NRO FD Scheme?

An HDFC NRO fixed deposits scheme is a fixed deposit scheme tailored specifically for non-resident Indians who want to earn returns on their Indian money. The scheme offers an attractive interest rate ranging from 2.75% to 6.10%. Plus, it also provides a flexible term, allowing applicants to choose an investment term from 7 days to 10 years.

HDFC NRO accounts also render an overdraft facility on its fixed deposits scheme. Therefore, if you are a Person of Indian Origin (POI) or an NRI, investing in an HDFC NRO FD scheme could be a wise choice.

Eligibility Criteria for HDFC NRO Account

To open an HDFC NRO account, you need to meet the following two simple criteria:

• The applicant needs to be a Non-Resident Indian, or
• The depositor has to be a Person of India Origin (POI).

Documents Required for HDFC NRO Fixed Deposit Account

If you want to open an HDFC NRO fixed deposit account, you must submit the following documents:

• Identity proof
• Address proof that must contain your foreign residential address
• Income proof along with Form 10F
• PAN Card
• DTAA (Double Taxation Avoidance Agreement) Annexure
• TRC (Tax Residency Certificate)

Key Attractions

Some of the key features of HDFC NRO fixed deposits that attract investors to park their money in this scheme are as follows:

• Attractive interest rates
• Flexible tenures
• Overdraft facility
• Premature withdrawal facility

Features & Benefits

HDFC NRO FD schemes have various features and advantages. The most prominent ones are as follows:

Effortless Investment.

The bank offers the convenience of opening an NRO fixed deposit account through NetBanking, which is easy and saves time.

Competitive Interest Rates

HDFC NRO FD rates are pretty attractive and range from 2.75% to 6.10%.

Minimum Deposit Amount

Initially, the applicant must deposit ₹ 25,000 and later, they can pay in the multiple of ₹ 10,000.

Fund Transfer

To open an NRO fixed deposit account, you can transfer funds from your existing NRO/NRE savings account with another bank in India.

Flexible Tenure

You can choose an investment tenure of 7 days to 10 years.

Options to Choose Interest Credit

You can opt for the frequency of interest to be credited to your account, whether on the maturity of the deposit or a quarterly or monthly basis.

Premature Withdrawal Facility

HDFC Bank offers a premature withdrawal facility on your fixed deposits. However, suppose you close your NRO FD prematurely. In that case, you will have to pay an interest rate of 1% below the applicable or contracted rate for the term of the deposit that has remained with the bank, whichever is lower except for tenure between 7 and 14 days.

Overdraft Facility

HDFC NRO FD provides an overdraft facility of up to 90% of the deposit, which applies only to the NRO CASA account.

Joint Account

The bank allows you to open an NRO FD account jointly with a Non-Resident India or Resident India. If you have a joint account with a resident Indian, the mode of operation will be survivor or former.

Repatriation

The interest earned on your NRO fixed deposit account under the current income scheme would be completely repatriated.

Nomination

With HDFC NRO fixed deposit account, and you can name a nominee.

How to Apply for HDFC NRO FD?

Due to high HDFC NRO FD Rates, NRIs prefer opening fixed deposit accounts in India. If you are an NRI, you can open an FD account in various ways.

By Applying Online through the Website

Given below are the following steps for opening an HDFC NRO fixed deposit account:

Step 1: Navigate to the official website of HDFC bank.

Step 2: Go to the ‘NRI’ section, click on it, and tap the ‘Save’ option in the menu.

Step 3: Choose the ‘Fixed Deposit Rupee Account’ option from the drop-down menu.

Step 4: A new page will appear with varieties of deposit options for NRO. Navigate to the ‘NRO Fixed Deposit’ section and click on ‘Apply Online.’

Step 5: The application form will open. Fill up all the required fields, choose whether you are an existing or new customer, agree to the conditions, enter the captcha (verification) code and click on ‘submit’.

Once you have submitted all your documents, your application will be processed, and your account will be opened within a few days.

Through Internet Banking

If you already have NRE savings account with HDFC bank, you can apply for HDFC NRO fixed deposit by logging in to Phone Banking through the app or NetBanking on the website.

Offline

Visit the product page of HDFC and download the relevant form. Fill it up properly and submit it to your nearest HDFC bank branch. If the application form is complete, your account opening will be processed. However, if you are outside India, you can either simply drop the documents at a bank mailbox in your locality or submit them to one of your bank’s partner branches of residence.

Request a Call Back

You can also call the HDFC NRO account customer care number and speak to a representative about the NRO FD account opening process. Else, you can enter your details and opt for a callback. The concerned representative will guide you through the process step by step.

Plus, an executive will come to your doorstep to collect the required documents. Once everything is found valid, your account will be opened.

Download HDFC NRO FD Application Form

Downloading the HDFC NRO fixed deposit application form is easy. Follow the steps below:

Step 1: Visit the official website of HDFC Bank.

Step 2: Scroll down to the bottom of the page and click on the ‘Forms Centre’ option.

Step 3: You will be redirected to a new page containing various options. Click on the ‘NRI’ section.

Step 4: A new page will appear. In the ‘Account/Deposit Application Form’ section, tap on the ‘NRO Tax Saving Fixed Deposit – Form’ link.

Step 5: The application form will open in pdf form. You can download it by tapping on the downward arrow available at the top right corner of the page.

HDFC NRO Account Customer Care

For any queries related to HDFC NRO account opening, you can connect with the executives of HDFC by phone, by visiting the nearest branch of HDFC Bank, or by writing them an email.

Phone Number:

1800 202 6161 / 1860 267 6161 (accessible across India)

Head Office:

You can also write to them at their Head Office in Mumbai at the following address:

HDFC Bank Ltd.

Empire Plaza I, 1st Floor,

LBS Marg, Chandan Nagar,

Vikhroli West, Mumbai – 400 083.

You can also connect with HDFC’s chatbot — Eva.