HSBC NRO FD Scheme

What is an HSBC NRO FD Scheme?

The HSBC NRO FD Scheme provides an avenue for non-resident Indians settled abroad to allocate their income earned here in a safe and lucrative scheme. The income can be from various sources, such as dividends, pensions, and rent.

The HSBC NRO FD scheme allows non-resident Indians to park their income earned in India in the country itself. The scheme provides lucrative interest rates to its investors, which is with respect to their terms. It is to be noted that since the income is earned on Indian soil, the deposits are supposed to be made in Rupees.

Eligibility Criteria

The eligibility that any Non-resident Indian is required to meet to park their income in the HSBC NRO FD is as follows:

Non-Resident Indians

• That are pursuing their education, business, and employment
• Individuals deputed by the government of India and UN organisations
• Indian Nationals are employed as mariners, in oil rings, or on any airline registered overseas.

Person of Indian Origin

• Holds an Indian passport
• Parents/Grandparents are or were Indian Citizens in accordance with the constitution of India.
• Spouses of any PIO or Indian Citizen.

Documents Required

The investor who is inclined to invest in the HSBC NRO FD scheme is required to produce the following documents:

• Name
• Address
• Date of Birth
• Date and Place of Issue
• The expiration date of the Passport
• Photograph
• Address
• Signature
• Observation Page (If any)
• Copy of Employment Visa
• Copy of Residence Visa
• Copy of Work or Residence Permit
• Documents validating Indian or Overseas Address
• PAN Card Copy. The applicant can also submit Form 60
• Latest Passport Size photograph

KEY ATTRACTIONS

The NRO scheme offered by the HSBC bank possesses the following attractions to their investors:

Nomination Facility

The scheme allows the account holder to nominate a beneficiary to the account in case of an unforeseen calamity. This facility is also present in a joint FD account.

Cumulative Interest

The account holder can opt for a cumulative deposit account where they can receive the total interest earned throughout the tenure at the time of maturity.

Overdraft Facility

The account holder can avail of an overdraft against the NRO fixed deposit scheme.

Features & Benefits

The HSBC NRO FD scheme offers the following features and benefits to its applicants:

• The minimum deposit amount the applicant is required to make to establish an HSBC NRO FD is Rs 25,000.
• The HSBC NRO Fixed deposit scheme offers a flexible tenure to the investors. That generally ranges from 7 days to 5 years.
• The post-tax returns on the NRO Fixed/term deposit are higher than that of the current account.
• The interest earned from the HSBC NRO FD scheme is eligible for tax deductions at the source.

How to Apply for HSBC NRO FD

An individual can easily apply for an NRO FD by implementing the following steps:

STEP 1: Visit the HSBC NRO FD page available on the official website of the bank.

https://www.hsbc.co.in/nri/products/nro-deposit/

STEP 2: Navigate to the ‘APPLY NOW’ tab on the scheme’s top and bottom corners.

STEP 3: You’ll be redirected to the form page, where you must fill in the required details to initiate the application process.