According to the Reserve Bank of India, in 2016, about $1.92 billion more was poured into non-resident Indian (NRI) deposits than in 2015, says an article on Business Line. No wonder more and more banks are launching various schemes for NRIs.
With a wide network of 4,555 branches, about 12,087 ATMs in India alone and services in international locations such as Dubai, Kenya, Bahrain, Hong Kong and Abu Dhabi, HDFC Bank has a strong global presence. The offer NRE and NRO savings accounts. Both come with distinct features and benefits.
For amazing exchange rates, minimal charges and great customer services, HDFC Bank offers a wide range of banking solutions. So, whether you want to invest in a mutual fund, engage in overseas trade or buy a house, HDFC Bank can supports you in achieving all your financial goals with an ease.
Benefits of the HDFC NRI Account
NRE savings accounts from HDFC Bank offer easy money transfer options for NRIs, both in India and abroad. And, the most interesting part about this account is that NRIs don’t have to pay taxes on deposits or on the interests on these deposits. The international debit card enables you to make transactions from anywhere in the world. You also have an option to choose a nominee while opening an NRE savings account, and your nominee can make transactions on your behalf.
Also read: HSBC NRI Account Review
Apart from the regular banking facilities at its various branches, HDFC Bank’s NRI account also offers net banking and phone banking. You can complete your transactions without needing to be physically present in India. The InstaAlerts and free email statements help you keep a check on your monthly and annual activities. Moreover, the HDFC mobile application helps you transfer funds, check your balance, pay your bills and much more, instantly.
Another attractive feature is that you can deposit your earnings in a foreign currency and can withdraw in the Indian rupee. This facility provides protection against currency fluctuations too. Moreover, you can invest in SIPs, mutual funds, life insurance, equities and other offshore investments through the NRE savings account from HDFC Bank.
Documents Required for Opening an HDFC NRI Account
Applying for an NRI account at HDFC is very easy and hassle-free. However, you need to submit some documents while opening the savings account, such as.
- Residence proof of the applicant. It can be either for India or abroad.
- Photocopy of the applicant’s valid passport.
- Photocopy of the applicant’s PAN card. The applicant needs to submit Form 60, in case they don’t have a PAN card.
- Latest passport size colour photograph.
- Demand Draft or cheque for the initial deposit.
Also read: ICICI NRI Bank Account Review
You can also apply for home loans with your HDFC Bank NRI account, at affordable interest rates. Their team of experts will guide and help you with all the technicalities. Also, they make sure that your documents are safely stored. So, deal with all the financial uncertainties of life and look after your responsibilities in India with an HDFC NRI account.