HDFC Bank Non-Resident External (NRE) Savings Account
With the help of the HDFC Bank Non-Resident External (NRE) Savings Account, Non-Resident Indians (NRIs) can park their money earned abroad with top-notch security.
NRI customers can repatriate the funds any time and are not required to pay tax on the deposits in this account or on the interest accrued over the deposits. This NRE savings account offered by HDFC Bank comes with the benefit of banking anywhere on the globe.
Learn more about Open HDFC Savings Account, HDFC Zero Balance Account
Features and Benefits of HDFC Bank Non-Resident External (NRE) Savings Account:
- Through this NRE savings account, customers can transfer money easily in India and abroad.
- HDFC Bank offers the best possible interest rates on deposits for this NRE savings account.
- Unlike the NRO savings account, NRIs do not have to pay tax on the deposits in this account or on the interest earned over the deposits.
- Customers are granted an International debit card when opening the HDFC Bank Non-Resident External (NRE) Savings Account. With this, customers can make withdrawals at ATMs and shop at retail or online merchant establishments anywhere on the globe.
- Customers can make a nomination when opening a savings account. The nominee can carry out regular banking transactions on behalf of the account holder. For this, the account holder has to submit a letter of the mandate at any HDFC Bank branch in the country.
- The HDFC Bank Non-Resident External (NRE) Savings Account comes with the benefit of carry out banking transactions 24/7 through the hdfc net banking facility.
- With the net facility that comes with this savings account, customers can pay utility bills, recharge their phones/mobiles, make DTH top-ups and so on.
- On opening the account, customers are granted a free personalised cheque book.
- NRIs can keep a track of their funds in and out of the account with the help of the free email statement facility.
- Customers can also opt for the safety deposit lockers at select HDFC Bank branches.
- Through this NRE savings account, customers can invest in mutual funds, SIPs and so on.
- Customers can park their earnings in foreign currencies. To make transactions, the currency is converted into Indian rupees on request by the customer. This facility offers customers protection against fluctuating currency exchange rates.
- Customers are required to submit the foreign currencies or travellers cheques on arrival in the country. If in case the deposit exceeds $5,000 or the travellers cheques surpasses $10,000, then you would need to submit a Currency Declaration Form (CDF) to the customs on arrival in the country.
- NRIs can remit funds into this savings account from any overseas bank.
- They can also transfer funds from any of their existing NRE (Non-Resident External) or FCNR (Foreign Currency Non-Repatriable) account to the HDFC Bank Non-Resident External (NRE) Savings Account.
Eligibility for HDFC Bank Non-Resident External (NRE) Savings Account:
All Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) are eligible for this Non-Resident External (NRE) savings account offered by HDFC Bank.
Documents Required for HDFC Bank Non-Resident External (NRE) Savings Account:
NRIs will be required to submit the following documents when applying to open the HDFC Bank Non-Resident External (NRE) Savings Account.
- Document proving the residence address of the applicant, either overseas or in India.
- Photocopy of passport containing the essential KYC details of the applicant.
- Copy of PAN (Permanent Account Number) card.
- If the applicant does not have a PAN card, he/she can submit Form 60 instead.
- Latest colour passport size photograph.
- When submitting the account opening form either online or at any HDFC Bank branch, the customer will also be required to submit a cheque or Demand Draft as the initial account opening deposit in order to maintain the average monthly balance.
HDFC Bank Non-Resident External (NRE) Savings Account Fees and Charges:
Charge Type | Details |
Minimum Balance - Average Monthly Balance (AMB) Requirement | Rs.10,000 (Metro/Urban branches) Rs.5,000 (Semi-Urban/Rural branches) |
Activation of dormant account | Free |
Cheque book | Free 25 cheque leaves per half year. For additional chequebook of 25 leaves, Rs.75 will be charged per cheque book. |
PAP cheque book usage charges | Free |
DD issuance charges through bank branch | Upto Rs.10,000 - Rs.50 Above Rs.10,000 - Rs.5 will be charged per Rs.1,000. This is subject to a minimum of Rs.75 and a maximum of Rs.10,000. |
DD issuance charges through net banking | Upto Rs.10 lakh - Rs.50 + applicable bank charges |
DD issuance charges at non-HDFC Bank locations | Upto Rs.500- Rs.10 Above Rs.500 to Rs.1,000- Rs.15 Above Rs.1,000 and below Rs.5,000 - Rs.25 Above Rs.5,000 and below Rs.10,000 - Rs.30 Above Rs.10,000 and below Rs.1 lakh - Rs.3 will be charged per Rs.1,000 Above Rs. 1 lakh - Rs.6 per Rs.1,000 (subject to a minimum of Rs.300 and a maximum of Rs.10,000) |
Cheque/demand drafts cancellation/revalidation | Rs.100 |
Local cheque deposited for outstation accounts | Free |
Local cheque deposited for outstation accounts | Free |
ATM card | Free |
ATM card - Replacement charges | Rs.200 plus GST |
ATM card transaction charge at non-HDFC Bank domestic ATMs | Free |
Rs.150 plus taxes per annum | |
Debit Card - Renewal Fee - Regular | Rs.150 plus taxes per annum |
Debit Card - Annual Fee - Platinum | Rs.750 plus taxes per annum |
Debit Card - Renewal Fee - Platinum | Rs.750 plus taxes per annum |
Add-on debit card - Regular | Free for the first year. Rs.150 charges applicable from the second year onwards. |
Debit Card transaction charge at HDFC Bank ATMs | Free |
Debit Card transaction charge at non-HDFC Bank international ATMs | Rs.25 for balance enquiry Rs.125 per withdrawal (plus taxes) |
Decline charge for insufficient balance | Rs.25 |
PIN regeneration charge | Rs.50 plus taxes |
Chequebook Return due to negative reason | Rs.50 |
Phonebanking | Free |
MobileBanking | Free |
Netbanking | Free |
BillPay | Free |
Insta Alert | Free |
Interest certificate | Rs.50 |
TDS certificate | Free |
Account closure | Upto 14 days - No Charge 15 days upto 12 months - Rs 500 After 12 months - No Charge |
Hold statement | Rs.400 per annum |
Passbook issuance | Free |
Duplicate passbook issuance | Rs.100 |
Photo attestation | Rs.100 per instance |
Address confirmation | Rs.50 |
Standing instructions | Rs.25 per transaction |
Standing Instruction rejects | Rs.200 per instance |
InstaPay transaction cost | Rs.10 plus taxes per transaction |
Visa Money Transfer | Rs.5 plus taxes per transaction |
NEFT Charges - Inward | Free |
NEFT Charges- Outward | Upto Rs 10,000 - Rs 2.5 (exclusive of taxes) per transaction From Rs 10,001 to Rs 1 lac - Rs 5 (exclusive of taxes) per transaction From Rs 1 lac to Rs 2 lacs - Rs 15 (exclusive of taxes) per transaction |
RTGS - Inward | Free |
RTGS - Outward | From Rs. 2 Lakhs to Rs.5 Lakhs - Rs 25 (exclusive of taxes) per transaction Above Rs.5 Lakhs - Rs 50 (exclusive of taxes) per transaction |
IMPS - Inward (Immediate Payment Service) | Free |
IMPS - Outward | Amount up to Rs 1 lakh - Rs 5 (exclusive of taxes) per transaction Amount above Rs 1 lakh up to Rs 2 lakhs - Rs 15 (exclusive of taxes) per transaction |
FAQs on HDFC Bank Non-Resident External (NRE) Savings Account
- Can you tell me what is the minimum initial deposit amount to open a HDFC Bank Non-Resident External (NRE) Savings Account?
When opening the HDFC Bank Non-Resident External (NRE) Savings Account, customers have to make an initial deposit of Rs.10,000. The payment can be made by fund transfer, cash, Demand Draft or cheque. Note that customers need to maintain a minimum average monthly balance of Rs.10,000 to avoid a penalty for non-maintenance of this NRE savings account.
- In what currency can I carry out transactions with the HDFC Bank Non-Resident External (NRE) Savings Account?
All transactions will be carried out in Indian rupees. Though customers can park their funds in foreign currencies, it will be converted on request by the customer to carry out transactions in Indian rupees.
- Is it possible to use foreign currency or travellers cheques to open this account? Is there a limit on the amount of foreign currency I can bring into India?
Yes, you can use foreign currencies or travellers cheque to make the initial deposit to open the HDFC Bank Non-Resident External (NRE) Savings Account. There is no limit, but if in case the deposit exceeds $5,000 or the travellers cheques surpasses $10,000, then you would need to submit a Currency Declaration Form (CDF) to the customs on arrival in the country. On approval from the customs, this form will then have to be submitted at the bank when opening the account.
- Is it allowed to open a joint HDFC Bank Non-Resident External (NRE) Savings Account?
Yes, you can open a joint account either with an Indian resident or an NRI. Once you have submitted a letter of mandate to any of the HDFC Bank branches, the secondary account holder can also carry out banking transactions on your behalf.
- Is it possible to repatriate funds from the HDFC Bank Non-Resident External (NRE) Savings Account?
Yes, you can repatriate funds freely between India and the foreign country you are residing in.
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