To park their savings that they have earned abroad, Non-Resident Indians (NRIs) can open the HDFC Bank Non-Resident Ordinary (NRO) Savings Account either online or at any branch of the bank across the country. With the HDFC Bank Non-Resident Ordinary (NRO) Savings Account, customers can make withdrawals and transactions in India, can make fund transfers and so on. The interest earned over the HDFC Bank Non-Resident Ordinary (NRO) Savings Account deposits are subject to TDS (Tax deducted from source).
Features and Benefits of HDFC Bank Non-Resident Ordinary (NRO) Savings Account
- On opening the account, customers are granted the EasyShop NRO debit card. With this debit card, NRIs can make withdrawals at ATMs and transaction at either retail or online merchant establishments across the country.
- Customers holding the HDFC Bank Non-Resident Ordinary (NRO) Savings Account can also choose to make it a joint account with an Indian resident.
- NRIs can carry out a number of banking processes with the help of HDFC Bank’s 24/7 net banking facility.
- Customers can also use HDFC Bank’s phone banking facility to manage their accounts.
- Through this NRO saving account, customers can pay utility bills, make DTH top-ups, make prepaid recharges and so on.
- Customers are granted a personalised cheque book when opening the account.
- Customers can make nominations as well. The nominated beneficiary can operate the account following the untimely death of the account holder.
- NRIs can transfer funds from abroad to this NRO saving account. The transferred funds can be utilised in Indian rupees with the help of the free convertible foreign currency facility.
- Customers can remit funds from any overseas bank to the NRO savings account.
- They can also transfer funds from their NRE (Non-Resident External) account or FCNR (Foreign Currency Non-Repatriable) account.
- Customers can keep track of the status of their funds in the NRO savings account with the help of the free email bank statement facility.
- The interest earned over the principal amount in the account is subject to TDS (Tax deducted from source). To reduce the TDS from the interest accrued, customers can avail the Double Taxation Avoidance Agreement (DTAA) facility.
Eligibility for HDFC Bank Non-Resident Ordinary (NRO) Savings Account
All Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) are eligible for this NRO savings account offered by HDFC Bank.
Documents Required for HDFC Bank Non-Resident Ordinary (NRO) Savings Account
When applying to open the HDFC Bank Non-Resident Ordinary (NRO) Savings Account, NRIs will be required to submit the following documents.
- Photocopy of passport containing the essential KYC details of the applicant.
- Document proving the residence address of the applicant, either overseas or in India.
- 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.
- Along with the account opening form, the customer will 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 Ordinary (NRO) Savings Account Fees and Charges
|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 - Replacement charges||Rs.200 + GST|
|ATM card transaction charge at non-HDFC Bank domestic ATMs||Free|
|Debit Card - Annual Fee - Regular||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|
|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|
|Duplicate passbook issuance||Rs.100|
|Photo attestation||Rs.100 per instance|
|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|
HDFC Bank Non-Resident Ordinary (NRO) Savings Account FAQs
1. What is the minimum initial deposit amount to open a HDFC Bank Non-Resident Ordinary (NRO) Savings Account?
Customers have to make an initial deposit of Rs.10,000 when opening this NRO savings account. In addition, customers need to maintain a minimum average monthly balance of Rs.10,000 to avoid a penalty for non-maintenance.
2. In what currency is the HDFC Bank Non-Resident Ordinary (NRO) Savings Account maintained?
This NRO savings account offered by HDFC Bank is maintained in Indian rupees.
3. Can I use foreign currency or travellers cheques to open this account?
Yes, you can use foreign currencies or travellers cheque to make the initial deposit to open the HDFC Bank Non-Resident Ordinary (NRO) Savings Account. 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. This form will then have to be submitted at the bank when opening the account.
4. Can I open a joint HDFC Bank Non-Resident Ordinary (NRO) Savings Account?
Yes, you can open a joint account either with an Indian resident or an NRI. The secondary account holder can also carry out banking transactions from the account once you have submitted a letter of mandate to the bank.
5. When opening this NRO savings account, is it possible for me to transfer money from my NRE account to make the initial deposit?
Yes, you can transfer money from your NRE savings account to the HDFC Bank Non-Resident Ordinary (NRO) Savings Account as an initial deposit.