NRI Accounts: Open NRI Bank Account in India at HDFC Bank (2024)

FAQs

How can I open NRI account in HDFC in India? ›

If you are a non-resident Indian living or working abroad and wish to open an NRI Savings Account in India, it is a wise choice. This Account enables you to meet the financial needs of your family in India and make investments in the Indian market.

HDFC Bank, India's No.1 Bank for NRI Services, offers you a range of banking tools custom-made for NRIs. We offer you a one-stop-shop for all NRI services, from banking to investment to loan.

You should opt for NRE Accounts if you want to hold or maintain your overseas earnings in Indian currency. NRE Accounts are also suitable if you wish to keep your savings liquid. You should opt for NRO Accounts if you want to save your earnings from India in Indian currency itself.

NRIs (including PIO / OCI) residing in Nepal or Bhutan are not permitted to open NRO account.

2. Can an NRI maintain multiple accounts with different banks in India, simultaneously ? Ans.: Yes, there is no prohibition to open and maintain multiple accounts a/cs.

For Security reasons, ATM cash withdrawal limit is capped at ₹ 0.5 Lakhs per day and ₹ 10 Lakhs per month for first 6 months from Account opening date. For accounts older than 6 months, ATM cash withdrawal limit is capped at ₹ 2 Lakhs per day and ₹ 10 Lakhs per month. This is implemented with immediate effect.

What are the disadvantages of NRI account? ›

Deposits made in foreign currencies in an NRE account are subject to conversion into Indian rupees. Hence, such deposits might fluctuate in value due to appreciation of domestic currency (or depreciation of foreign currency), thereby incurring losses during repatriation.

Based on your personal requirements, you can choose from various types of NRE Accounts. These include Savings, Current, Recurring or Fixed Deposit Accounts.

Proof of identity (like a passport or ID card) Proof of address (if you're an Indian resident this is likely to be your Aadhaar Card, although foreign proof of address is accepted for some account types) Proof of your status as an NRI, PIO or OCI (OCI or PIO card, passport, or birth certificate for example) if relevant.

An Indian citizen residing outside India for the purpose of: Employment, studies, business or vocation. Individual posted in UN organisation or official deputed abroad by Government of India or public sector undertakings. Indian nationals who may be Mariners or working on oil rigs or foreign registered airlines.

When an existing account holder's residential status changes from RESIDENT INDIAN to NON RESIDENT INDIAN then customers are required to submit requisite forms and documents for updating the NRI status across all relationships (including resident account wherein he/she is joint holder).

Purpose- the NRE account is used to deposit earnings originating from the NRI's current residing country, whereas NRO accounts manage the earnings that originate from Indian income sources. Joint account- For opening a joint account in NRE accounts, both need to be NRIs.