HDFC NRI Account: All you need to know

Aman Saxena

HDFC bank has an extensive variety of banking accounts available to NRIs.
Learn about the different accounts that HDFC offers and see if they can be a good fit for you as you head overseas.

📝 Table of contents

If you are an Indian citizen living abroad for more than 182 days a year, or about to do so, you will need to transfer your Indian bank accounts into NRI accounts.

HDFC offers NRI bank accounts under 4 different categories:

  • NRI Savings Accounts
  • NRI Current Accounts
  • NRI Salary Accounts
  • Returning NRI Accounts

Let’s take a look at the account options for each one:

HDFC NRI Savings Accounts

Similar to a normal Indian savings account, NRI Savings accounts are standard bank accounts but for Indian citizens and OCI/ PIOs living abroad for work, family or studies.

  • NRE Savings Accounts for income earned abroad
  • NRO Savings Accounts for income earned in India
  • RFC Savings Accounts for keeping the earnings in a the foreign currency
🔖 Read more: Full guide to NRE/ NRO accounts

HDFC NRI Current Accounts

The HDFC NRI current accounts let you hold Indian rupee earnings, remit funds and deposit foreign income.

  • NRE Current Account for remitting income back home with access for family members in India
  • NRO Current Account for income earned in India

HDFC NRI Salary Accounts

NRI Salary accounts lets you have access to salaries earned in India and for use while abroad and back home.

  • NRI Premium Salary Account for higher daily withdrawal limits and a platinum debit card
  • NRI Regular Salary Account for normal salary income in India with preferential rates for remittances
  • NRE Seafarer Account for mariners and crew members who are working with shipping companies

HDFC Accounts for returning NRIs

For NRIs returning to India, HDFC offers accounts to make the process of moving earnings and income from abroad back to India, with an eye towards exchange rates.

  • RFC Savings Account for retaining earnings abroad in a foreign currency and withdrawing in Indian Rupees
  • RFC Fixed Deposits for holding FDs in a foreign currency to mitigate exchange rate risk
  • RFC Overdraft against Fixed Deposits to manage cash flow for a current or savings account
  • Demat, Mutual Funds, Offshore Investments and Loans against Securities accounts for growing and protecting your earnings
  • Insurance accounts for travel, health, accidental and life

How to open an NRI account in HDFC

There are 2 main ways to open an NRI account with HDFC.

  1. To apply in person at an HDFC bank branch near you in India
  2. To complete the contact form online and await contact from an HDFC NRI banking representative

In both cases you will need to provide the required documentation to support your status as an NRI. ²

It is also recommended to look into what type of NRI account is best for you ahead of time. Research into NRE and NRO accounts can help you make the best decision for you and your family.

HDFC NRI account opening online

If you are not in India or unable to get to a bank branch, you can begin the process to open an HDFC NRI account online by filling out the online form. Here are the steps:

  1. Complete the online contact form for NRIs
  2. Insert your contact details and your current local residence
  3. Submit the form
  4. An HDFC representative will reach out to you for next steps

HDFC may reach out to you directly by call, SMS or Whatsapp when you provide your mobile phone details.

If you need additional support, you can reach out to NRI services at HDFC at ³

HDFC NRI account opening documents

Supporting documents play an important role in opening an NRI account. Here are the major documents you may need to open an NRI account at HDFC:⁴

  • A copy of your passport, including all personal detail pages
  • A confirmation of residence as is listed on the application (this can be an overseas address or an Indian address)
  • Proof of Overseas address
  • Proof of Indian address
  • Copy of PAN card or Form 60
  • Copy of overseas employment or residence visa or permit as proof of NRI status
  • A passport sized color photo
  • A deposit check from your personal account for the minimum account deposit needed for your HDFC NRI account

If you are applying from outside of India for an HDFC NRI account, you will need to have your documents and copies attested by the Indian Embassy in your residence country. If that’s not possible, you can have a notary or banker attest them as well.

While this list is comprehensive, you may be required to provide additional documents depending on your own unique circumstances and application.

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HDFC NRI account minimum balance

HDFC NRI accounts require a minimum balance to avoid account fees. Here is what to expect as a minimum balance from NRE and NRO accounts at HDFC:⁵

Type of account Minimum balance for Metro/Urban accounts Minimum balance for Semi-Urban/Rural accounts
NRE Savings & Currents Accounts ₹10,000 ₹5,000
NRO Savings & Currents Accounts ₹10,000 ₹5,000

Other HDFC NRI accounts may have different minimum balances or deposits, and the requirements may also depend on your overall banking relationship.

Check with your HDFC representative for the particular account you are interested in.

Interest rates for HDFC NRI account

HDFC offers interest rates for their various NRI accounts. Take a look at the current interest rates below.⁶

Interest rates for HDFC NRE & NRO Savings accounts

Savings Accounts Below ₹50 lakhs Above ₹50 lakhs
NRE & NRO Savings Accounts 3.50% 3.00%

Interest rates for HDFC fixed deposits below ₹2 crore

Deposits 1-2 years 2-3 years 3-5 years 5-10 years
NRE & NRO Account 4.90% 5.15% 5.30% 5.50%

Interest rates for HDFC RFC accounts:

Currency Deposit British Pound US Dollars Euro JPY
RFC Savings Account 0.01% 0.01% N/A N/A
RFC Fixed Deposit Account 0.01% 0.01% 0.01% 0.01%
⚠️ Your interest rate also depends on your overall HDFC banking relationship

HDFC NRI account benefits

Overall HDFC can be a great option for NRIs looking to park and manage their earnings in India and abroad. On top of the account options, there are additional benefits:

  • Interest earned on NRE accounts can be tax-free in India
  • HDFC has a low minimum balance requirements
  • Remitting money can be easy with HDFC remit options
  • HDFC has an easy process for converting your regular account in India to a NRI account

Learn more about HDFC NRI options on the HDFC website or contact a bank representative to identify the right accounts for you. ⁷

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HDFC NRI account customer care

If you need assistance with opening an HDFC account or with your current NRI account, the bank has customer care centres on the phone, email and through the website.

For NRI customers, you can reach HDFC customer care at these numbers to open an account:

Country Number
USA 855-207-8106
Canada 855-846-3731
UK 800-756-2993
Singapore 800-101-2798

If you already have a HDFC account you can access customer care through the mobile app or Netbanking portal.

HDFC also haslocal access points abroad in Africa, Bahrain, Qatar, the Asia Pacific, and the UAE. And if you are in India, you can find your nearest branch and head over there for any assistance.

You can also troubleshoot any issues using the HDFC website FAQs section, or use the automated chat system Eva that pops up at the bottom of your screen.⁸

Sources used for this article:

  1. HDFC NRI Accounts
  2. Opening an HDFC NRI Account
  3. HDFC Online application
  4. Documents
  5. Minimum balance
  6. Interest rates
  7. Benefits
  8. Customer care

All sources checked as of 18 August, 2021

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