HDFC bank allows banking services for the non resident Indians. HDFC NRI Bank Account provides accounts, deposits, debit, credit cards, insurance or investments, personal banking etc. Based on some easy processes and a simple documentation process anybody who is of Indian origin but residing outside the country can get an account in HDFC bank.
Following are the necessary steps for creating a HDFC NRI Bank Account:
• Documents like photocopies of passport and visa are to be submitted.
• Residence proof must be submitted.
• Proper identity proof of the residing country needs to be submitted.
• Verification of the signature of the account owner by any higher authority of the country.
• Accounts can be funded in one currency like dollar, pounds, euro, and yen, then can be transferred into another currency.
• HDFC NRI Bank Account allows maintaining the savings in Indian currency.
• No applicable tax or interests are there on funds.
• The rate of interest applicable is 3.5% per annum.
• The bank allows the customer to open the account conjointly with another NRI.
• The same account can be operated by the co-owner even from India.
• Regarding NRE fixed deposits tax applicable in NIL.
• This bank allows loans up to 75% on fixed deposits.
• The documentation process varies for those who apply through e-banking from those who apply through postal procedures.
• The rate of interest for fixed deposits varies from 3% to 3.79% per annum.
1 year – 2year > 3%-3.12% per annum
2 years – 3years > 3.9%- 3.13% per annum
3 years – 4 years > 3.74% -3.79% per annum