NRE Account - Open NRE Savings Account in India at HDFC Bank (2024)

FAQs

Can I have both NRE and savings account in India? ›

As per the Foreign Exchange Management Act (FEMA) guidelines, an NRI cannot have a savings account in his or her name in India. You must convert all your savings (money earned abroad) to a Non-Resident External Account (NRE) or Non-Resident Ordinary (NRO) account.

You can open NRI Account for Indians staying in America with HDFC Bank. Make the most of the features and benefits offered through our simple and smarter banking solutions.

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.

Conclusion. Once your residential status changes to an NRI, it is mandatory to either close your resident savings/current bank account or convert it to an NRO account. Your fixed and recurring deposits must also be converted to NRO deposits. Remember, if you fail to do this you can end up paying a penalty.

Advantages of having an NRE Savings Account in HDFC Bank

Wide network: With a network of 6,500 branches and nearly 19,000 ATMs in India, and a presence in several countries overseas, HDFC Bank is easily accessible to you, wherever you are. All of this ensures easy deposits and withdrawals from HDFC Bank NRE Account.

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

You can, but this is tricky. Non-resident accounts are only available to Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs). If you don't fall into any of these categories, you'll need to be living in India before you can open an account.

Can I transfer money from NRE to savings account? ›

One may transfer funds from a Non Resident External (NRE)/ Foreign Currency Non Resident (FCNR) Account to a Non Resident Ordinary (NRO) Account. However, one may not be able to transfer funds from NRO to NRE Account, as NRE Accounts can only accept foreign currency credits from outside India.

There is no upper limit on the account balance that can be maintained in an NRE account.

Costs associated with an NRE account

Maintain a minimum balance of ₹10,000 if you are opening an account in a metro or urban branch. Maintain a minimum balance of ₹5,000 if you open an account in a semi-urban or rural branch. Get a free chequebook with 25 leaves per half year (of the first financial year).

Such accounts will be activated within 2-3 working days.

Yes, it is true, you can open a Savings Account All you really need is your mobile number, to initiate the process. In fact, the procedure does not vary much. You simply upload your form and documents online, instead of going to the bank yourself.

Account opening:

An individual or a firm should have only one Account and should disclose details of other accounts with other branches/banks.

NRIs/ PIOs can hold jointly with a resident relative on 'former or survivor' basis (relative as defined in Companies Act, 2013). The resident relative can operate the account as a Power of Attorney holder during the life time of the NRI/ PIO account holder. May be held jointly in the names of two or more NRIs/ PIOs.

Limitations of NRE Accounts

The crucial limitation of these accounts is that they cannot be used to deposit the money earned by an NRI inside the country. While there are numerous NRE account benefits, NRIs have to opt for an NRO account to save their earnings made in India.