Product Details
Bank Name
HDFC Bank
Eligibility
You are eligible if you are a non-resident individual of Indian nationality or of Indian origin. The deposit can also be held jointly with other NRIs.
Interest Rate
2.90% - 5.40%
Tenure
1 year - 5 year
Fixed Deposit Type
Any Other Type
FCNR Deposits
Tax Benefits
HDFC Bank FCNR Deposits do offer a tax benefit.
Credit Ratings
CRISIL AA+
Interest Payment Frequency
After 1 year or 5 years
Cummulative/Non-Cummulative
Non-Cumulative
Features
Earn Indian interest rates on foreign currency while protecting it from fluctuations. Hold your deposit in as many as six global currencies Repatriate principal and interest amount fully Enjoy tax exemption on the entire deposit
Minimum Investment Amount
Minimum initial deposit -
USD 1,000/-, GBP 2,500/-, Euro 2,500/-, JPY 7,50,000/-, AUD 1,000/-, CAD 1,000/-
Minimum add-on deposit -
USD 1,000/-, GBP 1,000/-, Euro 1,000/-, JPY 7,50,000/-, AUD 1,000/-, CAD 1,000/-
Fees and Charges
Pros
Hedge Against Forex Fluctuations
Attractive Interest Rates
Tax Benefits
Repatriation of Funds
Multiple Currency Options
Cons
Credit Risk
Not idol for short term goals
Pros & Cons
Account Opening and Procedure
How to Open?
Branch Visit:Visit your nearest HDFC Bank branch with NRE Savings Account details (mandatory for booking FCNR Deposits).
Discuss your preferred deposit amount, currency (USD, GBP, EUR, JPY, AUD, CAD), and tenure (1 to 5 years, with limitations for certain currencies) with a bank representative.
They will guide you through the application process and collect necessary documents.
Online Banking (if available at your branch):Check Availability: Not all branches offer online FCNR deposit applications. Confirm this with your branch beforehand.
Existing Customer: If you're an existing HDFC Bank NRI customer with internet banking access, check if your branch allows online FCNR deposit applications.
Online Process: The specific online process may vary depending on the bank's system. Generally, you'll need to log in to internet banking, navigate to the FCNR deposit section, and fill out the application form with details like amount, currency, tenure, and linked NRE account.
Application Procedure
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