NRE Deposit

• Interest can be cumulated and received at the time of maturity or can be received in your NRE account every quarter.
• Freely Repatriable - You can always convert the funds back to foreign currency and transfer it out of India, since both principal and interest earned are freely repatriable.
• You can break your deposit before the maturity period³ subject to the pre mature withdrawal clause
• Avail of overdraft⁴ against your NRE deposits. Click here (PDF) for the terms and conditions for Smart Money International account
  
  

• Nomination facility is available on the NRE account.

Joint Account

• You can hold the account/deposit jointly with NRI as well as other Residents who are close relatives (PDF) (relative as defined in Section 6 of the Companies Act 2013),
• Deposits held jointly with residents can be operated only on 'Former or Survivor' basis.
  

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Fixed deposits below INR 1 crore can be booked on-line. While booking on-line, please note the interest rate on offer, as all interest rates are subject to change from time to time. The interest rates for bulk deposits of INR 3 crore or above may change at daily frequencies and you may contact your Relationship Manager/NRI Phone Banking or nearest bank branch to know the interest rate offered by the Bank

In case of cumulative deposits, interest is compounded quarterly and the basis of interest calculation is 28-31/365. In case of non-cumulative deposits, interest is paid out quarterly or half yearly as preferred by customer.

In case of premature withdrawal of NRE fixed deposits, before the minimum period specified by RBI,no interest will be paid to the customer/s.

Interest rates on Fixed deposits are subject to change without any prior notice.

¹ Foreign exchange rate are subject to daily change

Indian tax information given herein is general and is not meant to constitute, and therefore should not be construed, as advice. The tax consequences are also based on individual facts and circumstances. As such, prior professional tax advice should be sought to fully understand and appreciate the Indian tax implications. We assume no obligation or liability of any nature whatsoever by issuing this document. For US Citizens and US Residents, if necessary, you should consult your tax advisor for questions regarding the US tax treatment of these deposits. If you are resident in any other country/region, you should consult your tax advisor regarding the tax treatment of these deposits in your country/region of residence.

³ Interest on NRE deposits will be paid on completion of each year. In case of a premature withdrawal within a year, no interest will be payable. HSBC India, on request from a depositor, may at its discretion allow withdrawal of a term deposit before completion of the period of the deposit agreed upon at the time of placement of the deposit. For term deposits that are prematurely encashed, penal interest @1% will be levied. The interest paid will be 1% lower than the rate prevailing on the date of placement of the deposit for the period for which the deposit remained with the bank or the contractual rate, whichever is lower. No interest will be paid on premature withdrawals of deposit which has remained with the Bank for less than the minimum period for which deposits were being accepted for the said currency and deposit type, as on the date of placement of deposit.

⁴ Overdraft available at the sole discretion of The Hongkong and Shanghai Banking Corporation Limited, India. Terms and Conditions apply.

Non-Resident Indian (NRI) account and /or deposits are under the Reserve Bank of India programme for Non-Resident Indians and are governed by the rules in effect from time to time relating to such programmes, are subject to the sovereign risk arising from and governed by the laws of, or any changes to the laws of India.

NRI deposits/ accounts are held with The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) and are not insured by any insurance company or corporation outside India and are payable only at the branch of the Bank in India where the deposit is made.

Approved for issue in the UK by HSBC Bank plc. 8 Canada Square, London E14 5HQ. Deposits/investments made with non-UK members of the group do not benefit from the protection provided under the UK Financial Services and Markets Act 2000, including the UK Financial Services Compensation Scheme.

NR deposits with the Bank in India are not insured by Federal Deposit Insurance Corporation (FDIC) of the USA, nor by any other insurance company or corporation outside India and are payable only at the branch in India where the deposit is made.

Under current US tax laws, US citizens and residents are subject to tax on their worldwide income. You should consult your tax advisor for the US treatment of income from these deposits.

NRI accounts and services are offered by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India). HSBC India is a branch of The Hongkong and Shanghai Banking Corporation Limited. The Hongkong and Shanghai Banking Corporation Limited has a Representative Office in the UAE licenced by the Central Bank of the United Arab Emirates.

Deposits/accounts held with HSBC India are not protected deposit and are not protected by Deposit Protection Scheme in Hong Kong.

For Residents within Kingdom of Bahrain, we remind you that deposits made with HSBC India do not benefit from the protection provided under the Deposit Protection Scheme established by the Central Bank of Bahrain regulation concerning the establishment of a Deposit Protection Scheme and a Deposit Protection Board.

NRI services are provided by HSBC India. HSBC India is the branch of The Hongkong and Shanghai Banking Corporation Limited and HSBC India is not regulated in Canada. NR deposits with the Bank in India are not insured by Canadian Deposit Insurance Corporation (CDIC), nor by any other insurance company or corporation outside India and are payable only at the branch of the Bank in India where the deposit is made. You should consult your tax advisor for the Canada treatment of income from these deposits.
Deposits and accounts held with HSBC India are not protected by the Australian Financial Claims Scheme.