NRO account

To open an NRO account as a Personal Banking Account, you must meet at least one of the following criteria:

• Maintain a quarterly Total Relationship Balance (TRB)[@nri-total-relationship-balance] [@nri-trb-shortfall-charge-personal-banking] of at least INR1,50,000, or
• Hold an HSBC corporate salary account under Employee Banking Solutions (EBS), with monthly salary credits of at least NR25,000, or
• Have a mortgage with HSBC, with your equated monthly instalments (EMIs) being debited from this account

To apply for this account, you'll need:

• A valid passport
• An overseas visa
• Indian address proof if you're an NRI (such as your passport, latest utility bill or bank statement)
• Foreign address proof (such as your latest utility bill or residence permit)
• A Permanent Account Number (PAN) card or Form 60 if you don't have a PAN card
• A Foreign Account Tax Compliance Act (FATCA) declaration for the United States, or Common Reporting Standard (CRS) for other countries

Your documents must be self-attested and attested by a third-party or HSBC branch. You can provide them at a later date if you haven't had them attested yet, but doing so may delay your application.

If you're applying for a joint account, we'll need documents for both applicants.

You can open a joint account with another NRI or a resident Indian.

If the joint account holder is a resident Indian, the account must be operated on a former or survivor basis. This is where only one person, the 'former' (the NRI), can operate the account while they're alive. If the former dies before the 'survivor' (the other joint account holder), the survivor can take over.

To open a joint account, you and the joint account holder will need to come into an HSBC branch in India or overseas. If it's overseas, please make an appointment first by contacting us or your nearest branch directly.

Yes, you can transfer up to USD1 million per tax year to an NRE account or accounts outside of India[@nri-nro-remittance]. You'll need to provide the relevant tax documentation (a 15CA and/or 15CB form), which proves the source of funds and that any necessary taxes have been paid in India.

An NRE account lets you deposit foreign income into an account in India, by converting it to rupees at the current exchange rate. It's most useful if you have income from outside India that you want to bring into India as a non-resident. Both the principal and any interest earned is tax free.

An NRO account is best suited to people who want to deposit local income, such as rents, dividends or investments. These are subject to tax, like any other earnings in India.

To apply for an NRO account, you must be a non-resident Indian (NRI), a person of Indian origin (POI), an overseas citizen of India (OCI) or a seafarer employed with foreign vessels.

Additional eligibility criteria will apply depending on whether you choose to open your account as a Personal Banking or Premier account.