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NRO Account

A savings/current account held in India in rupees, best suited for those with income in India.

Need to manage your finances back in India? Leave us your contact details so we can help with all of your NRI banking needs.

Why choose an NRO Account?

The HSBC Non Resident Ordinary Account (NRO Account) is a Savings / Current bank account held in India, in Indian Rupees. The NRO account is best suited for you if you have earnings in India (such as rent income, dividend, pension, etc).

 

You can deposit your foreign currency earning into the NRO account which will be converted into Indian Rupees, as per the prevailing foreign exchange rate1 What's more you can repatriate2 an amount up to USD 1 million per financial year from your NRO account for bonafide purposes subject to submission of required documents.

 

Interest earned on the NRO account is liable for taxation in India as per the Indian Income tax laws3

 

NRO Account Key Features:

  • Access your account from around the world
  • Issuance of Local Debit Card / ATM Card
    Access to HSBC Group ATMs and ATMs and merchant outlets affiliated to the Visa network within India

Ways to open:

Digital, Branch, Phone

NRO Account Features & Benefits

Easy account access

Online banking

  • Access and track your NRO account 24x7
  • Funds transfer4 to any bank account in India from your HSBC India NRO account
  • Issue of Rupee Drafts
  • Request for E-Statements for your bank account
  • Create and access Fixed Deposits
  • Stop cheques, order new cheque books
  • Pay bills for services availed by your family in India
    Pay the utility bills of your family in India - such as electricity, telephone and mobile bills through Online Banking.

Find out more about online banking

Phone Banking

  • Enjoy quick and efficient banking experience by using HSBC Phone Banking

Find out more about phone banking

Family banking

Nomination facility

  • Now you can add nomination from Internet Banking or Download the form and submit to nearest HSBC India Branch

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.

Pay bills for services availed in India

You may also set up standing instructions to manage your monthly payments like utility bills

Apply for a NRO Rupee Account

Start your application

Get an immediate callback

Fill out the callback form and we'll phone you back to discuss your application.

Apply with our online form

Get started on your application for an HSBC NRO account by filling out the form.

Useful Links

You might be interested in

Find out more about NRE Account; image used for HSBC NRO rupee account page.
 

The HSBC NRE Account is a savings/current account held in India, in Indian Rupees.

Find out more about NRE Deposit; image used for HSBC NRO rupee account page.
 

A fixed term deposit account help in Indian rupees, in which you can place foreign currency earnings.

Find out more about NRO Deposit; image used for HSBC NRO rupee account page.
 

A fixed term deposit account help in Indian rupees, in which you can place the balances from your NRE or NRO savings/current account.

Find out more about Compare NRI Services; image used for HSBC NRO rupee account page.
 

Compare all NRI accounts services from HSBC.

Important Information

Other Terms & Conditions

1 Foreign exchange rate are subject to daily change

2 As per current local regulations the permissible remittance from the balances in NRO accounts is up to USD 1 million, per financial year for all bonafide purposes. The remittances (net of applicable taxes) will be allowed to be made on production of an undertaking by the remitter and a certificate from a chartered Accountant in the prescribed formats.

3 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. TDS, when due and applicable will be deducted in accordance with the provisions of the Income Tax Act, 1961 and the Rules thereunder as in force. Such TDS shall be recovered from saving/current/demand deposit a/c(s). Please contact our branch and submit the necessary documents in case lower TDS applies as provided by the relevant tax treaties. These documents should be submitted along with the Account Opening Form and also before the start of each new financial year. The bank reserves its right to reject any such claims. Hence any claim for refund of TDS will lie directly with the Government of India and the bank will not be liable in any manner.

4 Log on to the Personal Internet Banking account on www.hsbc.co.in to know more

As per current local regulations the permissible remittance from the balances in NRO accounts is up to USD 1 million, per financial year for all bonafide purposes. The remittances (net of applicable taxes) will be allowed to be made on production of an undertaking by the remitter and a Certificate from a Chartered Accountant in the prescribed formats.

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.

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