NRO Deposit

• Interest earned on your term deposit can be cumulated and received at the time of maturity or can be received in your NRO account every quarter. 
• 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, 40KB)
  for the terms and conditions for Smart Money International account

Nomination facility

• Nomination facility is available on the NRO account.

Joint Term Deposit

• 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.
  

SmartMoney facility

• Availability of overdraft⁴ against your NRO Term Deposits at just 2% over the deposit rate⁵.

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Browse through our various NRI Banking products and services.

¹ This comparison is based on taxation rates currently applicable to individuals in India and rates of interest as at January 1, 2009 on NRO and NRE term deposits with HSBC India.

² Tax Deduction at Source, 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.

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 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.

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

⁵ Interest on amount overdrawn will be charged at the rate of 2% over the weighted average of the interest rates applicable to the linked fixed deposits subject to a maximum of the Bank's Prime Lending Rate as may be declared by the Bank from time to time. Overdraft available at the sole discretion of The Hongkong and Shanghai Banking Corporation Limited, India. Terms and Conditions apply.

HSBC India, on request from a depositor, would allow withdrawal of a Fixed Deposit before completion of the period of the deposit agreed upon at the time of placement of the deposit subject to penalty on premature withdrawal of Fixed Deposit as may be applicable as per the table appended below (Applicable to NRO Deposits only) -

The Bank on request from the depositor, will allow withdrawal of all term / fixed deposit of individuals (held singly or jointly) irrespective of whether the amount is above or below INR 15 lakhs, before completion of the period of the deposit (premature withdrawal) agreed upon at the time of placing the deposit. The Bank shall declare their policy for penal interest rates for premature withdrawal of term deposit. The Bank shall make depositors aware of the rate applicable on premature withdrawal of the term / fixed deposit vide account rules/terms and conditions as updated from time to time and informed to customer post providing due notice. Interest shall be paid one percent less than the rate prevailing on the date of placement of deposit applicable to the amount and period for which the deposit remained with the bank not at the contracted rate. 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. In case of foreign currency fixed deposits, where no interest is payable on account of withdrawal prior to the minimum deposit tenure, the Bank may, at its sole discretion, levy a penalty to cover the swap cost, as permitted under extant regulations.

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.