HSBC NRE FD Scheme

What is an HSBC NRE FD Scheme?

HSBC NRE FD is a fixed deposit scheme offered by HSBC Bank India to non-resident Indians (NRIs). This scheme is designed explicitly for NRIs who want to park their foreign earnings in India, earn a higher rate of interest, and repatriate their funds back to their country of residence without any hassle.

Under the HSBC NRE FD scheme, NRIs can deposit their foreign earnings in Indian rupees for a tenure ranging from 1 year to 3 years and earn a higher interest rate than regular savings accounts. The depositor must open an HSBC NRE FD account to deposit money and secure higher returns. The interest earned on the NRE FD is tax-free in India. HSBC Bank allows depositors to easily open and manage their NRE FD account online.

Additionally, these accounts come with an automatic renewal facility.

HSBC NRE FD Interest Rate

HSBC NRE FD accounts allow investors to get higher returns on their investments. The HSBC NRE FD rates generally range from 3.25% to 7% based on the investment tenure.

Here’s what you can expect while investing in an NRE FD account with HSBC bank:

Investment Tenure	Board rates
365 Days	4 per cent
366  - 399 Days	4 per cent
400 Days	3.25 per cent
401 Days to 18 Months	6.25 per cent
18 Months -  599 Days	4.1 per cent
600 Days	3.75 per cent
601 - 699 Days	3.30 per cent
700 Days	3.75 per cent
701 - 730 Days	4.25 per cent
731 Days	4.25 per cent
732 Days - 36 Months	7.5 per cent
36 Months	7.00 per cent

HSBC NRE FD: Eligibility Criteria

To invest in HSBC NRE FD, an individual must adhere to the given set of eligibility criteria:

1. The investor must be a non-resident Indian.
2. The investor must be 18 to open an NRE FD account with HSBC Bank India.
3. The investor must provide valid documents such as a passport, visa, and overseas address proof to open an NRE FD account with HSBC Bank India.
4. Must comply with tax regulations

Documents Required to Open an HSBC NRE FD Account

To start their investment journey with HSBC Bank, investors must submit the below-depicted documentation:

• Recent passport-sized photographs
• Valid PAN card or Form 60, which so ever is applicable
• Copy of Passport
• Authentic Proof of investor’s NRI status, including employment visa, residence visa, or work/ residence permit
• Overseas address proof, along with Indian residence proof
• Bank account details and application form.

Key Attractions of HSBC NRE FD

• Earn interest on the accumulated NRE FD Account balance.
• Principal, as well as interest secured, are tax-free in India.
• Flexible investment tenure ranging from one to three years.
• The minimum deposit amount starts from INR 25,000.

Features & Benefits of HSBC NRE FD Account

When you open an HSBC NRE FD Account, you can expect the following features and benefits:

• Investors can withdraw the accumulated interest amount quarterly or at maturity at their convenience.
• Convert the accrued funds back to foreign currency and easy international transfer.
• Both the principal amount, as well as interest earned on the NRE FD are freely repatriable.
• You get the option to make a premature withdrawal. However, you might have to pay associated charges.
• An overdraft facility is available against the NRE deposits.
• A nomination facility is available.
• Option to open a joint FD account.

How to Apply for HSBC NRE FD?

Now investors can easily apply for HSBC NRE FD through their official website. Put forward the given step-by-step procedure to start investing in NRE FD:

• Visit the official website of the HSBC bank.
• From the topmost section, click on the ‘NRI’ section.
• Choose ‘NRE Deposit’ from the dropdown and click ‘Apply Now’.
• You will get redirected to another page containing the ‘NRI: Contact Us’ form.
• Complete and submit the form. As soon as you submit the form, the executive will get in touch with you to help with the rest of the procedure.