Question 1

How do I open HDFC Bank NRO Savings Account?

Accepted Answer

HDFC Bank NRO Savings Account can be opened through the bank's online NRI portal or by visiting an Indian branch. You will need a valid passport with a visa/employment page, overseas and Indian address proof, PAN (or Form 60), FEMA declaration (Form 10F, plus the bank's NRI status form), and a recent photograph. Most banks now offer 100% video KYC, with the initial remittance routed through the same bank as an Authorised Dealer.

Question 2

Is the interest on HDFC Bank NRO Savings Account tax-free in India?

Accepted Answer

Interest earned on NRE savings and FCNR (B) term deposits is fully exempt from Indian income tax under Section 10(4)(ii) of the Income Tax Act, 1961. Interest on NRO accounts is fully taxable in India — banks deduct TDS at 30% plus surcharge and cess, and you can claim a refund by filing an ITR if your slab rate is lower. The interest is, however, treated as ordinary income in your country of residence and must be declared there.

Question 3

Can I repatriate funds from HDFC Bank NRO Savings Account?

Accepted Answer

NRE and FCNR (B) balances are fully and freely repatriable up to USD 1 million per financial year under FEMA, with no supporting documentation beyond the bank's standard form. NRO balances can also be repatriated up to USD 1 million per financial year net of Indian taxes — banks require Form 15CB and a CA certificate confirming the tax has been paid. Repatriation above USD 1 million per year requires prior approval from the Reserve Bank of India.

Question 4

Is HDFC Bank NRO Savings Account covered by DICGC insurance?

Accepted Answer

Yes, NRE and NRO rupee-denominated balances at any RBI-licensed scheduled commercial bank are insured by DICGC up to ₹5,00,000 per depositor per bank, including principal and accrued interest. FCNR (B) term deposits are not separately covered by DICGC but are governed by RBI's prudential framework and the bank's own balance sheet, which offers equivalent protection in practice.

Question 5

What is the minimum balance requirement on HDFC Bank NRO Savings Account?

Accepted Answer

Minimum balance requirements on NRI accounts vary by variant — NRE and NRO standard accounts typically require ₹10,000–₹25,000, while premium NRI accounts require ₹2 lakh–₹25 lakh. FCNR (B) term deposits have a minimum tenor (1 year) and minimum amount (USD 1,000 / EUR 1,000 / GBP 1,000 / JPY 100,000 / AUD 1,000 / CAD 1,000). FCNR accounts are zero-balance by design once opened.

Feature	Details
Account Type	NRO
Interest Rate	4% p.a.
Repatriation	Fully repatriable
Tax on Interest (India)	Taxable (TDS applies)
Minimum Balance	₹25,000
ATM Withdrawals	5/month
RTGS / NEFT	NEFT: Free \| RTGS: Free for online transactions above ₹2 lakh
UPI Enabled	Yes
Net Banking	Yes
Relationship Manager	No

HDFC Bank NRO Savings Account

Key Facts

Features & Benefits

Pros & Cons

How to Open

Eligibility & Documents

Frequently Asked Questions