HDFC NRO Fixed Deposit for Non Resident Indians (NRI): Non Resident Ordinary Rupee Account
In this video we talk about HDFC Bank's Non Resident Ordinary (NRO) Fixed Deposit Account which Non Resident Indians (NRI) can open at any branch of HDFC.
While uploading this video, some features of HDFC NRO FD are as follows (check official website of the bank for any updates):
1. Minimum amount for initial deposit is Rs. 25,000 and then you can add more add on deposits in multiples of Rs. 10,000.
2. HDFC bank allows you to Transfer funds from any existing NRE/NRO account with any another bank in India to create NRO deposit in HDFC bank.
3. You can instantly open your NRO account using net banking.
4. HDFC Bank gives you the option of getting interest amount on Monthly/Quarterly basis or at the time of Maturity of the deposit.
5. The tenure of NRO account in HDFC bank ranges from 7 days and goes up to 10 years.
6. The bank allows you to withdraw your money prematurely. However keep in mind that in this case the interest rate will be 1% below of the contracted rate or rate applicable for the period of deposit has remained with the bank, whichever is lower except for tenor 7-14 days. You are only entitled for interest if you have held the NRO FD for over 7 days.
7. The bank also allows you to avail overdraft facility of up to 90% on your NRO account.
8. The interest that you earn on your NRO deposit account can be Repatriated or credited to your NRE account.
9. The bank allows you to open joint NRO account as well. For joint account, you can go with either a Resident Indian or with a Non resident Indian. However keep in mind that if you jointly go with a resident Indian then the mode of operation will be FORMER or SURVIVOR.
10. You can opt for a Nominee for your NRO account just like any normal domestic deposit account.
11. While uploading this video, Interest earned on NRO Savings Account and NRO Fixed Deposit Account is subject to Tax deduction at source (TDS).
12. You can opt for Double Taxation Avoidance Agreement (DTAA) . Details can be found here: • Double Taxation Avoidance Agreement (...
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