Know How to Open NRI Fixed Deposit Account

How to open NRI FD?

NRIs can open fixed deposits in India. Two main types of fixed deposit they can open are NRE and NRO fixed deposits. NRI FDs offer several benefits. NRI fixed deposit rates in India are at par with FD rates of residents. Also, in case of NRE fixed deposits, the interest earned in India is tax free.

Because of high NRI FD interest rates, NRIs prefer opening FDs in India. There are several ways in which NRIs can open fixed deposit accounts in India.

  1. By applying online through the website: You can apply for a NRI FD product directly from the website. Go the ‘Apply Now’ link and choose the kind of FD you want to open from the dropdown button. Once you click the product types, you will be led to a form where you are asked to enter your basic details. If you visit the product page, you can just click on the ‘apply’ button. Once you enter the details click on ‘submit’ you will get a call from a bank executive. The executive will visit you at your doorstep for the necessary paperwork and help you open your account.

  2. Request a call back: You can call at a given customer care number and speak to a representative. Or you can enter your details and request a call back. The concerned person will guide you through the account opening process. There will be a doorstep collection of documents like in the earlier step and your account will be opened.

  3. Offline: You can visit the product page and download relevant forms. The forms need to be filled up and submitted to the nearest bank branch. The account opening is then processed. If you are outside India, you can submit the documents in one of the partner branches of your bank in your country of residence or drop the documents to a bank mailbox in your locality.

  4. Through Internet Banking: If you already have NRE account with your bank, you can log in to the NetBanking website or the MobileBanking App and apply for a NRI FD online.

HDFC Bank has a widespread reach through its branches and partner banks both in India and overseas. If you are a high net worth individual, there are dedicated relationship managers who will guide you in the account opening process.

Documents required: We will take a look at the documents required to open a NRI FD account.

  1. Self-attested copies of passport (first and last four pages of the passport,

  2. Valid work permit/ employment visa, Residence visa/ Residence permit

  3. Valid address proofs (Indian and overseas)

If you are submitting the application for account opening outside India, you will need the above documents only. However, they need to be self-attested and attested by a banker/Notary/Embassy Official/ Consulate Official.

Additionally, you will need documents of funding your account. These could be through inward remittance, cheques or demand drafts.

As we have seen opening a NRI FD at HDFC Bank can be done conveniently through various methods. It is just a click of a button or a phone call away. Click here to get started with HDFC Bank NRI Account.

* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.