Nri Manual 2023 V 4.1

Classification - Internal
NRI MANUAL
VERSION 4 (MAY 2023)
(STRICTLY FOR INTERNAL
CIRCULATION ONLY)
NRI Manual V.4 (MAY 2023)
INDEX
PAGE
S. NO PARTICULARS (Click on the topic)
NO
Definition:
1.1 Non-Resident Indian (NRI)
1.2 Person of Indian Origin (PIO)
1 5-7
1.3 Overseas Citizen of India (OCI)
1.4 Residents of Nepal and Bhutan
1.5 Definition – Non-Resident under Income -Tax Act, 1961
Product codes and eligibility of Non – Resident accounts offered to NRI’s /
PIO’s / Foreign Nationals:
2 8-12
2.1 Type of account to be opened based on customer status
2.2 NRI deposit Product codes
Types of Individual Non- Resident Accounts, Eligibility and Features for NRI’s
/ PIO’s:
3.1 NRE CASA account, NRE Fixed deposit and NRE Recurring deposit
3.2 NRO Savings account, NRO Fixed deposit (Tax Savings) and Steps to convert
Resident account to Non-Resident Ordinary (NRO)
3 3.3 Comparison between NRE and NRO accounts 13-25
3.4 Foreign Currency Non-Resident Deposit Scheme (FCNR)
3.5 Resident Foreign Currency Savings Account and Fixed Deposit (For
Returning NRI’s)
3.6. Corporate Salary accounts for Non-Resident Indians
3.7 Portfolio Investment Scheme (PIS) Accounts
4 Definition of PEP (Politically Exposed Person) 26
5 Accounts for Foreign Nationals of Non-Indian origin on Visit 27-29
6(A) Foreign Corporate Bodies (FCB)
6 30-33
6(B) Overseas Corporate Bodies (OCB)
Document required for account opening and KYC updation
7.1 Non-Resident Indians
7 7.2 Additional KYC Procedure for Persons of Indian Origin (PIO’s) 34-37
7.3 NRI Re-KYC updation Process
7.4 Account Opening and Conversion Checklist
Ways of opening NR Accounts:
8.1 Face to Face customers
8.2 Non – Face to face customers:
8.2.1 For New to Bank – Customer Documentation
8.2.2 Existing Customer – Non-Face to Face Documentation
8
8.2.3 Non-Face to Face with Nil IP 38-44
8.3 Process for Removal of ‘No Debit’ status for Nil IP Non face to face account
opening
8.4 Multiple Account Opening
BACK TO INDEX Page | 2
8.5 E-mail Instructions:

- FCNR Booking via Email Instructions
- Fixed deposit Booking via Email
9(A) Joint account holder addition
9 45
9(B) Mode of operation grid for joint holder
Special Accounts:
10.1 Non-interest bearing accounts for certain customer
10.2 Defence personnel going abroad on Deputation
10.3 Students going abroad for Education
10.4 Mariner / Seafarer / Voyager / Crew member of Ship
10.5 Customers based in Saudi Arabia on visit to India
10.6 NRO account for Bangladeshi Nationals and Citizens of Pakistan to Minority
Communities residing in India basis long term Visa and FRRO copy
10 Annexure 1 – Undertaking: NRO account opening of Bangladesh and Pakistan 46-56

citizen residing in India basis long term VISA
Annexure 2 – Customer declaration for Bangladeshi Nationals and Citizens from
Pakistan from Minority Community
Annexure 3 – Affidavit for Pakistan Nationals to be obtained with NRO account
opening application
10.7 NRO account for Foreign Nationals studying in India

10.8 Conversion of Resident account to Non-Resident Ordinary account on
change of status for Foreign National who is Non-Indian origin
11 Permissible credits into Non-Resident Ordinary (NRO) account 57-59
Permissible Debits from Non-Resident Ordinary (NRO) ACCOUNT
a) Permissible debits
b) Repatriation of NRO funds under current income scheme
12 60-61
c) Process for Outward Remittance from NRO account (USD 1 million)
d) What is UDIN- Unique Document Identification Number?
e) Steps to verify UDIN on Document
13 Permissible credits into Non-Resident External (NRE) account 62-63
Most common transaction/ Processes:
14.1 Acceptance of Foreign currency cash from NRI’s
14.2 Credit to NRE account – Encashment of Foreign Currency by NRI
14.3 Acceptance of email requests for Adhoc payment towards NRI credit cards
14.4 Important information on preclosure of NRE / FCNR deposits
14.5 Process for conversion of NRO / NRE account to Resident
14 64-94
14.6 Conversion of NRE fixed deposit to Resident Fixed deposit or RFC account
14.7 Conversion from Resident to Non-Resident (NRO) account
14.8 Process for Outward Remittance from NRE account and Repatriation of
FCNR deposit through NetBanking
14.9 Repatriation of Sale proceeds of Immovable Property purchased by Non-
Resident Indians
14.10 Booking FCNR deposit from FCY Inward remittance

14.11 Generation of Interest Certificate for NRI / Resident customers for any 12
months, Calendar as well as financial year
14.12 Process for Third party transfer (Funds transfer) registration for NRI
customers
14.13 Dealpro reporting of INR to INR transactions for limit monitoring
14.14 Overview of NRI deposits
14.15 Recurring deposit
14.16 Borrowing and Lending by NRI / PIO
14.17 Process for change of address for NRI customers
14.18 FATCA / CRS
- How to update FATCA / CRS?
- Exclusion categories
- Extended KYC for Gulf countries
14.19 NRE / NRO Non-Withdrawable deposits
14.20 Nominee updation process
14.21 Dormant account activation process for NRI customers
14.22 VISA / E-VISA
15 Contact points for your NRI related queries 95
16 Death claim 96
DISCLAIMER
The information contained in this manual SHOULD NOT be

published, shared or distributed with any external ids or with ANY
customers. This manual should be used for internal reference &
circulation only. Strict action will be taken against the staff if the
manual is shared with customers. In case of any queries/
suggestions/ feedback please contact NRI RPM.
1. DEFINTION:
1.1 Non-Resident Indian (NRI)
Section 2 (v) and Section 2 (w) of the FEMA, 1999 defines 'person resident in India' and a 'person
resident outside India' respectively. Under FEMA, a 'person resident in India' is defined as a person
residing in India for more than one hundred and eighty-two days (182) during the course of the
preceding financial year (April-March) and who has come to or stays in India either for taking up
employment, carrying on business or vocation in India or for any other purpose, that would indicate
his intention to stay in India for an uncertain period. In other words, to be treated as 'a person resident
in India' under FEMA, a person has not only to satisfy the condition of the period of stay (being more
than 182 days during the course of the preceding financial year) but has also to comply with the
condition of the purpose / intention of stay. The Act defines a 'a person resident outside India' as a
person who is not a ‘person resident in India'
The Foreign Exchange Management (Deposit) Regulations, 2016 define a “Non-Resident Indian’’ as a
person resident outside India, who is a citizen of India.
Thus, to qualify as a non-resident Indian, a person should be EITHER:
A. Resident outside India; and a citizen of India OR
B. Resident outside India and a Person on Indian Origin (PIO)
Reserve Bank of India does not determine the residential status of any individual. Under FEMA,
residential status is determined by operation of law. The onus is on an individual to prove his / her
residential status, if questioned by any authority.
Definition of NRI/PIO/OCI for opening Bank account
1.2 Person of Indian Origin (PIO)
A ‘Person of Indian Origin (PIO)’ is a person resident outside India who is a citizen of any country other
than Bangladesh or Pakistan or such other country as may be specified by the Central Government,
satisfying the following conditions:
a. Who was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of
1955); or
b. Who belonged to a territory that became part of India after the 15th day of August, 1947; or
c. Who is a child or a grandchild or a great grandchild of a citizen of India or of a person referred to in
clause (a) or (b); or
d. Who is a spouse of foreign origin of a citizen of India or spouse of foreign origin of a person referred
to in clause (a) or (b) or (c)
Explanation: PIO will include an ‘Overseas Citizen of India’ cardholder within the meaning of Section
7(A) of the Citizenship Act, 1955.
It's clear from the above that a person can be treated as a PIO if he holds a foreign passport and
satisfies one of the above conditions. Passport holders of Pakistan have to obtain prior RBI approval
to open a NR account.
Merger of PIO and OCI Schemes
As per the Gazette of India (Part-I, Section-I) published on 09.01.2015, all the existing Persons of Indian
Origin (PIO) card holder registered as such under new PIO Card scheme 2002, shall be deemed to be
Overseas Citizens of India Cardholder. Gazette Notification of Merger of PIO & OCI Cards:
https://mha.gov.in/PDF_Other/Merge_PIO_OCI.pdf
All PIO card holders with valid PIO cards as on 09.01.2015 are advised to apply for conversion of their
PIO card to OCI card.
1.3 Overseas Citizen of India (OCI)
The Constitution of India provided for a single citizenship for the entire country. However, with the
passing of the Citizenship (Amendment) Act, 2003 limited dual citizenship was introduced whereby a
citizen of another country, that allows dual citizenship in some form or other under the local laws, is
eligible for registration as Overseas Citizen of India (OCI) provided the person qualifies as a PIO. Any
person, who is or has been a citizen of Pakistan or Bangladesh, would not be eligible for OCI. Since the
OCI does not give complete parity to foreign nationals vis-à-vis Indian citizens in areas like voting
rights, holding public office etc., it becomes dual citizenship in limited form. An OCI card is issued by
the Government of India to any person wanting to avail this facility. The major benefit of applying for
OCI card is that a lifelong visa is issued to the holder to visit India at any time and for any length of
stay.
The Overseas Citizenship of India (OCI) Scheme was introduced by amending the Citizenship Act, 1955
in August 2005. The Scheme was launched during the Pravasi Bharatiya Divas convention 2006 at
Hyderabad. The Scheme provides for registration as Overseas Citizen of India (OCI) of all Persons of
Indian Origin (PIOs) who were citizens of India on 26th January, 1950 or thereafter or were eligible to
become citizens of India on 26th January, 1950 except who is or had been a citizen of Pakistan,
Bangladesh or such other country as the Central Government may, by notification in the Official
Gazette, specify.
As defined by MEA - https://ociservices.gov.in/
A foreign national, -
(i) Who was a citizen of India at the time of, or at any time after 26th January, 1950; or
(ii) Who was eligible to become a citizen of India on 26th January, 1950; or
(iii) Who belonged to a territory that part of India after 15th August, 1947; or
(iv) Who is a child or a grandchild became or a great grandchild of such a citizen; or
(v) Who is a minor child of such persons mentioned above; or
(vi) Who is a minor child and whose both parents are citizens of India or one of the parents is a citizen
of India - is eligible for registration as OCI cardholder.
(vii) Besides, spouse of foreign origin of a citizen of India or spouse of foreign origin of an Overseas
Citizen of India Cardholder and whose marriage has been registered and subsisted for a continuous
period of not less than two years immediately preceding the presentation of the application is also
eligible for registration as OCI cardholder.
(viii) However, no person, who or either of whose parents or grandparents or great grandparents is or
had been a citizen of Pakistan, Bangladesh or such other country as the Central Government may, by
notification in the Official Gazette, specify, shall be eligible for registration as an Overseas Citizen of
India Cardholder.
1.4 Residents of Nepal and Bhutan
a) When a person resident in India leaves India for Nepal and Bhutan for taking up employment or for
carrying on business or vocation or for any other purpose indicating his intention to stay in Nepal and
Bhutan for an uncertain period, his existing account will continue as a resident account. Such account
should not be designated as Non-resident (Ordinary) Rupee Account (NRO).
1.5 Definition - Non-Resident under Income-tax Act, 1961

The definition of a non-resident for the purpose of Indian Income-tax Act is different than that under
Foreign Exchange Management Act, 1999. However, for the purpose of opening an account the said
definition is not applicable.
TAX INCIDENCE AT A GLANCE NRE NRO RFC FCNR
Interest on Nonresident Savings account Tax Free Taxable Taxable* -
Interest on Nonresident Fixed deposit Tax Free Taxable Taxable* Tax Free
Profit from sale of Investment Taxable# Taxable# Taxable -
Profit from sale of property Taxable@ Taxable@ Taxable -
* Not taxable if residential status as per Income Tax Act is RNOR (see clause 3.4)
# Not taxable in certain cases like long term gains on equity investments etc.
@ Not taxable in certain cases where gains are re-invested etc.
Above taxation has been mentioned w.r.t India.
2. PRODUCT CODES AND ELIGIBILITY OF NON-RESIDENT ACCOUTNS OFFERED TO NRI’s /

PIO’s/ FOREIGN NATIONALS:
NR SAVINGS ACCOUNTS
PRODUCT CODE &

ELIGIBILITY
DESCRIPTION
101- SAVINGS NRO NRO Savings Account which can be opened by NRI /PIO
151- SAVINGS INSTANT NRO Savings Account which can be opened by NRI /PIO and instant welcome
ACCOUNT - NRO kit is provided to the customer
106- SAVINGS NRE NRE Savings Account which can be opened by NRI /PIO
156- SAVINGS INSTANT NRE Savings Account which can be opened by NRI /PIO and instant welcome
ACCOUNT - NRE kit is provided to the customer.
NRO salary accounts held under PC 124 & 158 opened by NRI/PIO will be re-
128- SALARY
designated as NRO Savings bank account under PC 128 in case there are no
REDESIGNATED NRO SB
salary credits (for 6 months) into the account.
NRE salary accounts held under PC 109 , 144 & 159 opened by NRI/PIO will be
129 SALARY
re-designated as NRE Savings bank account under PC 128 in case there are no
REDESIGNATED NRE SB
salary credits (for 6 months) into the account.
1344 - NRO SUPER KIDS
Premium NRO Savings Account which can be opened by minor NRI /PIO
SAVINGS ACCOUNT
1345 - NRO ELITE
Premium NRO Savings Account which can be opened by NRI /PIO
SAVINGS
1348 - NRE SUPER KIDS
Premium NRE Savings Account which can be opened by minor NRI /PIO
SAVINGS ACCOUNT
1349 - NRE WOMENS
Special NRE Savings Account which can be opened by Women NRI /PIO
SAVINGS ACCOUNT
1350 - NRE ELITE
Premium NRE Savings Account which can be opened by NRI /PIO
SAVINGS
NR CURRENT ACCOUNTS
PRODUCT CODE &
ELIGIBILITY
DESCRIPTION
201- CURRENT ACCOUNT
Non-interest bearing NRO Current Account which can be opened by NRI / PIO
NRO
Non-interest bearing NRE Current Account which can be opened by NRI / PIO
NRE
NR SALARY ACCOUNTS
PRODUCT CODE &
ELIGIBILITY
DESCRIPTION
Corporate Salary accounts opened for NRI /PIO working in premium

109- NRE PREMIUM
corporates who have given us the mandate to open NRE accounts of their
SALARY ACCOUNT
employees.
Corporate Salary accounts opened for NRI /PIO working in premium
124- NRO PREMIUM
corporates who have given us the mandate to open NRO accounts of their
SALARY ACCOUNT
employees.
158- NRO REGULAR Corporate Salary accounts opened for NRI /PIO working in corporates who
SALARY ACCOUNT have given us the mandate to open NRO accounts of their employees.
159- NRE REGULAR Corporate Salary accounts opened for NRI /PIO working in corporates who
SALARY ACCOUNT have given us the mandate to open NRE accounts of their employees.
Zero Balance NRE savings account specially designed for "Seafarer's" working
144- NRE SAVINGS
for foreign shipping company - going on fresh contract or on a break for 6
MARINERS
months
PIS ACCOUNTS
PRODUCT CODE &
ELIGIBILITY
DESCRIPTION
Online NRO E-broking account for NRI/PIO who wants to make investment on
118- NRO SAVINGS
NON repatriation basis in securities listed on the recognized stock market and
EBROKING INDIVIDUALS
availed brokerage facility through HDFC Securities.
Online NRE PIS account for NRIs who want to make investment on
119- NRE PIS - E -
repatriation basis in securities listed on the recognized stock market and
BROKING
availed brokerage facility through HDFC Securities.
Offline NRO Special Securities account for NRIs who want to make investment
121- NRO SAVINGS - on NON repatriation basis in securities listed on the recognized stock market
SECURITIES and availed brokerage facility through other Brokers (other than HDFC
Securities)
Offline NRE PIS account for NRIs who want to make investment on
122- NRE SAVINGS - PIS repatriation basis in securities listed on the recognized stock market and has
availed brokerage facility through other Brokers (other than HDFC Securities)
SPECIAL PURPOSE NR ACCOUNTS OFFERED TO FOREIGN NATIONALS
PRODUCT Code &
ELIGIBILITY
DESCRIPTION
123- NRO-SAVING
Foreign Nationals of non-Indian origin who are visiting in India on tourist/
ACCOUNT-FOREIGN
business /sports etc visa having PAN can open NRO account
NATIONALS VISITOR
Foreign nationals working in India, holding Regular Savings Accounts and
Salary accounts need to re-designate their account to NRO Account under PC
131- FOREIGN NATIONAL
131 while leaving the job & going back to their home country permanently.
REDESIGNATED NRO SB
Account will be used for collecting legitimate dues/retirement benefits and
repatriation within USD 1 million limits.
217-NRO CA - FOREIGN Foreign national studying in India and holding student VISA issued by Govt of
STUDENT India can open NRO account under PC 217.
&
1347- NRO SB- FOREIGN
STUDENT
237- NRO CA -
BANGLADESH / PAK Non-Resident Ordinary (NRO) Account can be opened for citizens of
MINORITY Bangladesh or Pakistan belonging to minority communities in those countries
& however residing in India basis a long term visa (LTV) granted by central
1346 - NRO SB- government. (Minority communities include- Hindus, Sikhs, Buddhists, Jains,
BANGLADESH PAK Parsis and Christians)
MINORITY
Foreign entity can open NRO current account for routing permissible bonafide
– NRO FOREIGN
transaction as per FEMA guidelines.
CORPORATES
242- NRO-CURRENT A/C
Foreign Nationals of non-Indian origin who are visiting India on tourist/
- FOREIGN NATIONAL
business /sports etc. visa who do not have PAN can open NRO account
VISITOR
2.1 TYPE OF ACCOUNT TO BE OPENED BASED ON CUSTOMER STATUS
PRODUCT TO BE
TYPE OF CUSTOMER RESIDENCE STATUS REMARKS
OFFERED
Indian Nationality- All resident KYC
Resident – lives in India Resident Account
Holds Indian Passport documents
NRE-NRO savings
Non-Resident Indian - Account (Non-instant – Customer should have
Indian Nationality- Lives abroad for 101, 1344,1345 (NRO) / valid Visa and
Holds Indian Passport employment, studies, 106,1348,1349,1350 supporting NRI KYC
dependent child etc. (NRE). Instant account) documents
151 (NRO) /156 (NRE)
Indian National Non-Resident Indian – i) NRE-NRO savings Customer should have
(holding Indian staying abroad for Account (Prod code valid Visa and
Passport) – Travelling work, deputation on 101/151/1344/1345 company letter as
overseas for Company/ valid visa /106//156/1348/1349/ supporting document
Corporate job work 1350) ii) Salary Account
can only be offered if
the corporate is willing
to tie up with HDFC
Bank (109 ,124,158,159)
Resident Account (Prod
code 108). Resident Customer has a valid
PIO/OCI – Holds foreign
Resident – lives in India salary account can also employment visa or
Passport
be offered if HDFC Bank PIO/OCI card
has corporate tie up.
NRE-NRO Account (Prod

Non-Resident Indian - Customer may have
code
PIO/OCI – Holds foreign Lives abroad has PIO /OCI card if not
101/151/1344/1345
Passport citizenship of foreign the branch to take PIO
/106//156/1348/1349/
country declaration
1350)
Customer has a valid
Resident SB Account employment visa.
(Prod code 108). (FRRO not mandatory
Resident – lives in India
Foreign National – Resident salary account if employment VISA is
for employment
Holds Foreign Passport can also be offered if less than 6 months.
purposes
HDFC Bank has FRRO is mandatory if
corporate tie up employment visa is
more than 6 months)
NRO Account (Prod code Customer on a short-
Foreign National (Non- 242-Current/123- term visa/multiple
Indian Origin) – Holds Non-Resident Savings) PC: 123 (Pan entry visa – like
Foreign Passport card / Form 60) PC: 242 business, tourist,
(Pan card mandatory) sportsman
Student Visa issued by

Non-Resident - (In India NRO Account (Prod code
Foreign National – Govt of India. Letter
for study purpose on 217-Current/1347-
Holds Foreign Passport issued by education
student visa) Savings)
institute.
Foreign National – NRO account with

Non-Resident - (In India NRO Account (Prod code
Bangladeshi Citizen / FRRO certificate and
for work or stay or 237-Current/1346-
Pakistani Minority no repatriation
tourism or study) Savings)
Community) without RBI approval
Resident expat SB a/c
Foreign National – Non-Resident -
to be converted to
Returning to his/her (Employed in India and NRO Account (Prod
NRO to get
country after returning to his/her Code 131)
retiral/settlement/pen
employment in India country)
ding dues.
The Bank had introduced a common customer id for NRE and NRO accounts on 18th August 2014 in
order to comply with UCIC guidelines. Post which all NRE/NRO/FCNR accounts are linked to a single
customer id and opened all NRE/NRO /FCNR account under single customer id (customer category –
“O”). In case any customer opens new account under different customer id then accounts will be
merged in the latest customer id and latest status will be applied to all accounts.
2.2. NRI Deposit Product codes:
3. TYPES OF INDIVIDUAL ACCOUNTS, ELIGIBILITY & FEATURES FOR NRI’S/PIO’S:

3.1 NRE CASA Account, NRE FIXED Deposit & NRE RECURRING Deposit:
The customer should be a Non-Resident individual of Indian nationality or Person of Indian origin.
It can be held jointly with other Non-Residents or with Resident Close Relative. Close relative’ means
relative as defined in section 2(77) of the Companies Act, 2013. In case joint holder (2nd holder) is
resident Indian, the mode of operation would be “Former or survivor”. However, such resident joint
holder can operate account as a POA holder by getting added in the account basis separate
instructions.
Features:
1. NON RESIDENT EXTERNAL ACCOUNT (NRE) Account is maintained in Indian rupees only.
2. Permissible credits in NON RESIDENT EXTERNAL ACCOUNT (NRE) Savings account include foreign
inward remittances, transfers from other FCNR/NRE accounts, FCY cash brought by the account
holder during temporary visit to India and demand drafts / banker's cheque issued by Category - I
/ II Authorized Dealers (list available on RBI website) against encashment of foreign currency
brought by the account holder during temporary visit.
3. The Principal and interest earned on NON RESIDENT EXTERNAL ACCOUNT (NRE) SB, FD and RD
Account is fully repatriable. Interest on NON RESIDENT EXTERNAL ACCOUNT (NRE) SB, FD and RD
Account is exempt from Income Tax (India). Customer can repatriate funds at any time by giving
written instructions for the same. No other documents are required for repatriation.
4. Effective 11th June 2020 , Rate of Interest for Savings Bank deposits Accounts has been revised.
Savings Bank interest will be calculated on the daily balances maintained in account.
1. Savings Bank interest will be paid at quarterly intervals
2. Click Here to know the latest rates
5. Minimum tenor of NON RESIDENT EXTERNAL ACCOUNT (NRE) fixed deposit is 1 year and
maximum tenor is 10 years.
6. Minimum tenor of NON RESIDENT EXTERNAL ACCOUNT (NRE) Recurring deposit is 1 year and then
in multiples of 3 months. Maximum tenor is 10 years.
7. Minimum investment amount in NRE RD is Rs.1000/- and maximum amount is Rs.1. 99 Crs.
8. Banks are free to determine the interest rates of saving’s and term deposits of maturity of one
year and above and is currently fixed at par with domestic deposit rate. Preferential rate is as
applicable for NRI but no senior citizen benefits available.
9. The Interest on NRE Term Deposits for the deposits booked by us, is calculated as below:
➢ Fixed Deposits for the tenor >= 12 months with Quarterly Interest Pay-out option : On a Quarterly
basis
➢ Fixed Deposits for the tenor > = 12 months with Monthly Interest Pay-out option : Interest is
calculated for the quarter and paid monthly at a discounted rate over the standard deposit rate
➢ Fixed Deposits for the tenor > =12 months with Interest Reinvestment option : Cumulative Interest
for the Quarter is added to the Principal in subsequent quarter and interest is calculated on total
amount [The paid interest amount (in case of monthly/quarterly/half yearly pay-out mode) will
be adjusted against Principal Balance of the Deposit in case of premature withdrawal of the NRE
Deposit before 1 year]
10. The interest rate applicable on premature closure of deposits (all amounts) will be lower of:
The rate for the original/contracted tenor for which the deposit has been booked
OR
The base rate applicable for the tenor for which the deposit has been in force with the Bank
11. Interest on a Recurring Deposit will be calculated from the date the instalment is paid. The method
of calculation of interest on RDs will be on Actual / Actual Quarterly Compounding. NIL interest is
payable if NON-RESIDENT EXTERNAL ACCOUNT (NRE) FD or RD is withdrawn prior to completion
of one year.
12. In case of premature withdrawal of NON-RESIDENT EXTERNAL ACCOUNT (NRE) FD or RD the bank
will not charge any penalty and interest will be paid at the rate applicable for the period for which
the FD or RD has remained with the bank
13. International Debit Card/Platinum/Millennia debit card can be issued to the customer
14. Overdraft facility against NON-RESIDENT EXTERNAL (NRE) Fixed Deposit is available by setting limit
on customer's NON-RESIDENT ORDINARY ACCOUNT (NRO) Savings Bank account. Limit cannot be
set against NON-RESIDENT EXTERNAL ACCOUNT (NRE) Savings Bank account under any
circumstances. OD facility can be provided to third party as well (Please ref Gyaanline >>Retail
Liabilities>>Non-Resident account>>Processes>>NR. Communication from product>>OD against
FDs for NRIs)
15. Nomination facility is available for both NON-RESIDENT EXTERNAL ACCOUNT (NRE) savings &
Fixed deposits account
16. Fixed Deposit will continue till date customer holding NRI status. On change of residential status
NRE FD, the NRE FD will be re-designated as Resident FD.
17. POA Holder/Mandate holder is eligible to get domestic debit card/ATM card for NRE CASA
account. Special designated application form to by submitted duly signed by account holder(s)
and POA/Mandate holder Click here
18. Since funds held in NRE account are freely repatriable, funds can be repatriated in FCY on the basis
of outward instructions signed by account holder.
*FCY Max is a product under which the customer can book an NRE Fixed Deposit and agree to
convert its maturity proceeds at a pre-defined rate into foreign currency of customer's choice. The
amount invested by the customer will be paid to the customer on maturity in repatriable foreign
currency. For more details, refer Gyaanline or contact NR Product Team.
Click Here for the list of NRI Deposit Product codes

Click Here for the Important Points on Non-Withdrawable Deposits
THE LIST OF DOCUMENTS ACCEPTABLE AS ADDRESS PROOF: (Click Here)

As per new KYC policy in case customer submits deemed to be OVD proof then Annexure X (Click Here)
needs to be obtained from the customer and customer needs to submit OVD within the stipulated
time frame.
3.2 NRO FD (Tax savings), NRO RD & Current income:

The customer should be a Non-Resident individual of Indian nationality or Person of Indian origin. It
can be held jointly with other Non-Residents or with Resident Individuals.
As per the latest RBI circular of Foreign Exchange Management (Deposit) Regulations, 2016 -
Notification No. FEMA 5(R)/2016-RB dated April 01, 2016 and Mail Box clarification dated August 04,
2016 - NRI can open NRO account jointly with resident holders only on ‘former of survivor’ basis.
Features:
1. NON RESIDENT ORDINARY (NRO) Account is maintained in Indian rupees
2. Interest on NON RESIDENT ORDINARY (NRO) Savings Bank account is currently fixed at same as
being offered as resident savings account (mentioned under NRE) calculated on average daily
balance, paid quarterly June, Sept, December and March))
3. Banks are free to determine their interest rates on savings deposits under Non-Resident Ordinary
(NRO) Accounts. However, interest rates offered by banks on NRO deposits cannot be higher than
those offered by them on comparable domestic rupee deposits. No senior citizen benefits
available.
4. Effective 11th June 2020, Rate of Interest for Savings Bank deposits Accounts has been revised.
Savings Bank interest will be calculated on the daily balances maintained in account.
1. Savings Bank interest will be paid at quarterly intervals
2. Click Here to know the latest rates
5. Minimum and maximum tenor for NON RESIDENT ORDINARY (NRO) FDs is as applicable for
resident FDs.
6. NIL interest shall be payable in case the FD is withdrawn before completion of minimum tenor (7
days).
7. In case of premature closure of NRO Fixed Deposit (including sweep in / partial closure) the
interest rate will be 1.00% below the contracted rate or the rate applicable for the period the
deposit has remained with the bank, whichever is lower, except for the tenor of 7-14 days
8. The interest rate applicable on premature closure of deposits (all amounts) will be 1% lower of:
a) The rate for the original/contracted tenor for which the deposit has been booked
OR
b) The base rate applicable for the tenor for which the deposit has been in force with the Bank
9. Permissible credits in NON RESIDENT ORDINARY (NRO) SB Account are foreign inward remittances
and all legitimate dues of customer in India. Please refer Annexure 1 to know the process to be
followed for allowing credits into NON RESIDENT ORDINARY (NRO) SB Account.
10. Under USD 1 million scheme NRI can repatriate outside India /transfer to NRE account, for
bonafide purposes, per financial year from balances held in NON RESIDENT ORDINARY ACCOUNT
(NRO) SB Account subject to payment of applicable taxes. Please refer Annexure 2 to know the
permissible debits and the process to be followed for allowing repatriation of funds from NON
RESIDENT ORDINARY (NRO) SB Account.
11. Repatriation of current income: Bank allows repatriation of current income like rent, dividend,
pension, interest, etc. of NRIs who do not maintain an NRO account in India based on an
appropriate certification by a Chartered Accountant, certifying that the amount proposed to be
remitted is eligible for remittance and that applicable taxes have been paid/provided for. Current
income can also be credited to customer’s NRE account as well after taking necessary
proofs/documents. Current income is eligible to repatriate/credit to NRE account provided there

is no dilution of such credit in any local funds/investment.
12. Interest on NON RESIDENT ORDINARY (NRO) SB and FD Account are subject to Income Tax. Incase
customer is transferring HDFC bank NRO interest to NRE account then CA certificate is not needed.
Interest earned on NRO Savings Account / NRO Fixed Deposit is subject to Tax deduction at source
*(w.e.f Aug 09). TDS is deducted at 30% plus applicable surcharge and cess. As per section 206AA
introduced by Finance (No. 2) Act, 2009 w.e.f 01.04.2010, every person who receives income on
which TDS is deductible shall furnish his PAN Number to the deductor, failing which TDS shall be
deducted at the maximum marginal rate or 30% plus applicable surcharge and cess whichever is
higher. The interest on NRO Accounts / Deposits and PIS transactions would be covered by the
said rule
• TDS, 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).
13. NRO RECURRING DEPOSIT. Click Here for details on NRO Recurring Deposit
14. DOUBLE TAXATION AVOIDANCE AGREEMENT (DTAA)

Double Taxation Avoidance Agreement (DTAA) is an agreement entered by India with various
countries. Under the current DTAA provisions, customer can enjoy concessional rate of Tax Deducted
at Source (TDS) on interest earned in India. Hence by registering for DTAA clients can earn higher yield
on their NRO deposits (FD as well as Savings Account).
As per recent amendment to the Indian Income Tax Act as announced in Union Budget 2012, NRIs who
wish to avail DTAA benefit have to mandatorily provide 'Tax Residency Certificate (TRC)' to the
deductor (Bank). This is applicable for all NR customers who wish to avail DTAA benefit with effect
from 1st April 2012. TRC is issued by the tax/government authority of the country where the NRI
resides. Customers have to check with the Tax Department or Finance Ministry in their country or with
their Chartered Accountant abroad for the procedure to obtain TRC. No other document in lieu of TRC
shall be considered for availing the DTAA rate for the said year. If you are desirous of availing the tax
rate deduction as per the DTAA, the same will be applicable once you submit the below mentioned
documents: In case the NRI has the NREPIS/NRO securities account / NRE/ NRO E broking account
under PC 119/118/122/121 then submit the copies of DTAA to PIS ops team (CPU)
Documents Required:
1) DTAA Annexure. Click Here.
2) PAN Card Copy self-attested
3) TRC.
4) Form 10F* Click Here. (*Form 10F need to be generated electronically on income tax e-portal).
In case customer have registered for DTAA benefit earlier or wish to register for the same then
customer need to provide latest copy of all the above documents to avail the DTAA rate for current
financial year, failing which the bank will deduct TDS on interest earned on your NRO deposits at 30%
plus applicable surcharge and cess.)
15. Domestic debit card/ATM card will be issued to the customer. International debit card is NOT
allowed in NRO Savings Account. (Rupay Domestic NRO Debit card can be issued to NRO account)
16. Over draft facility against NON RESIDENT ORDINARY FIXED DEPOSIT for self & third party is
available. (Please ref Gyaanline >>Retail Liabilities>>Non-Resident account>>Processes>>NR.
Communication from product>>OD against FDs for NRIs)
17. Nomination facility is available for both NON RESIDENT ORDINARY ACCOUNT (NRO) SB and FD
accounts
18. POA holder/Mandate holder is eligible to get Domestic Debit card/ATM card for NRO CASA
account. Special designated application form to by submitted duly signed by account holder(s)
and POA/Mandate holder Click here
HUF Account (Hindu Undivided Family account) for NRI Karta / Coparcener.
NRI customer cannot open NRO Hindu Undivided Family account. In case any NRI customer wishes
to open an HUF account then in such scenarios Resident HUF Account can be opened. The customer
will need to submit the KYC documents as per Resident HUF guidelines however the Karta need to
declare his status as NRI and share the extent KYC documents for his Karta AUS customer id.
NRO TAX SAVING FD

NRO tax saving FD is available for NRI customers. Since NRIs are not eligible to participate in small
savings schemes like PPF, NSC, NSS etc this product is best suited to plan their taxes. This also provides
NRIs an opportunity to diversify their investments in addition to other investments permitted in
Section 80C like insurance premium, home loan repayment etc. Please note, as per Section 115D of
the Income Tax Act the benefit under Section 80C is available to an NRI only if he has earned income
other than investment income (interest) & long-term capital gains.
Product Offerings
➢ Minimum Amount: 100/- and in multiples of 100/ - Maximum Amount: 1,50,000/-
➢ Tenor of ONLY 5 year
➢ Partial/Premature withdrawal, Sweep-in, overdraft not allowed
➢ PAN card is mandatory
➢ Customer can book the FD non-face to face also
➢ In case of joint holding only 1st holder will get the tax benefit.
➢ Customer declaration (Click Here)
THE LIST OF DOCUMENTS ACCEPTABLE AS ADDRESS PROOF: (Click Here)

As per new KYC policy in case customer submits deemed to be OVD proof then Annexure X (Click Here)
needs to be obtained from the customer and customer needs to submit OVD within the stipulated
time frame.
POA/MANDATE FACILITY: Authorised dealers/ authorised banks may allow operations on an

NRE/NRO account in terms of Power of Attorney or other authority granted in favour of a resident by
the non-resident account holder, provided such operations are restricted to withdrawals for local
payments or remittance to the account holder himself through banking channels. In cases where the
account holder or a bank designated by him is eligible to make investments in India, the Power of
Attorney holder may be permitted by the authorised dealers/ banks to operate the account to
facilitate such investment. The resident Power of Attorney holder shall not, however, be allowed to
repatriate outside India funds held in the account under any circumstances other than to the account
holder himself, nor to make payment by way of gift to a resident on behalf of the account holder.
Click Here for the list of NRI Deposit Product codes

Click Here for the Important Points on Non-Withdrawable Deposits
CLICK HERE to know the fees and charges of NRE & NRO Savings/ Current Account.
3.3 COMPARISON BETWEEN NRE & NRO ACCOUNTS.
NON RESIDENT EXTERNAL (NRE) NON RESIDENT ORDINARY (NRO)

CRITERIA
ACCOUNT ACCOUNT
Any person resident outside India

Non-resident Indians (NRIs) and Person
(other than citizen of Nepal & Bhutan)
of Indian Origin (PIOs) (other than citizen
ELIGIBILITY can open NRO account with for the
from Bangladesh & Pakistan) can open
purpose of putting through bonafide
NRE account.
transactions in rupees.
Metro / Urban branches: AMB Rs.10,000/-, or Fixed Deposit of Rs 1 Lakh for

minimum 1 year 1 day period (w.e.f 1st Oct ’22),
AMB (Applicable for NR
Semi-Urban Branches: AMB Rs.5,000/- , or Fixed Deposit of Rs 50,000 for
Savings & NR Current
minimum 1year 1 day period (w.e.f 1st Oct ’22),
Account)
Rural Branches: AQB Rs.2,500/-, or Fixed deposit of Rs 25,000 for minimum 1 year
1 day period (w.e.f 1st Oct ’22)
AQB (Applicable for

NRE/NRO Elite and AQB - 1 Lac or FD CUSHION – 5 Lacs across all branches.
Super Kids Account)
SAVINGS ACCOUNT - Non Instant (PC- SAVINGS ACCOUNT - Non Instant (PC-
106/ 1348 (Minors only)/ 1349 101 / 1344 (Minors only) / 1345),
(Women’s) / 1350), Instant (PC-156) Instant (PC-151)
PRODUCT OFFERINGS CURRENT ACCOUNT (PC-218) CURRENT ACCOUNT (PC-201)
SALARY ACCOUNT - Premium (PC-109),

SALARY ACCOUNT - Premium (PC-
Regular (PC-159), Seafarer’s Account
124), Regular (PC-158)
(PC-144)
CURRENCY IN WHICH
INDIAN RUPEES (INR) INDIAN RUPEES (INR)
ACCOUNT IS HELD
Account can be jointly held with NRI / Account can be jointly held with NRI /
PIO. PIO.
Resident Individual who is close relative

Any resident Individual can be added
(as per companies Act 2013) can be
JOINT HOLDER FACILITY as a joint holder however the mode of
added as joint holder however the mode
operation will be 'Former or Survivor'.
of operation will be 'Former or Survivor'.
This resident Indian joint holder can
This resident Indian joint holder can also
also be added as POA/mandate holder
be added as POA/mandate holder to
to operate the account in India.
operate the account in India.
i) Funds held in NRO account can be

repatriated/ credited to NRE SB
account under USD 1 Million Scheme.
ii) Dividend, Rent, Pension and Interest

Funds held in NRE account are fully and
REPATRIATION income earned can be repatriated/
freely repatriable.
credited to NRE SB account under
Current Income scheme provided the
funds are not diluted. There is no limit
on maximum amount of repatriation
for current income earned.
POA/ mandate holder facility can be POA/ mandate holder facility can be
provided to any Resident Indian to provided to any Resident Indian to
MANDATE HOLDER operate the account in India and POA/ operate the account in India and POA/
mandate holder can be provided with an mandate holder can be provided with
ATM/ Domestic Debit card. an ATM/ Domestic Debit card.
Both NRE & NRO deposits can be

Only NRE Fixed Deposit can be linked for
SWEEP IN FACILITY linked for sweep in facility to NRO
sweep in facility to NRE account.
account.
International Debit Card can be Only Domestic Debit Card can be

DEBIT CARD
provided. provided.
Interest earned on NRO account is

subject to TAX Deduction at Source.
Current Tax Rate is 30% (plus
applicable surcharge).
Double Taxation Avoidance

Agreement (DTAA) Benefit can be
Interest earned on account is tax exempt availed for concessional rate on TDS
TAXATION
in India. levied on Interest earned on NRO
account.
Documents Required for DTAA are
❖ DTAA Annexure.
❖ PAN Card Copy self-attested
❖ TRC.
❖ Form 10F* (Generated online
income tax portal)
NRI customers looking for earning tax

NRI customers looking to maintain
free interest on their foreign earnings
account to deposit their income
USP but also want convenience in fully and
/legitimate dues earned in India can
freely repatriability of their funds can
open NRO account.
open an NRE account.
3.4 Foreign Currency Nonresident Deposit Scheme (FCNR)
The customer should be a Non-Resident individual of Indian nationality or of Indian origin. It can be
held jointly with other Non-Residents or with Resident Close relatives. Incase joint holder (2nd holder)
is resident Indian; the mode of operation would be “Former or survivor”.
‘Close relative’ means relative as defined in section 2(77) of the Companies Act, 2013.
Features:
1. The Foreign Currency Non-Resident (FCNR (B)) scheme was introduced with effect from May 15,
1993, to replace the then prevailing FCNR (A) scheme introduced in 1975.
2. It is fixed deposit held in foreign currency.
3. RBI allows FCNR (B) in any permitted currency i.e. a foreign currency which is freely convertible.
Our bank currently offers it in scheme covers deposits in US Dollar (USD), Great Britain Pound
(GBP), European currency (EURO), Japanese Yen (JPY), Australian Dollar (AUD) & Canadian Dollar
(CAD).
4. Permissible credits as applicable for NON RESIDENT EXTERNAL (NRE) Accounts
5. Interest on FCNR FD is exempt from Income Tax.
6. Both, Principal and Interest, are fully repatriable or convertible into INR and credit to NON
RESIDENT EXTERNAL (NRE) Account. Customer can repatriate funds by giving written instruction
/through NET banking.
7. The interest is calculated on a half yearly basis. Interest for re-investment deposit is calculated
every six months and the Principal is increased to include interest earned during the previous six
months.
8. NIL interest is payable if deposit is withdrawn prior to completion of one year
9. In case of premature withdrawal of FCNR FD the bank will not charge any penalty and interest will
be paid at the rate applicable for the period for which the FD has remained with the bank
10. The interest rate applicable for premature closure of deposits (all amounts) will be lower of: The
base rate for the original/contracted tenor for which the deposit has been booked OR
11. The base rate applicable for the tenor for which the deposit has been in force with the Bank.
12. The paid interest amount (in case of half yearly pay-out mode) will be adjusted against Principal
Balance of the Deposit in case of Premature withdrawal of the FCNR Deposit before 1 year
13. Over Draft facility for self is available by setting limit on customer's NON RESIDENT ORDINARY
(NRO) Savings Bank account. Limit cannot be set against NON RESIDENT EXTERNAL (NRE) Savings
Bank account under any circumstances. Maximum OD limit is 70% of the deposit value. For
offering OD against Rupee max* FCNR and to increase the limit beyond 70%, kindly contact NRI
Product Team. OD facility can be provided to third party as well up to the maximum permissible
amount as above. The facility of premature withdrawal of FCNR deposits shall not be available
where loans against such deposits are to be availed of OFFSHORE LOAN (Please ref Gyaanline
>>Retail Liabilities>>Non-Resident account>>Processes>>NR Communication from product>>OD

against FDs for NRIs)
14. Nomination Facility is available for FCNR Fixed deposits account.
15. Since funds held in FCNR accounts are freely repatriable, we can remit funds on the basis of
outward instructions signed by account holder.
16. At the time of receiving an Inward remittance for the purpose of booking an FCNR deposit, the
customer to quote his Customer ID number as beneficiary account number ( instead of NRE SB
account ) and mention instructions to book FCNR deposit specifying the tenor.
17. The proceeds of FCNR deposits can be paid by way of Foreign currency draft / foreign currency
outward remittance/credit to NRE SB account/transfer to another AD in foreign currency
18. We offer FCNR deposits in USD, GBP, EURO, JPY, AUD, CAD in Half yearly and Reinvestment deposit
options.
19. NRI/PIO can opt for min 1 year to a Max of 5 year in USD, AUD and CAD currencies and Min and
Max tenure for opting GBP, EURO & JPY currencies FCNR is 1 year.
20. The interest rate applicable for premature closure of deposits (all amounts) will be lower of:
The base rate for the original/contracted tenor for which the deposit has been booked OR The
base rate applicable for the tenor for which the deposit has been in force with the Bank.
*RupeeMax is a product under which the customer can book an FX-Forward Contract against the FCNR
deposit, which will help him to earn not only the FCNR Interest but also the forward premium between
currency chosen and Indian Rupee. The amount invested by the customer will be paid to the customer
on maturity in Indian Rupees. For more details, refer Gyaanline or contact NR Product Team.
Click here for an OVERVIEW OF NRI DEPOSITS

Click Here for the list of FCNR Deposit Product codes
3.5 Resident Foreign Currency Savings Account & Fixed Deposit (for returning NRIs)
Customer who was an NRI and who has returned to India on or after 18th April, 1992 and was a
resident outside India for a continuous period of not less than one year prior to his return and has
been permanently settled in India since his return is eligible to open RFC account. Thus eligibility can
be determined by checking passport. It can be held jointly with other Non-Residents or with Resident
relative in India; the mode of operation would be “Former or survivor”. (‘relative’ means relative as
defined in section 2(77) of the Companies Act, 2013.) Returning NRI who has come to India for good
and residing in India is allowed to open, hold and maintain a Resident Foreign Currency (RFC) Account
out of foreign exchange. Click Here for RBI master directions on RFC accounts.
Eligibility Criteria for holding RFC Account - This can be checked through passport copy
• Returning NRI who has returned to India for good with the intention to stay indefinitely in India.
• Permanently settled in India
Documentation required opening RFC account.
✓ For RFC Savings Account - RFC savings account opening form and RFC Savings account undertaking.
Click Here. (Resident Savings Account opening form to be obtained)
✓ For RFC Fixed Deposit Account - RFC fixed deposit account opening form and RFC fixed deposit
account - undertaking. Click Here (NRI Account opening form to be obtained)
✓ Photocopy of the passport consisting passport details and personal details of all applicants.
✓ Copy of Permanent Account Number (PAN)
✓ Copy of expired visa and immigration stamps showing evidence of foreign stay for at least 1 year
(last departure and arrival page).
✓ Passport size photograph of all applicants.
✓ Indian address proof (as accepted while opening Resident Accounts)
✓ RFC Savings Account can be opened on NIL IP basis.
✓ Customer will have to open resident CASA account while opening RFC account.
Note: Customer’s KYC documents, RFC declaration needs to be mandatorily be obtained at the time of FIRST RFC
FD or FIRST RFC SB account opening but need not be obtained for add on RFC FD or rebooking existing RFC deposit
or in case the customer is already holding RFC SB and wishes to open RFC FD & vice versa.
Benefits of RFC account
❖ Transfer balance to NRI Accounts on regaining NRI status.
❖ Facility to withdraw funds in Rupees by transferring foreign currency held in RFC account to
Resident CASA account. (Customer need to have a resident CASA account with our bank)
❖ Repatriate funds for any bonafide, authentic and genuine purpose. This repatriation of funds will
not be considered under Liberalised Remittance Scheme (LRS) limit.
❖ Principal, Interest and Balance held in RFC deposits and accounts is fully repatriable.
❖ Nomination facility is available.
❖ RFC Accounts can be held jointly with other eligible persons (Returning NRI's).
❖ RFC accounts can also be held jointly with resident relative as joint holder on ‘former or survivor’
basis. Click Here
Features:
1. RFC accounts may be maintained in the form of Current, Savings Bank or Fixed Deposit account in
foreign currency
2. Credits permitted in RFC account
▪ Income / Sale proceeds of assets acquired out of foreign exchange earned abroad.
▪ Proceeds of NRE / FCNR accounts or funds remitted from abroad.
▪ Funds received as pension or any other superannuation or other monetary benefits from his
employer outside India.
▪ Received or acquired as gift or inheritance from a close relative.
▪ Proceeds of life insurance policy claims/maturity/ surrender values settled in foreign currency
from an insurance company in India permitted to undertake life insurance business by the
Insurance Regulatory and Development Authority.
3. Debits permitted from RFC account
▪ Funds in RFC savings account can be remitted abroad for any bonafide purpose of the account
holder without any limit.
▪ Facility to withdraw funds in rupees by transferring foreign currency held in RFC account to
Resident CASA account. (Customer need to have an resident CASA account with our bank)
4. RFC Savings is available with HDFC BANK for 3 permitted currencies such as USD, GBP & EURO and
RFC FD is available with HDFC BANK in 4 permitted currencies such as USD, GBP, and EURO & JPY.
5. Funds in RFC Fixed Deposit can be remitted abroad for any bonafide purpose of the account
holder or withdrawn in INR
6. In the event of regaining NR status customer can freely transfer to his/her own NRE/FCNR
accounts
7. Premature liquidation of RFC deposit will attract 1 % penalty.
8. As per bank’s internal policy, cheque book/ debit card is not issued for RFC savings accounts
9. As per the RBI guideline Overdraft facility against RFC deposit is not available
10. Nomination facility is available for both RFC savings & RFC fixed deposits account.
CLICK HERE for RFC SB and Deposit Product codes
Tax on interest earned on RFC Account

Interest earned on RFC deposits is taxable. However, tax exemption is available if the customer
qualifies as a “Resident but not ordinarily resident” as per Income Tax Act, 1961. Resident but not
Ordinarily Resident (RNOR) is defined below. To claim this exemption the customer needs to submit
a Form 15G at the beginning of the Financial Year to the bank.
Resident but not Ordinarily Resident (RNOR) definition as per Income Tax Act
At present, an individual is said to be “Resident not ordinarily resident” i.e. RNOR in the relevant year,
if such individual satisfies one of the following conditions:
Condition Status
1. He is non-resident of India for at least 9 out of 10 previous years If yes, he is RNOR

prior to the previous year under consideration
2. His stay in India during the 7 previous year prior to the relevant If yes, he is RNOR
year under consideration should be 729 days or less
RNOR DECLARATION CAN BE SUBMITTED FOR ONLY 2 YEARS FROM THE DATE OF RETURN TO INDIA
3.6. CORPORATE SALARY ACCOUNTS FOR NON-RESIDENT INDIANS
Corporate Salary accounts can be opened for individuals working in corporates who have given us the
mandate to open NRE/ NRO accounts of their employees. Such corporates could be:
• Indian companies like Infosys, Wipro etc who regularly send their employees overseas on
deputation
• Foreign shipping companies who employ Indian nationals on their ships overseas
• Foreign companies/firms who employ Indians in countries outside India
These accounts are offered with certain features like lower/zero AMB, free debit card etc. A company
code for such corporates can be created basis their mandate letter or if they already have a corporate
code through the Resident Corporate Salary Product team, the same may be used for NRE/NRO
corporate salary accounts also. Fresh company codes created for NR account opening purposes should
not be used while opening the resident corporate salary accounts.
All accounts opened under this category will fulfil the regular KYC requirements as prescribed in this
circular. Additionally, the Salary slip/Company ID/Letter from the company shall need to be collected.
Corporate salary accounts are opened only under specific product codes (109,124,158,159). Sourcing
channel to mention the correct company code on the form and CPU to ensure that the company code
mentioned on the account opening form is correct basis the supporting documents accompanying the
form.
NOTE – In event of no salary credits received in salary account for continuous six months, the salary
account will be converted to Regular Savings Account (under Product Code 129(NRE) and Product
code 128(NRO) with Promo Code “SALTOSB” and the charges will be levied as per the fees and
charges structure available on HDFC Bank's website for non-maintenance of AMB.
3.7 PORTFOLIO INVESTMENT SCHEME (PIS) ACCOUNTS
NRIs who want to purchase/sell securities in the secondary market have to obtain permission from
designated branch of Authorized Dealer (the bank) and open a separate account for exclusive purpose
of routing such transactions at PIS designated branch. Such accounts are called Portfolio Investment
Scheme (PIS) accounts. Citizens of Pakistan or Bangladesh are not eligible to open PIS accounts.
PIS accounts are available on repatriation (NRE) basis. RBI guidelines stipulate that securities should
be purchased/sold only through a registered stock broker on a recognized stock exchange. PIS
accounts should not be used for dealing in securities acquired through other modes i.e., securities
purchased through primary market (IPOs) or as a resident individual, ESOPs, Foreign Direct Investment
etc. NRE PIS / NRO securities account closure can be done at any branch.
The bank offers two kinds of NRE PIS accounts – online product code (119) and offline (product code
122) PIS accounts. Online PIS accounts are accounts where customer has availed of brokerage facility
through HDFC Securities Ltd (HSL). Such accounts are opened by filling in the 3 in 1 HSL NRI account
opening form.
Offline PIS accounts are accounts where customer has availed of brokerage services from third party
brokerage firms (other than HSL)
Important features of PIS Account

1. This account has to use only for PIS related transaction only. No other transaction shall be routed
through this account.
2. Customer cannot have more than one NRE PIS permission and NRE PIS account at any point of
time across all banks.
3. The customer has to deal through a recognized stock exchange and with a registered broker only.
Customer has to submit every contract copy to the bank within 24 hours of purchase/sell
transactions.
4. As an NRI, the customer will be allowed to invest only up to 5 % of the paid-up capital of the
company. The aggregate paid up value of shares of any company purchased by all NRIs cannot
exceed 10 % of the paid-up capital of the company and in the case of convertible debentures, the
aggregate paid up value of each series of debentures purchased by all NRIs cannot exceed 10 % of
the paid-up value of each series of convertible debentures.
5. NRI should not engage in dealing of banned/ caution listed securities as notified by RBI/NSDL/CDSL
from time to time.
6. Sale proceeds of shares to be deposited in PIS designated branch only to ensure tax deduction
before credit to customer's account.
7. In case of transfer of PIS permission from another bank, NOC from existing bank along with list of
shares, demat statement with all details like purchase price, purchase date, quantity purchased
etc. is to be obtained.
8. NRI has to take delivery of shares purchased, give delivery of the share sold.
9. Credits Permitted in NRE PIS Account are as follows:
• Inward remittances from abroad in foreign exchange through banking channels.
• Transfer from the NRI’s/ OCI’s other NRE accounts or FCNR (B) accounts maintained in
accordance with the Foreign Exchange Management (Deposit) Regulations, 2016.
• Dividend or income earned on investment made on repatriation basis.
NRO SECURITIES SAVINGS BANK ACCOUNT
As per the RBI circular dated 15th Feb 2016, Notification No. FEMA 361/2016-RB has made certain
amendments in Foreign Exchange Management (Transfer or Issue of security by a person Resident
outside India) (Amendment) Regulations, 2016 under Schedule 3 & 4. This has resulted in withdrawal
of NRO PIS Scheme under Schedule 3. NRIs can continue to acquire securities under Schedule 4 on
non-repatriation basis. NRO Portfolio Investment Scheme (PIS) is discontinued for investment in
shares on non-repatriation basis in secondary market however there is no change in NRE PIS process.
Existing NRO PIS account under Product Code 121 has been renamed as “NRO SAVINGS - Securities”
and Product Code 118 has been renamed as “NRO Savings Ebroking – Individuals”.
For more details on PIS account REFER GYAANLINE for PIS Manual
Credits Permitted in NRE PIS Account held under product code 119 and 122 are as follows:
✓ Inward remittances from abroad in foreign exchange through banking channels

✓ Transfer from the NRI’s/ OCI’s other NRE accounts or FCNR (B) accounts maintained in
accordance with the Foreign Exchange Management (Deposit) Regulations, 2016;2016.
✓ Dividend or income earned on investment made on repatriation basis.
4. DEFINITION OF PEP (POLITICALLY EXPOSED PERSON):
IMPORTANT: Account of PEPs shall be approved by officers in grade D3 and above. Such accounts
shall be marked as “High Risk” and would be subjected to enhanced due diligence. Enhanced due
diligence procedure has been specified in the KYC policy of the bank. Kindly refer to the same and
follow.
Definition: Politically exposed persons are individuals who are or have been entrusted with prominent
public functions in a foreign country. Examples of PEPs include, but not limited to: (1) Heads of State
or of Governments (2) Senior Politicians (3) Senior Government / Judicial / Military Officers (4) Senior
executives of state-owned corporations (5) Important political party officials (6) Senior Indian
Diplomatic personnel posted outside the country. The term PEP also includes the families and close
associates of the PEPs mentioned above. Families: The term families includes close family members
such as spouses, children, parents and siblings and may also include other blood relatives and relatives
by marriage. Close associates: The term closely associated persons in the context of PEPs includes
close business colleagues and personal advisors / consultants to the PEP as well as persons who
obviously benefit significantly from being close to such a person. PEPs also include persons who are
not currently falling under the above criteria but were doing so at any given point in time within the
last one year.
Branches should gather sufficient information on any person/customer of this category intending to
establish a relationship and check all the information available on the person in the public domain.
Branches should verify the identity of the person and seek information about the sources of funds
before accepting the PEP as a customer. Such accounts should be subjected to enhance monitoring
on an on-going basis. The above norms should also be applied to the accounts of the family members
and close relatives of PEPs. Customers who are close relative of the PEPs and accounts where ultimate
beneficiary is PEP shall be approved by officers in grade D3 and above. Such accounts shall be marked
as “High Risk” and would be subjected to enhanced due diligence. In the event of an existing customer
or the beneficial owner of an existing account, subsequently becoming a PEP, banks should obtain
approval of the business head to continue the relationship and subject the account to the CDD
measures as applicable to the customers of PEP category including enhanced monitoring on an on-
going basis. Appropriate risk management systems to be put in place to determine whether client or
potential client or the beneficial owner of such client is a politically exposed person. Such procedures
to include seeking relevant information from the client, referring to publicly available information or
accessing the commercial electronic databases of PEPs. Bank also to take reasonable measures to
verify the sources of funds as well as the wealth of clients and beneficial owners identified as PEP.
5. ACCOUNTS FOR FOREIGN NATIONALS OF NON-INDIAN ORIGIN ON VISIT:
With the introduction of Foreign Exchange Management Act – FEMA 1999, the accounts held by
foreign nationals who are resident in India for taking up employment are treated as Resident
Accounts. Foreign Nationals of non-Indian origin who are on a visit to India, e.g., tourists or business
visitors (Visa Type: Tourist, Business, Missionaries, Research, Sports, Etc.) can open NRO Savings or
Current account as per Master direction on NRO Accounts issued by Reserve Bank of India.
Interest accrued on NRO Savings account is liable for Tax Deduction at Source (TDS). Further Income
Tax rules prescribe that PAN has to be quoted while furnishing of e-TDS return in the absence of which
the customer shall not be eligible to claim the benefit of the tax deducted. Hence by default the bank
shall offer NRO Current account facility for foreign nationals on visit. NRO Savings account will be
offered only if the customer insists on the same and is willing to provide PAN number at the time of
account opening.
Foreign nationals accounts opening is prohibited for customers who are related to OFAC Fully
sanctioned countries basis clause 6.1.7 of bank's KYC/AML policy. Related here means any Indian
passport holder working in these countries / having overseas address of below countries / foreign
citizen of below countries / including foreign Tourist / Foreign student.
Account opening:
The below product codes have been opened exclusively for foreign nationals on visit and no other
category of accounts should be opened under these product codes: NRO Current account will be
opened under Product code 242 for customers who furnish PAN number, NRO Savings account will
be opened under Product code Permissible credit for customers who do not have PAN but can furnish
Form 60 however In case customer wishes to open Savings A/c but has PAN still they can opt for the
same.
Foreign Nationals on short-term visa (single/multiple entry) can open NRO account. The below visa
types may be accepted for opening the account: 1) Tourist 2) Business 3) Missionaries 4) Research 5)
Sports Visa. Foreign national accounts may be opened with another joint holder provided all the
holders are foreign nationals on a short-term visit. Thus, resident Indians shall not be permitted as
joint holders to a foreign national account.
THE BELOW GUIDELINES NEED TO BE SCRUPULOUSLY FOLLOWED AT THE TIME OF ACCOUNT

OPENING:
1. Accounts of foreign nationals on multiple entry visas to be opened under promo code “MULTI”
Accounts of foreign nationals on short-term single-entry visa to be opened under promo code
“SINGLE”.
2. Branch needs to ensure that the correct promo code is captured on the form, under the Promo code
section.
3. Copy of passport & Indian visa, email id and photograph are mandatory. No WAIVER shall be
permitted on the said requirement.
4. Both Indian & Overseas address to be recorded on the account opening form. Address proof for
overseas address to be obtained where the passport address and the overseas address mentioned on
the account opening form are different.
5. The sourcing branch needs to mention the company code 6685A and company name - “NRI foreign
nationals” - for all foreign national accounts opened.
6. Net banking & phone banking facility may be provided to such accounts. However, the customer
will get only inquiry rights and will not be able to do any transactions through phone banking.
7. Foreign Nationals are not permitted to open a Fixed Deposit.
8. Account cannot be opened with NIL initial pay in money. Minimum initial pay in money equivalent
to Rs.10, 000/- shall be mandatory. Initial pay in money can only be by way of depositing Foreign
Currency / FCY Traveller’s cheques. Depositing of INR cash by producing encashment certificate from
any other authorized dealer shall not be permitted.
9. Welcome kit shall NOT be dispatched by courier. The same has to be handed over across the
counter after sighting the photo identity of the customer.
10. Cheque Book / ATM / Domestic debit card only can be issued for such accounts. Under no
circumstances can International Debit card be issued on such accounts. Branch has to appropriately
capture the card code on the form.
11. Cash withdrawal by bearer/third party who is a resident is not permitted if the amount is above
Rs. 50,000
12. Instant kits will not be available for such accounts.
13. POA/mandate holder facility not available for such accounts
Documentation
1) A4 NR Account opening CLICK HERE

2) Customer declaration (mandatory) - Customer declaration from Foreign Visitor (Click Here)
3) Branch needs to ensure that the below correct promo code is captured on the form,
a) Company Code: 6685A
b) Company Name: NRI Foreign nationals
4) Branch to mention the promo code as "MULTI" or "SINGLE" basis the type of VISA i.e. Multiple or
Single entry
5) Photocopy of relevant pages of Passport / Valid Indian visa and passport size Photograph
6) Both Indian and Overseas address to be recorded on the account opening form and overseas
address proof is required as list of acceptable proof Click Here (Overseas address is required if the
mailing or permanent address is different from address mentioned on passport)
7) NIL IP approval can be taken from Cluster Head
Transaction Monitoring:
Where such Current Account/SB has been opened by the foreign national with funds remitted from
outside India or by sale of foreign exchange brought by him/her to India, authorized dealers (i.e.
banks) may convert balance in the account at the time of departure from India in foreign currency
for payment to the account holder. This is subject to the condition that the account was not
maintained for a period exceeding 6 months and the account has not been credited with any local
funds, other than the interest accrued thereon. In case the foreign national wants to repatriate the
proceeds of the account that has been held more than six months, RBI approval shall be required.
No local funds can be credited to Foreign Nationals account. In case any local funds are inadvertently
credited to such Foreign National accounts the same shall be reflected in CH 106 report. Branch has
to ensure that immediate hold is marked on the funds. Transaction has to be subsequently reversed
by issuing a Manager’s Cheque (MC) in favour of the customer.
Centralized Operations:
Centralized Operations has to ensure that welcome kits for these accounts are dispatched to the
account branch for onward delivery to customer. Correct promo codes and company codes to be
checked and captured in the system. It needs to be ensured that only Level–2 rights are assigned for
phone banking facility provided to customer. Low severity memo to be updated at account level
stating “Local credits not allowed. Cash withdrawal by bearer not permitted if amount > Rs 50,000.
Repatriation after six months of account opening needs RBI approval”. No fixed deposit shall be
booked for Foreign Nationals by CPU. Fixed deposit forms shall be out rightly rejected.
Account Closure:
NR Process team will conduct an annual review of all accounts which have crossed six months.
Decision to close / continue the account to be taken in consultation with the concerned branch
depending upon the client contact ability and transaction pattern. Approval required for repatriation
of closure proceeds of these account if held more than 6 months. While closing the account, the
closure proceeds should not be provided in the form of INR dd/mc. Customer to mandatorily submit
outward remittance instructions to remit funds to own overseas account held abroad within 6 months
of account opening. The proceeds of unspent foreign exchange/remittance are eligible to remit at the
time of closure of account within 6 months of account opening. Accounts will be blocked after
completion of 6 months from the date of account opening.
6(A) FOREIGN CORPORATE BODIES (FCB):
Eligibility
Any company/firm registered overseas and does not have any representative office, liaison office or
project office in India can open NON RESIDENT ORDINARY (NRO) Current account for the purpose of
putting through bonafide transactions in rupees not involving any violation of the FEMA guidelines.
The operations on the accounts should not result in the account holder making available foreign
exchange to any person resident in India against reimbursement in rupees or in any other manner.
Foreign Corporates intending to invest through FDI route and wanting to avail custodial services
should approach Custody Department of the bank. If the requirement is only to dis-invest shares
acquired through FDI route then procedure mentioned herein to be followed.
Foreign Corporates who wish to open a liaison office/representative office/project office/branch

office in India are required to get RBI permission vide notification No. FEMA.22/2000-RB dated May
3, 2000 after which they are permitted to open resident current account.
Type of Account
As per above guidelines, FCBs can open NRO current on the basis of special RBI approval under product
code 241. Branch needs to contact NRI product team/RPM for opening such accounts and repatriating
funds from such account.
Permitted Debits and Credits

The nature of transactions permitted in the account would be specified in the regulatory permission
issued to the corporate unless the transactions are permitted under general permission from RBI, for
example, shares acquired under automatic route of FDI. Outward repatriation should be processed
through local Trade Finance desk and with necessary RBI approval. Only non-financial rights will be
available on Net banking for such account holders. Payment towards purchase of shares should not
be routed through such accounts. FD booking is not allowed.
DOCUMENTATION
(I)Documentation for Companies registered outside India.
➢ Account opening form
➢ Declaration confirming purpose of opening account and nature of transactions expected in the
account ( in Bank’s format)
➢ Memorandum of Association, Articles of Association, Certificate of Incorporation to be attested
by any one Director of Company with company stamp
➢ Annexure I (Beneficial Owner Declaration as per Bank’s format)
➢ FATCA/CRS Annexure
➢ AML declaration to be completed and signed by all the authorized signatories,
➢ The board resolution signed by any two directors or Company secretary or chairman of the
company authorizing the opening of the bank account and its mode of operation. If single
director/CS/Chairman is signing the Board Resolution and he is also the signatory in the account
then one more director's sign is required on the Board Resolution.
➢ ID proof duly self-attested of Non AUS director signing the Board Resolution.
➢ List of directors with name, address and signatures on company letter head.
➢ Overseas Address Proof (Utility bill or Bank statement or Bank certificate confirming the address)
➢ Authorized signatories’ proof of identity (passport copy) and address proof documents ( Utility
bill, driving licence or bank statement) to be self-attested
Since the account opening will be non-face-to-face where branch is not able to do OSV or CSIMP (as
docs may be coming from abroad via courier), then such documents should be mandatorily be self-
attested & further attested in original by notary public of that country or attested by Indian Embassy
situated in that country.
Additionally, if the KYC documents are in language other than English, then it should be translated by
Official Translator / Notary public situated in that country / Embassy office.
(II)Documentation for Partnership firm registered outside India

account (in Bank’s format)
➢ Partnership Deed
Since the account opening will be non-face-to-face where Bank staff is not able to see original
documents, (as docs may be coming from abroad via courier), then such documents should be
mandatorily be self-attested & further attested in original by notary public of that country or attested
by Indian Embassy situated in that country.
(III) Documentation for Association of Persons registered outside India

account ( In bank’s format)
➢ Memorandum of Association, Articles of Association, Certificate of Incorporation to be attested
by any one Director of Company
➢ AOP Agreement / Deed.
➢ The resolution signed as per quorum authorizing the opening of the bank account and its mode of
operation.
➢ ID proof duly self-attested of Non AUS members signing the Resolution.
Since the account opening will be non-face-to-face where branch is not able to do OSV or CSIMP (as
docs may be coming from abroad via courier), then such documents should be mandatorily be self-
attested & further attested in original by notary public of that country or attested by Indian Embassy
situated in that country.
(IV)Documentation for Trust registered outside India

account.( in Bank’s format)
➢ Registration Certificate of Trust issued by appropriate
➢ Certified copy of Trust Deed
➢ The board resolution signed as per quorum authorizing the opening of the bank account and its
mode of operation. Proof of appointment of Trustees
➢ ID proof (passport copy) duly self-attested of Non AUS Trustee signing the Board Resolution.
➢ List of Trustees with name, address and signatures on Trust letter head.
➢ Overseas Address Proof of Trust (Utility bill or Bank statement or Bank certificate confirming the
address)
bill, driving license or bank statement) to be self-attested
(V)Documentation for LLC registered outside India

➢ Certificate of Incorporation / Registration,
➢ MOA / AOA / Bye Laws / Any Internal Agreement as similar to Partnership Deed / LLP Agreement.
➢ Board Resolution signed by two directors.
➢ Latest List of Directors on the letter head.
➢ Address proof in the name of Company.
➢ Id proof of person signing the BR.
➢ ID & Address proof of AUS.
➢ Annex I
➢ FATCA / CRS Annexure
Since the account opening will be non-face-to-face where Bank staff is not able to see original
documents, (as docs may be coming from abroad via courier), then such documents should be
mandatorily be self-attested & further attested in original by notary public of that country or attested
by Indian Embassy situated in that country.
6(B) OVERSEAS CORPORATE BODIES (OCB):

Overseas Corporate Bodies (OCB) can open NRO account only with specific RBI approval. Overseas
Corporate Body (OCB) means a company, partnership firm, society and other corporate body owned
directly or indirectly to the extent of at least sixty per cent by Non-Resident Indians and includes
overseas trust in which not less than sixty per cent beneficial interest is held by Non-resident Indians
directly or indirectly but irrevocably, which was in existence as on September 16, 2003 and was eligible
to undertake transactions pursuant to the general permission granted under Foreign Exchange
Management Regulations. Overseas Corporate Bodies (OCBs) have been de-recognized as a class of
investor in India with effect from September 16, 2003. Erstwhile OCBs which are incorporated outside
India and are not under adverse list of the Reserve Bank can make fresh investments under the FDI
Scheme as incorporated non-resident entities a) with the prior approval of the Government of India,
if the investment is through the Government Route; and b) with the prior approval of the Reserve
Bank, if the investment is through the Automatic Route. However, before making any fresh FDI under
the FDI scheme, an erstwhile OCB should through their AD bank, take a one-time certification from
RBI that it is not in the adverse list being maintained with the Reserve Bank of India.
Type of Account As per above guidelines, OCBs can open NRO current on the basis of special RBI
approval under product code 241. Branch needs to contact NRI product team for opening such
accounts and repatriating funds from such account.
Permitted Debits and Credits: As per RBI guidelines issued on time to time
7. DOCUMENT REQUIRED FOR ACCOUNT OPENING AND KYC GUIDELINES:
7.1 Non-resident Indians
For any NRI accounts opening the following basic documents are mandatory:
✓ Account opening form duly filled Click Here.
✓ Photograph
✓ Photocopy of passport
✓ Photocopy of valid visa / overseas work permit / resident permit
✓ Any One Address proof (Indian or Overseas) Mandatory. (Overseas address is must on AOF) Click
here for the list of acceptable proof.
✓ Initial pay-in (this means account opening money)/ NIL IP approval can be taken from Cluster Head
✓ Mandatory email id and one mobile number of the customer on the AOF
✓ PAN or Form 60 (PAN is mandatory for opening NRE/NRO Current Account)
✓ Mandate Form (optional in-case of mandate holder addition)
Note – In case of mariner proof of Indian address is mandatory and foreign national opening nro
account, foreign address proof is required
7.2 Additional KYC procedure for Persons of Indian Origin (PIOs)

When a foreign passport holder wants to open NRI account the Branch/Sourcing channel has to check
whether he/she qualifies as a Person of Indian Origin (PIO). A PIO / OCI card can also be accepted as
proof of PIO status.
In all other cases the branch has to carefully infer whether the customer qualifies as a PIO based on
the information available on his passport and documents accompanying the account opening form.
For all such face-to-face customers a valid Indian visa has to be collected since the customer would be
present in India at the time of opening the account. Further the procedure mentioned below needs to
be followed:
• If the date and place of birth of the customer is mentioned on the foreign passport and it's clear
that the place of birth is in India and the date of birth of the customer is on or after Jan 26, 1950
but before July 1, 1987 the customer qualifies as a PIO. This is because Section 3 of the Citizenship
Act, 1955 specifies that such a person acquires Indian citizenship by Birth.
• Where the information available is not sufficient to infer whether the person qualifies as a PIO,
additional documents need to be called from the customer. These documents should satisfy the
branch staff regarding the roots/ties of the customer with India and could be in the form of
previously held Indian Passport of self/spouse/parent/grand-parent, Voter ID card, Birth
Certificate, Marriage Certificate, proof of residential property owned in India etc.
• If the customer does not have sufficient documents to prove his PIO status but the branch is
satisfied about the PIO status then the declaration obtained from the customer should clearly
state that he does not possess the documentary proof for his PIO status. In case the branch is not
satisfied about the PIO status then the customer should be asked to apply for a PIO card and then
submit his account opening form. (Click here for PIO declaration)
7.3 NRI RE-KYC UPDATION PROCESS

Know Your Customer (KYC) is a key regulatory requirement from Reserve Bank of India. Keeping KYC
information updated is also part of our compliance and as a part of this exercise, we request the
customer to submit the documents to the bank. Re-Kyc needs to be done for all NRI customers based
on their risk category.
Risk Category Frequency for Re-Kyc

High Risk Every Two years
Medium Risk Every Eight years
Low Risk Every Ten years
CUSTOMER CAN SUBMIT HIS NRI RE-KYC THROUGH ANY OF THE BELOW MODES
RISK PROFILE NO CHANGE IN DEMOGRAPHICS CHANGE IN DEMOGRAPHICS
LOW / 1) EMAIL
1) NETBANKING
MEDIUM & 2) NETBANKING
2) OVERSEAS MAILBOX SERVICES
HIGH 3) OVERSEAS MAILBOX SERVICES
3) VISITING NEAREST BRANCH
(Individuals) 4) VISITING NEAREST BRANCH
1) EMAIL (Option available ONLY if there is no change in demographic information)

Low / Medium / High Risk: Customer needs to send the scan copy of duly signed Re-KYC form and
self-attested valid proof of ID and valid address proof (refer the list of acceptable documents) from
their registered email ID to Branch official / Relationship Manager or send email to
reKYCHDFCBank@hdfcbank.com.
2) NET BANKING
a) Customer needs to log into netbanking and go to Account Tab> Request> "Confirm KYC details"
b) Upload the scanned copy of filled KYC form along with scanned copies of valid Photo ID and Address
Proof (refer the list of documents)
c) The details would be updated within 2 working days.
d) In case the Re-KYC still does not get updated in FC FastPath CIM59 then branch can check status via
a) FTS>>Report>>Barcode Finder>>Enter Customer id>>Search OR b) Send email to respective CPU
team of your region.
e) Customer’s will not be able to change their contact details i.e. mobile number & email id via this
option
3) MAILBOX SERVICES
Customers may send the hard copy of Re-KYC forms dully filled and signed along with KYC documents
(refer the list of documents) using our Overseas Mailbox services. Click Here for list of Overseas
Mailboxes.
4) VISITING NEAREST BRANCH

Customers may visit the nearest branch or send the hard copy of Re-KYC forms dully filled and signed
along with KYC documents (refer the list of documents) to their Home Branch / Relationship Manager
DOCUMENTATION REQUIRED FOR UPDATING NRI RE-KYC

1. RE-KYC Updation Form Click Here.
2. Extended KYC Annexure Click Here. (MANDATORY)
3. Recent Passport size photo (MANDATORY)
4. Supporting Documents
Documents required for Indian Passport Holders (All documents have to be self-attested)
➢ Indian Passport
➢ Valid Visa (Employment/Residence/Student/Dependent visa copy or work/Residence Permit
copy/Iqama/Green card/Labour card)
➢ Indian or Overseas Address Proof (Click Here for the list of acceptable proofs)
Documents required for Foreign Passport Holders (All documents have to be self-attested)
➢ Foreign Passport
➢ PIO/ OCI Card / Proof of Indian origin
➢ Indian or Overseas Address Proof (Click Here for the list of acceptable proofs)
NOTE:
1) Non English Declaration is required if the documents are in language other than English Click Here
2) If the customer is Mariner then customer need to submit the below additional documents along
with the above list of documents:
❖ Copy of Valid contract copy
❖ Copy of last stamping CDC booklet
❖ Mariner on Break Declaration (if applicable) Click Here
3) In case branch has forwarded the RE-KYC updation request to CPU after making entry in FTS and
RE-KYC is still not updated in FC Fast Path CIM59, then branch can check with respective DVU team.
4) NRI Customer can update Re-KYC via email only if there is no change in demographic details (contact
details and addresses).
5) Modes of RE-KYC updation through SMS & or Self declaration form are not acceptable.
6) Complete AML details are MANDATORY for every customer for RE-KYC updation.
7) In case of change in contact number and email id then process as laid down under Audit Circular
273.1 / 2021 dated January 27, 2021 needs to be followed.
8) FATCA (Extended KYC Annexure) is mandatory irrespective of change in address. FATCA details can
eb checked in CIM11 option.
STEPS TO BE REMEMBERED FOR NON-FACE TO FACE CUSTOMERS:

Step 1: Bank Official to check if the Re KYC form and documents are received from customer's
registered email ID (verify the email id as per system)
Step 2: Take printout of scan request and also email received.
Step 3: Affix “Non-Face to Face & signature verified” stamp on Re - KYC form and documents after
verifying the signature from the system.
Step 4: Dispatch the same to respective CPU after making an entry in Re - KYC portal FTS under option
“REKYC Form” with Barcode.
7.4 ACCOUNT OPENING / CONVERSION CHECKLIST:
NRI ACCOUNT OPENING CHECKLIST needs to be attached while sending NRI account opening form to
WBO/CPU – Click Here.
RESIDENT TO NRO CONVERSION CHECKLIST CHECKLIST needs to be attached while sending Resident to NRO
account conversion form to WBO/CPU – Click Here
8. WAYS OF OPENING NR ACCOUNTS:

All accounts opened by any non-resident person / corporate are classified into two broad categories:
1. Face to face customers
2. Non face to face customers
8.1 Face to face customers:

In such cases the customer is met by a bank staff and all account opening documents are verified with
originals by the bank staff and self-attested by the customer. Further the customer signs the form and
the accompanying documents in the presence of the staff. The branch staffs needs to ensure that all
guidelines of the bank regarding account opening for face-to-face customers are adhered to. The initial
pay-in should be from customer's existing bank account or remittance done by him through regulated
/ supervised entity of the country of his residence. Foreign currency deposited by the customer himself
during a temporary visit to India up to equivalent of USD 5,000 . / Up to equivalent of USD 10,000
including Travellers Cheque can be deposited without Currency Declaration Form (CDF). At any point
of time, we cannot accept more than USD 5000 without CDF. In case of excess amount CDF is must as
per FEMA guidelines.
Accounts with single name cannot be opened, however, in case the customer furnishes additional
document (in addition to OVD), which contains his / her full name, the same can be accepted for
opening the account in full name subject to customer’s full name being captured in AOF. Please refer
guidelines provided in Annexure VII for opening accounts where customer’s OVD is in single name and
customer is unable to provide any additional documents in support of full name.
8.2 Non face to face customers:

Customers who are not met in person by a branch staff are classified as non-face to face customers.
The staffs dealing with such forms have to be more cautious while scrutinizing such forms. Opening
accounts for such customers requires the bank to follow the highest level of due diligence.
8.2.1 For NEW to BANK – Customer Documentation
For new to bank customers, as per RBI Master direction on Know Your Customer (KYC) Direction,
2016, under Non face to face NR account opening, the passport & address proof has to be self-
attested and additionally attested by (any one) Notary Public abroad / Court Magistrate / Judge /
Indian Embassy / Consulate General in the country where the non-resident customer resides /
Authorized officials of overseas branches of Scheduled Commercial Banks registered in India /
branches of overseas banks with whom Indian banks have relationships) / Any branch of overseas
bank with whom HDFC Bank has relationship [Click here for list of our overseas correspondent banks]
8.2.2 Existing Customer – Non-Face to Face Documentation

The KYC documents can be self-attested by the customer while account opening request is being
submitted
8.2.3 Non-face-to-face with NIL IP –
If the customer is opening an account with NIL IP, then it is considered as partial kyc and hence,
there is a No Debit marked. In order to complete his/her kyc and remove No Debit, the customer
needs to transfer funds from his/her own account where the remitter and beneficiary name needs
to be the same. Hence, in case the No Debit is marked with the Reason Code - 93 - NIL INITIAL PAY
IN - NON-FACE TO FACE A/C and if the remitter and beneficiary are the same for the inward
remittance received, then the branch needs to send details along with remittance proof or Flex cube
screen shot (provided Remitter and Beneficiary name is same and is clearly reflecting) to CPU for
account regularization
8.3 Process for Removal of ‘No Debit’ status for Nil IP Non face to face account opening
In NR accounts, if the customer is opening an account with NIL IP under non face to face then it is
considered as partial KYC and hence, there is a No Debit marked, as per KYC & AML guidelines. In order
to complete his/her KYC and remove No Debit, the customer needs to transfer funds from his/her own
overseas account where the remitter and beneficiary name needs to be the same or customer needs
to visit the branch in person and needs to submit a copy of his/her passport. Hence, in case the No
Debit is marked with the Reason Code - 93 - NIL INITIAL PAY IN - NON FACE TO FACE A/C and if the
remitter and beneficiary are the same for the inward remittance received, then for the removal of No
Debit branch needs to send the request to the respective CPU processing unit where the account got
processed.
A) No debit removal request format while sending case to CPU:
✓ Account number along with Customer Name & Reason for No Debit to be mentioned.
✓ IP document attached (In case of swift message-swift ref number to be mentioned. In case of chq
copy-chq no to be mentioned. In case of India link/QR remittance, India link/QR Ref number to be
mentioned)
✓ In case the customer has visited in person at branch then branch to conduct OSV of ID and address
proof and affix OSV and CSIMP on photo copies on documents and send the copies to CPU who
will lift no debit considering the KYC of the customer is now established.
B) If NRO SB account is funded and is under regular status then Branch can inform CPU to NO DEBIT
from NEW NRE SB ACCOUNT opened under non-face to face and vice versa OR if customer visits
branch in person post opening account under Non-face to face then post conducting OSV on KYC
documents branch can inform CPU to lift no debit by submitting the KYC documents on which OSV is
done.
C) Customers can even arrange to transfer the funds from his /her NRE or NRO held in other bank to
regularized the account,
D) Request for lifting no debit for the Reason Code - 93 - NIL INITIAL PAY IN - NON-FACE TO FACE
account to be send to respective CPU’s ONLY.
NIL IP NO DEBIT REMOVAL (Remitter name check)
There is a procedure to verify whether the person remitting the initial pay-in money is same as the
account holder. Hence the remitter name needs to match with the account holder’s name for such
initial payments and proof of the same be filed with the Account Opening Form. Given below are the
methods in which the initial payment can be made and the procedure that needs to be followed:
i.SWIFT Transfer
Branch/sourcing channel needs to obtain remittance proof from customer to ensure remitter name
and customer name matches. Alternatively, branch/sourcing channel should check the SWIFT message
or MT103 received by CPU, in which the remitter’s name should match with the customer’s name.
ii.Cheque Transfer
Branch/sourcing channel to check and confirm that the cheque is drawn from customer’s own
account.
iii.India Link/Online remittance through others

Branch/sourcing channel to check the remitter name on the transaction reference number available
with the CMS team. The remitter’s name should match with the customer’s name. In case customer
has used other bank’s online remittance service like Money2India or Remit2India then the customer
needs to submit Foreign Inward Remittance Certificate (FIRC) copy for the remittance done. This will
be provided by the service provider of the remittance facility.
iv.NEFT/RTGS/IMPS
Branch/sourcing channel has to check the remitter name from the transaction number available with
NEFT/RTGS/IMPS team. The remitter’s name should match with the customer’s name.
v.Demand Draft purchased from Exchange House

The preferred mode of remittance for customers residing in Gulf Co-operation Council countries (GCC)
where most NRI remitters are ‘blue collared’ workers and do not hold bank accounts, is through
demand drafts purchased from banks or exchange houses. Banks and exchange houses in GCC region
are licensed by the respective Central Banks of their countries and hence are regulated and supervised
entities. GCC being a member of the FATF the initial remittance by such customers which are by way
of demand drafts purchased from such regulated supervised entities thus acts as a third-party
certification of the customers. When a remittance is done by a customer through this mode he is
issued an Acknowledgement Slip by the bank or exchange house. The remitter name check needs to
be done as follows:
▪ For Saudi customers, name or Iqama Number on Remittance acknowledgement slip to be verified
with Customer's details
▪ For other GCC locations, name on Remittance acknowledgement slip to be verified with
Customer's details.
We can also accept Demand Draft purchased by the customer from banks in India provided it’s
accompanied by a letter from the issuing bank to evidence that the draft was purchased by him.
8.4 Multiple accounts opening

Opening of multiple accounts by individuals renders it difficult for banks to monitor the various
transactions as envisaged in the Know Your Customer / Anti Money Laundering guidelines issued by
Reserve Bank of India. There is also no requirement for individuals to open multiple accounts since
the bank has a centralized data base and is in a position to offer suitable facilities to customers,
thereby obviating the need for customers to open multiple accounts. In view of the risks envisaged
from the point of AML monitoring, we as a bank generally discourage opening of multiple accounts
under the same combination. In the backdrop of what has been stated here in above, it’s mandated
that ZH / CH approval be obtained before the account is opened. In case the reason cited by customer
is genuine, and ZH / CH are convinced with the explanation provided by BM, he may approve the
account opening and get the account boarded. This is applicable to the very first instance of additional
account.
8.4 Existing customers

Existing customers who want to open another account can be divided into two categories:
1. Customers having an existing NRE/NRO/FCNR will have to provide only the duly signed account
opening document and passport copy, subject the customer’s KYC is not older than 2 years.
2. Customers who have a resident account either need to close the same in order to open the NR
account or they need to re-designate their resident account to NON-RESIDENT ORDINARY (NRO)
account. In such cases the customers will need to provide all documentation as applicable in the
circular but will be exempt from the IP cheque guidelines provided their resident account has
requisite balance. This balance is transferred to the newly opened NON-RESIDENT ORDINARY
(NRO) account. For re-designating existing resident account as NRO account, branch need to take
Re-designation form along with all NRI KYC documents. A customer cannot have both resident as
well as non-resident accounts at a time.
3. There is a dedicated email id (UCIC Queries/Retail Operations/Empire Plaza Vikhroli-
Mumbai/HBL@HDFCBANK) that handles queries and processes related to accounts/deposits with
dual status (non-resident accounts/deposits). (This is an internal email id and should NOT be
shared with the customer. Branch/RM can raise their queries pertaining to UCIC to this id.)
4. In case customer has both resident and non-resident active accounts/deposits with the Bank then
the customer can submit the re-designation declaration in Bank’s format to declare his current
residential status.
5. A signed scanned copy of the declaration from the registered email id can be accepted
6. On re-designation, there would be impact on all the linkages like FD, Demat, Debit card, Credit
card and is covered in the Annexure. Some of them are mentioned below;
• The existing International Debit Card will be de-activated and customer will have to apply for a
new Domestic Debit/ATM card for the re-designated NRO Account.
• The customer will have to redesignate Demat Account / Investment Services Account and open
Demat Account/ Investment Services Account as per the current residential status and transfer
the holdings.
• The customer will have to destroy his existing cheque book, Debit Card, Credit Card and apply for
new one as per his current residential status.
• Resident reimbursement account to be closed or converted to PC 201 – NRO Current Account
Non English Documents: In case if customer is submitting any document in Non English language then
the customer to do the following:
 A Non-English Declaration needs to be filled in.
 In absence of Non English Declaration customer need to get the Non English document translated
from official translator.
8.5 E-mail Instructions

Customers normally ask for FD booking by sending email instructions. But the first FD should be
booked by customer through net banking or by filling in physical FD account opening form. First FD
can also be booked by POA /Mandate holder without nomination. For subsequent/add-on FD branch
may collect instruction through customer's registered email ID. Similarly change of maturity
instructions can also be obtained from registered email id. Maturity instructions on email can be
accepted only for change of tenor, crediting to linked account, held with HDFC Bank. Email instructions
cannot be accepted if funds are moving out from the bank. Credit of maturity proceeds to third party
cannot be allowed basis email instructions.
FCNR BOOKING PROCESS VIA EMAIL INSTRUCTIONS

Proposed Flow :
1. Customer remits FCY funds from abroad and provides instructions to book FCNR deposit with
tenor from his registered email id.
2. Branch/RM advises CPU T (INWARD remittance dept) to park funds in FCY dummy account.
3. Branch /RM fill template covering necessary information to book FD ". Branch will attach the copy
of email instructions, swift message copy confirming receipt of funds and screen shot of FCY
dummy credit entry.
4. RM will share FD booking information to their supervisors for approval.
5. Post receipt of approval from their supervisor, RM will forward these details to CPU for
booking FCNR deposit on designated email id.
RM to forward email to the below id's as applicable as per mapped CPU :
CPU - Mumbai :
exceptionacountopening.mumbai@in.hdfcbank.com; prayoj.waje@in.hdfcbank.com
CPU - Chennai :
ExceptionAccountOpening.Chennai@in.hdfcbank.com; Venkatesan.s1@in.hdfcbank.com
CPU Noida :
umesh.satpaty@hdfcbank.com; Vikram.Gour@in.hdfcbank.com
CPU - Kolkata :
Sandip Chowdhury/Operations/Kolkata Operations/HBL, Moushumi Bakshi/Operations/Kolkata
Operations/HBL, Sadananda Nandi/Operations/Kolkata Operations/HBL,
6. On receipt of mail at CPU, user will take a print of entire set of email from RM i.e. customer Email,
Approval, Swift message, screen shot of FCY dummy and FD template.
7. Then user will affix the barcode on the print and initiate the entry in FTS under document type
"FCNR Deposits".
8. Post initiation of entry in FTS the entire set will be handed over to DVU team.
9. DVU team will do the below verification
a. Customer Name in system & FD template is matched. Details on FD Template & Email are
tallied. Check is done to ascertain email has been sent by customer from registered email id
or not.
b. AML details are available on FD Template / confirmation on AOF that AML as per customer
id. (AML details needs to be checked if available in core system along with other
demographics such as DOB etc.)
c. Value Date and Amt of FD-on-FD Template / Email & FCY Dummy Credit entry are tallying and
clear funds are available for FD booking.
d. Swift message copy is checked to ascertain if funds have been received from the customer's
own account or not.
e. Product code is as per currency in which funding has been done.
f. Approval of Supervisor is available.
g. FACTA / CRS details and ReKYC flags updated in the core system.
10. In case any discrepancy observed then same will be put on FTNR hold as per extant process.
Additionally, discrepancy to be intimated to the RM over email as well.
11. Post verification DVU user will update the status of the case as DVU / FCU for FTR case and
hand-over the same to A/c opening team.
12. A/c opening team then book the FCNR FD basis details on FD Template.
13. Post booking FD the A/c opening user will update the FD A/c number in FTS against the
barcode that is affixed on the form.
14. On next day of A/c opening the print of entire set will be filed with record management vendor
through RIS as per extant process.
Important points to be noted:
• Nomination Form to be submitted separately by the customer . RM can advise customer to
register nominee through net banking or by sending original nomination form.
• Process is an exception process and will be supported on a best effort basis availability of staff
and hence there may be delay in booking FCNR deposit.
• Physical AOF will not be available for such cases.
IMPORTANT NOTE
Email instructions CANNOT be taken for the following types of transactions unless Email Indemnity is
registered in bank records:
 First time booking of Fixed Deposit
 Sweep-in instructions
 Supersaver instructions
 Premature withdrawal of Fixed Deposit
 Outward remittance
 Funds transfer
To know about the permissible transactions through email kindly refer to relevant guidelines issued
for obtaining email indemnity.
PROCESS FOR FD BOOKING THROUGH EMAIL

First FD should be booked by customer through net banking or by filling in physical FD account
opening form. First FD can also be booked by POA /Mandate holder without nomination.
Subsequent/add on FD branch may collect instruction through customer's registered email ID. The
email from the customer’s registered email id should clearly specify all details required for filling up
the form. The branch will then complete the NRI add-on deposit form on behalf of the customer
mentioning all the details obtained from the customer's email like name of the customer(s), type of
account, tenure, customer ID and leaving the customer signature column blank. Branch will clearly
mention on top of the form “Filled by branch on behalf of the customer”. Nomination cannot be
provided basis email instructions hence customer's email has to clearly state “Nomination not
required”. The customers who wish to add nomination can do the same subsequently by filling in a
separate nomination form (Form DA I) for each deposit and submit the physical copy or signed
scanned DA1 form from registered email id. If pan number is not updated in the system, then customer
has to attach filled Form 60 along with the email while provide FD booking instructions for each FD
request. The branch will attach a print out of the customer’s email (clearly highlighting the instructions
regarding the deposit booking) along with the add-on form and the checklist duly completed and
signed. If the funds are received by TT then a copy of the bulletin board would also have to be
enclosed. NOTE: At the time of sending the FD booking request to CPU please ensure that the
registered email id of customer is captured correctly on print out, then the instruction is printed and
request is sent to CPU to avoid hold reasons.
9(A) JOINT ACCOUNT HOLDER ADDITION:
It is mandatory for the joint holder to comply with KYC norms with reference to establishing the
identity and address. In case the joint holder is a non-resident then document as applicable for a non-
resident should be obtained, Joint applicant AML is mandate. In case of resident joint holders the
documents as applicable for resident individuals would need to be collected. Joint holders can be a
resident Indian on NRO/NRE/FCNR account on former or survivor basis only. In case Resident Indian
needs to be added as Joint holder in NRE & FCNR accounts then that Resident Indian should be a close
relative (as per companies act 2013). It needs to be ensured that addition of joint holder in an account
is done after complying to either of the below guidelines. In case the Resident account holder
maximum 1 joint holder (which is Resident holder himself/herself) only will be allowed to be added
into account. In case all the joint holders are NRI then a Maximum of 3 holders along with Primary
account holder can be added. In such cases any mode of operation can be provided to the customer.
Joint holder ( New to Bank customer ) is met face to face by bank staff OR for Non face to Face joint
addition, customers Passport and Address Proof has to be get attested by a foreign notary/Indian
consulate general / Any authorized official of overseas branches of Scheduled Commercial Banks
registered in India / Notary Public abroad / Court Magistrate abroad /Judge abroad / Any branch of
overseas bank with whom HDFC Bank has relationship [Refer HDFC Bank website for list of our
overseas correspondent banks] Branches need to mandatorily attach Joint Holder checklist and follow
the instructions as mentioned on the checklist before submitting the request to CPU. Click Here for
Joint holder checklist. Note: Request letter signed by existing and new holders is mandatory.
9(B) MODE OF OPERATION GRID FOR JOINT HOLDER :
SL NO FIRST HOLDER JOINT HOLDER MODE OF OPERATION MAX NO. OF JOINT HOLDERS
Resident Close Relative Former or Survivor 1
1 NRE
NRI/PIO Close Relative Any mode of Operation 3
Resident Indian Former or Survivor 1
2 NRO
NRI/PIO Any mode of Operation 3
Resident Close Relative Former or Survivor 1
3 FCNR
NRI/PIO Close Relative Any mode of Operation 3
10. SPECIAL ACCOUNTS
10.1 Non-interest-bearing accounts for certain customers

Customers who do not want to earn interest on the balances maintained in their accounts due to
religious reasons (Islamic faith) can avail this facility by opening NON-RESIDENT EXTERNAL/ORDINARY
current account. In case customer is holding existing savings (NRE/NRO) account with us, then also
customer has to close the savings account & open current account. Bank cannot stop interest on
saving accounts; it is violation of RBI guideline.
Product code: NRE Current Account – 218 / NRO Current Account - 201
10.2 Defence personnel going abroad on deputation

Branches will find instances where Defence personnel are going abroad for long deputation and the
customers may not have visa. These include Indian soldiers deputed on UN missions abroad. In lieu of
visa such persons should have a letter from Ministry / Government Department clearly stating the
country and duration of deputation. We can open NRI account basis of the passport,
Ministry/Government Letter and address proof given by the customer.
10.3 Students going abroad for education

Students who leave India for pursuing an educational course are permitted to stay in the foreign
country for a specified duration. Such stay outside India may exceed the specified duration for various
reasons, for instance, students may have to take up job or seek scholarships to supplement their
income to meet their financial requirements abroad. As a result, their stay gets prolonged than what
is intended while leaving India. Hence RBI has allowed NR status for students going abroad to take up
educational course. The documents to be collected for opening their account are:
➢ Copy of the passport
➢ Copy of valid visa showing type as “Student”
➢ University/College admission letter or valid student identity card issued by college
➢ Address proof (Either Indian or Overseas) Click here for the list of acceptable proof.
Note – If name of University is mentioned on student visa than college admission and ID card can be
waived. Note: Such account should not be opened in PC 217 but need to be opened in regular NRE and
NRO product codes.
10.4 Mariner / Seafarer / Voyager / Crew member of ship

Any Indian who is a member of a crew on board a ship that is traveling in foreign seas would be eligible
to open NR accounts if the ship is a foreign vessel i.e., the principal/owner of the ship is a foreign
individual/company. The ship could be cargo/tanker or passenger/cruise liner. There are also oil rigs
where the mariner could be working.
C.D.C. or Continuous Discharge Certificate-cum-Seafarer’s Identity Document is the one of the most
important documents while a seaman is travelling on board a ship and is also an official and legal
record of his sea experience. This document certifies that the person holding this is a seaman as per
The International Convention on Standards of Training, Certification and Watch keeping for Seafarers
(STCW), 1978, as amended 1995. It is issued by the Shipping Ministry through the Directorate-General
of Shipping to those who have cleared the pre-sea and STCW course examinations from an institution
authorized by the Directorate-General of Shipping. The master of the vessel signs the document each
time a seaman is signed off from the vessel certifying his experience on board. The C.D.C. granted
under STCW rules shall be valid for a period of ten years and may be renewed on expiry or within six
months prior to date of expiry, on a request from the holder, for a further period up to ten years at a
time if the holder is a serving Seamen and his C.D.C. has not been cancelled, withdrawn or suspended
under these rules. If the period of validity of C.D.C. of a seaman expires during the voyage, it shall
continue to be valid till the end of the voyage. However non-technical staff aboard the ship for e.g.,
steward, cook etc., may not hold C.D.C.
Every mariner has a contract/appointment letter that is issued to him by the principal/owner of the
ship or by the manning agent of the principal/owner. This contract letter mentions all the details of
the employment like duration of contract, name of ship/vessel, remuneration, ports of call etc. Thus
the contract letter is a vital document that helps establish whether the mariner qualifies as an NRI.
Seamen with a C.D.C. and a passport, along with a contract/appointment letter, can travel abroad or
enter the country without a visa. However mariners who do not hold C.D.C. are require a visa like visit
/ transit visa to travel abroad. Branches / sourcing channel wanting to open such accounts need to
carefully understand the above and ensure adherence to the required documentation as mentioned
below. Since the mariner may not be present in the country for most part of the year it’s imperative
that staff handling such accounts is fully trained so that forms do not get rejected and the customer is
not inconvenienced. We shall not open NR Acts for those Seafarers, where principal company is based
in India. We shall not open NR Accounts for seafarers, where contract letter defines salary in INR.
We shall not open NR Accounts for seafarers who are travelling in Indian Waters.
KEY FEATURES
✓ The Account is specially designed for Mariner's/ Crew Members working for Foreign Shipping
Company.
✓ NRE SB Account to be opened under Product Code: 144
✓ Account is available in Tatkal (Tatkal Acknowledgement) & Non Tatkal (to be mentioned on AOF).
✓ Specially designed Debit Card Code: VESF0
✓ My Account My Choice facility can be extended in case IP funding is 5 lakhs.
Mariner going abroad on fresh contract
Due to the nature of the industry there may be instances where the seafarer receives the contract
letter via email/fax. Basis this the seafarer proceeds from his hometown to the Head Office of the
shipping company for training purposes during which period the original contract letter is given to
him. Non-technical staffs, who do not hold a C.D.C. should also provide their visa. Such exception
accounts can be opened by only when the Bank official met the customer in person and identity
documents/ passport has to be verified with originals.
Documentation
➢ NR Account Opening Form (1 Photo, Email ID, Phone No is mandatory) Click Here
➢ Photocopy of Valid Passport
➢ Photocopy of Valid Visa or Valid CDC
➢ Valid contract copy (Contract copy should have overseas address on letterhead of the company
with Client name, designation, remuneration in FCY, duration, employer signature with date.)
(We can also open NRE Seafarer Account on Employment Certificate along with Mariner on Fresh
Contract Declaration Click Here.
Format of Employment Certificate in Lieu of contract letter:-
If Employment Certificate is being issued then we need below details (as mentioned in table)
mandatory on company letter head.
Name of client Salary in FCY Tenure of contact

CDC NO. /Passport No Date of next Joining RPSL no of company
Designation Address of Overseas Principal
Important Note
1) If Certificate is addressed to ""Whosoever it may concern"-then we need original Certificate. 2) If
Certificate is addressed to HDFC Bank then we need original Certificate. 3) Branch/RPM to take
approval from SENIOR RPM for acting on scan Employment Certificate received from official id of
company or forwarded by client from his registered id where primary contract is send by companies
official id)
➢ PAN Card or Form 60. Click Here
➢ Indian Address proof Mandatory and same will be mailing address Click Here (Refer Indian Address
proof list)
➢ Overseas address to be taken as companies overseas office address. (Not to be left blank)
➢ Mandate Form (if required) Click Here
➢ Declaration shall be filled within AOF
o Mariner declaration (Tick relevant option in AOF)
o Extended KYC Annexure (Refer "section C - Personal details" of AOF)
▪ Country of Tax Residency should be overseas country,
o TIN No. will be ""6 times ZZZZZZ." and "Tin type" will be ZZZZZZ)
o Nomination (Refer of AOF)
Customers working on Oil Rigs: The employees are issued Visa's which are generally for very short term.
E.g. They work 30 days on the oil rig and then 30 days off the oil rig.
Mariner on break
A mariner who has come back to India after a voyage and is expected to leave for his next journey
within 6 months is called a “mariner on break”. We can open NR accounts for such persons provided
the passport held by the customer evidences that he has been on overseas voyages regularly. C.D.C.
should be verified for such customers and for non-technical staff where C.D.C. is not available,
previous contract letter needs to be obtained. A Declaration (Click Here) is required to open their NR
account. In all such cases Bank official has to meet the customer in person and identity documents/
passport has to be verified from original.
Note – We cannot open Mariner’s account if he is on break for more than 6 months (180 days)
Documentation
➢ NR Account Opening Form (1 Photo, Email ID, Phone No is mandatory) Click Here
➢ Photocopy of Valid Passport
➢ Photocopy of Valid CDC (Pages carrying personal details, photo & latest discharge date stamp
which cannot be greater than 6 months)
➢ Previous contract copy (Contract copy should have overseas address on letterhead of the
company with Client name, designation, remuneration in FCY, duration, employer signature with
date.)
➢ PAN Card or Form 60. Click Here
➢ Indian Address proof Mandatory and same will be mailing address Click Here (Refer Indian Address
proof list)
➢ Overseas address to be taken as companies overseas office address. (Not to be left blank)
➢ Mandate Form (if required) Click Here
➢ Declaration shall be filled within AOF
o Mariner on break declaration (Tick relevant option in AOF)
o Extended KYC Annexure (Refer "section C - Personal details" of AOF
▪ Country of Tax Residency should be overseas country,
▪ TIN No. will be "6 times ZZZZZZ." and "Tin type" will be ZZZZZZ)
o Nomination (Refer "section G" of AOF)
Crew member of passenger ship: The employees are working as support staff on cruise liners and do
not have a CDC booklet. ** CDC copy not mandatory for crew members employed with cruise liners
on break. They receive contract/appointment letter and have transit/visit visa thus; Copy of
appointment letter showing the last discharge is mandatory. Hence in place CDC VISA copy needs to
be obtained. Crew member of tankers: The employees are working as technical staff on cargo ships
and have a CDC booklet. CDC booklet copy with the customer’s name, other details & the latest
discharge stamping. Copy of contract/appointment letter.
10.5 Customers based in Saudi Arabia on visit to India
When a person residing in Saudi Arabia is on a visit to India he may not be carrying the residential
permit (IQAMA) during the visit since the IQAMA is retained by the employer. The passport of such
person is affixed with an Exit & Re-entry visa issued by Saudi authorities. Therefore, such a person on
visit to India will have only his passport with the Exit & Re-entry visa. The customer will not have his
original IQAMA with him. If the person has returned to India for good then the stamping will be just
Exit alone. For opening NR account prescribed documents and a declaration from the customer (Click
Here) needs to be obtained stating that he is going to return to Saudi and the IQAMA is valid and held
by his employer as per Saudi Laws. In case the Exit & Re-entry visa is Non English language, then Non
English declaration is required. We have observed that in some cases Immigration stamping is not
available in the Saudi Entry & exit visa (in case of E Saudi Visa). Those all cases Indian immigration
stamping would be needed along with the declaration (Click Here)
10.6 NRO Account PC 237- Current PC 1346- Savings for Bangladeshi Nationals and Citizens of
Pakistan belonging to minority communities residing in India basis Long Term Visa & FRRO copy
(Irrespective of purpose of visit to India)
As per Foreign Exchange Management (Deposit) Regulation 2016, contained in RBI/2018-19/155 vide
A.P. (DIR Series) Circular No.28, dated March 28, 2019, Authorized Dealers can open Non-Resident
Ordinary (NRO) for Bangladeshi national or citizens of Pakistan belonging to minority communities in
namely- Hindus, Sikhs, Buddhists, Jains, Parsis and Christians and are residing in India basis the Long-
Term Visa (LTV) being granted by the Central Government. Product Code - 237 – Current / Product
Code – 1346 - Savings
DOCUMENTATION
o Approval from NRI Central Product/Process Team is attached for opening NRO account for
Pakistan / Bangladeshi Nationals
o NRO current individual account opening form is duly filled and signed by the customer and is
approved by the BDA/BM.
o Copy of valid Pakistani / Bangladeshi Passport relevant pages (including page containing arrival
stamp in India) has been submitted and are duly attested as “Original Seen & Verified” and
“Customer Signed in my presence” by bank staff.
o Copy of valid Indian long term visa (Resident & Employment visa is acceptable) has been submitted
and is duly attested as “Original Seen & Verified” and “Customer signed in my presence” by bank
staff. In absence of valid Indian long term visa, account will not be opened.
o Copy of residential permit issued by Foreigner Registration office (FRO) / Foreigner Regional
Registration Office (FRRO) has been submitted and is duly attested as “Original Seen & Verified”
and “Customer Signed in my presence” by bank staff.
o Valid Address Proof for communication address has been submitted and is duly attested as
“Original Seen & Verified” and “Customer Signed in my presence” by bank staff. (Address on FRO
/ FRRO is acceptable as mailing address proof).
o Copy of Proof of religion confirming the minority community i.e. Hindu, Sikhs, Buddhists, Jains,
Parsis and Christians has been submitted and is duly attested as “Original Seen & Verified” and
“Customer Signed in my presence” by bank staff.
o Notarized Affidavit to be obtained to establish religion for opening NRO account for Pakistani
Nationals under this product code
o Copy of PAN has been submitted and is duly attested as “Original Seen & Verified” and “Customer
Signed in my presence” by bank staff.
o Both Indian & Overseas Address are mentioned on AOF.
o Account is being opened singly without joint applicants / POA Holders. If Account opened with
Joint Holders, then all applicants should be of the same nationality as the account holder.
o Initial Funding cheque for opening account (Account can be opened with zero ip as well. Account
with NIL IP can be opened without any approvals)
o Customer Undertaking – (Refer annexure 1) is duly filled in and signed by the customer.
o Customer’s self-attestation is available on all the supporting documents submitted along with
AOF.
o Customer’s self declaration (Refer annexure 2)
o Notarized Affidavit establishing religion only for Pakistani Nationals (Refer annexure 3)
COMMUNITY PROMO CODE

Hindus HINDU
Sikhs SIKH
Buddhists BUDDH
Jains JAIN
Parsis PARSI
Christians CHRIST
Branch to mention PROMO code mentioning the minority community of the customer for which the
account is being opened For Bangladeshi Nationals, in case customer is not from a Minority
Community, then Promo Code “BANGLA” to be mentioned
IMPORTANT POINTS TO NOTE:

➢ Outward Remittance is permitted only with RBI approval from such accounts.
➢ Accounts may be opened with another joint holder provided all the holders are Bangladeshi
national or Pakistani national from the minority community.
➢ Resident Indians cannot be added as joint holders /mandate holder in the account.
➢ POA / mandate holder facility is not available for this account.
➢ The below mentioned low severity MEMO’s to be maintained on the account
➢ Repatriation of funds requires RBI approval
➢ Customer Addition requires product approval
➢ POA/mandate holder facility not available for such accounts.
➢ Ensure only eligible credits are allowed.
➢ Account can only be opened under FACE TO FACE basis and only 1 NRO account can be opened
for this category of account holders.
➢ International Debit card cannot be issued on such account’s only ATM card or NRO Rupay
domestic debit card can be issued.
➢ Instant welcome kit cannot be issued for such accounts.
➢ NRO Fixed Deposit can be booked under any NRO FD Product Code.
➢ Credits in such accounts to be monitored as per current process for NRO credits
ANNEXURE 1 –UNDERTAKING: NRO ACCOUNT OPENING OF BANGLADESH NATIONAL & PAKISTAN

CITIZEN BELONGING TO MINORITY COMMUNITY RESIDING IN INDIA BASIS LONG TERM VISA.
Date: _DD_/_MM_/__ YYYY___
To,
The Branch Manager
HDFC Bank, _______________________________________ Branch
Sub: Opening of NRO current account with HDFC Bank.
Dear Sir,
Please find below my details as required by the Reserve Bank of India
• Name of the Individual :

______________________________________
• Date of Arrival in India : DD / MM / YYYY
• Passport Number :
• Place/Country of issue of Passport :
• Residential Permit Reference No. :
• Date and Place of issue of Residential Permit :
• Name of the FRO/FRRO :
Complete address and contact number of the branch : HDFC Bank Limited
Where the account is held ___________________________________
____________________________________
Yours Sincerely,
Signature: ___________________________________
Name: ______________________________________
Annexure 2 – CUSTOMER DECLARATION FOR BANGLADESHI NATIONALS & CITIZENS OF PAKISTAN

FROM MINORITY COMMUNITY
Date: _DD_/_MM_/__YYYY___
The Manager
HDFC Bank
_______________________________ Branch
Dear Sir/Madam
I confirm that I do not hold any NRO account in India.
I hereby confirm that I will;
• Open only 1 NRO account being a Bangladeshi / Pakistani National from minority community
• Deposit foreign currency cash or bring foreign currency by way of foreign inward remittance
to NRO account to incur local expenses in India
• Obtain RBI approval for bringing any foreign inward remittance for making investment in
India
• Obtain RBI approval for any outward remittance from my account
• Follow FEMA / RBI / other regulatory guidelines for operation of this account and
investment in India
• Re-designate my NRO account to resident account on becoming a citizen of India
• Close my NRO account once I leave India permanently
Yours Sincerely,
_______________________________________
ANNEXURE 3 – AFFIDAVIT FOR PAKISTANI NATIONALS TO BE OBTAINED WITH NRO ACCOUNT

OPENING APPLICATION
(To be obtained on Stamp Paper as per Indian Stamp Act of respective state)
I Mr/Ms ________________________________________ Resident of Pakistan, age_______ Years,

currently residing at ________________________________________ hereby solemnly affirm that I
am holding Long Term Visa No________________________________________ granted by Indian
Government on _____________ I wanted to Open Non Resident Ordinary Saving Bank Account with
HDFC Bank________________________(Branch Name)
I hereby confirm that I am resident of Pakistan and belonging to Minority

Community________________________ (name of Community) as per certificate number
_____________dated_____________ issued by________________________________________
which is submitted for the scrutiny.
The documents and proofs attached with the application form are obtained by me from Competent
Authority. These documents are true and correct and obtained by following proper procedure. No
alteration / correction / change are made in these documents. I affirm hereby that these documents
are not duplicate or bogus. I will be responsible, if the documents and proofs attached with the
application form are found to be incorrect or bogus, and I am aware that I will be liable for punishment
under provision of Indian Penal Code.
I declare that the above mentioned information is true and correct and I sign this affidavit on this the
________________________ day of ________________________at ________________________
______________________________
Name & Signature of the Declarant –
Place -
10.7 NRO ACCOUNT for Foreign Nationals studying in India
RBI has issued fresh Know Your Customer (KYC) guidelines for the foreign students arriving in India
while opening a bank account vide circular no. DBOD. AML.BC.No.45/14.01.001/2013-14 dated
September 02, 2013. As per the said circular, banks are permitted to open NRO Current Account for
foreign students studying in India. Product Code 217 - NRO Current Account/ Product Code 1347 -
NRO Savings Account. Foreign national’s students accounts opening is prohibited for customers who
are related to OFAC Fully sanctioned countries basis clause 6.1.7 of bank's KYC/AML policy. Related
here means any Indian passport holder working in OFAC countries / having overseas address of OFAC
countries / foreign citizen of below countries / including foreign Tourist / Foreign student.
Product Guidelines;
➢ This account to be opened only when client is met FACE TO FACE by branch staff.
➢ The account cannot be opened without a valid local address proof.
➢ Instant welcome kit cannot be issued for such accounts.
➢ The branch staff should verify the documents as per the existing process.
➢ The account can be opened with ZERO initial payment or Indian/Foreign Currency cash or Indian
Rupees cash with proof of foreign currency exchange
➢ Net banking and phone banking facility will be available to such account
➢ An average monthly balance of Rs. 10,000/- to be maintained in the account to avoid AMB charges
➢ Only ATM/Domestic Debit Card can be issued for such accounts
➢ POA/Mandate holder or Joint Account facility will not be available for such accounts.
➢ Any credits into such accounts will require documentary proof of source of funds as per current
process for NRO credits.
Documents required for account opening:
1) NRO account opening form Click Here (The applicant needs to be met in person for account
opening)
2) Valid Student VISA is required along with immigration endorsement.
3) Copy of valid foreign passport (relevant pages showing all identification details)
4) In case passport does not carry overseas address, valid overseas address proof to be obtained. Copy
of FRRO certificate can be accepted as overseas address proof.
5) Foreign student should submit a valid proof of local address. (Copy of FRRO certificate can be
accepted as local address proof)
6) Photograph
7) Letter from the educational institution offering admission
8) POA/Mandate Holder or Joint Account facility is not available for such accounts.
9) Account cannot be opened for foreign nationals coming to India from OFAC countries (Kindly refer
the global emails for the list of OFAC sanctioned countries as the same is updated from time to time)
10.8 CONVERSION OF RESIDENT ACCOUNT TO NON-RESIDENT ORDINARY ACCOUNT ON CHANGE OF

STATUS FOR FOREIGN NATIONAL WHO IS NON-INDIAN ORIGIN (PC 131)
Foreign Nationals who are resident in India for employment or specific job or assignment can open a
Resident account basis valid employment VISA. The Resident Account will be opened under promo
code “FOREIGN”. These Foreign Nationals are allowed to remit abroad an amount not exceeding the
net salary (after deduction of taxes and PF etc.) for family maintenance.
Click Here for RBI Circular
At the time of retirement from India or shifting abroad, foreign nationals (not being citizens of Nepal
or Bhutan or person of Indian origin) should convert the existing Resident SB account to NRO account
under PRODUCT CODE: 131. Post conversion customers are permitted to transfer their below assets
up to USD 1 million per financial year after payment of applicable taxes. The debit to the account
should be only for the purpose of repatriation to the account holder’s account maintained abroad.
➢ Balances held in Salary savings account. (legitimate dues)
➢ Interest.
➢ Provident fund balance.
➢ Sale proceeds of Investments, etc.
DOCUMENTATION REQUIRED FOR CONVERTING RESIDENT ACCOUNT TO NRO ACCOUNT (PC 131)
✓ Resident to NRO conversion Form for Foreign Nationals of Non – Indian Origin. Click Here
✓ Copy of Valid Passport with all relevant pages.
✓ Copy of valid/expired VISA issued during customer’s employment tenure in India.
✓ FRRO/ Expired FRRO - In case local address is mentioned in the expired FRRO the same shall
suffice.
✓ Overseas Address Proof.
✓ Relieving letter / Letter issued from Indian Employer (mentioning From and To date of employment)
confirming the completion of expatriate contract by Foreign National in India
DOCUMENTATION REQUIRED FOR OUTWARD REMITTANCE UNDER USD 1 MILLION SCHEME
✓ Duly signed outward remittance Application Form Click Here
✓ 15CA & 15CB
✓ Form A2
✓ Documentary evidence of source of Funds
✓ Signed Cheque issued from NRO Account.
IMPORTANT NOTE
• Outward Remittance / NRO to NRE funds transfer should be accompanied by the Cheque and in
case of processing transaction on exceptions without cheque, approval grid as mentioned in
circular 294 / 2021 to be followed.
• Branch to close the NRO account post remittance of balances held in account and after all the
dues have been received and repatriated.
Click Here for Internal Circular
Gyaan line Search- Resident to NRO Conversion (Foreign Nationals of Non-Indian Origin PC-131.
11.PERMISSIBLE CREDITS INTO NON-RESIDENT ORDINARY (NRO) ACCOUNT
NRIs are required to keep NRO account in order to receive rupee funds that are due to them. RBI regulations
stipulate that only legitimate dues of an NRI should be allowed to be credited to their NRO account. Hence the
bank has laid out process for obtaining source of funds confirmation from NRIs at the time of receipt of funds.
It has been noticed that many customers are not aware of this requirement which results in their funds being
returned and subsequently leads to customer complaints. Branches staff & RMs are requested to inform their
customers regarding this requirement beforehand so as to avoid any hassle at time of transaction. Only in case
of any suspicious transaction, Branch to follow due diligence process and ask for documentary evidence.
As NRIs reside overseas and in different time zone we have made this process convenient by accepting source
of funds confirmation from any of the following methods:
➢ The source of fund/ NRO Credit Declaration can be accepted on email.
➢ Simple / short client email mentioning the source of funds is also sufficient (NRO Credit Declaration is not
mandatory)
➢ The source of fund/ NRO Credit declaration can also be accepted from Mandate / POA holder (Not
acceptable in case of cash deposit).
➢ In case source of funds is evident from the cheque/DD like LIC cheque, Dividend/Interest Warrant, Income
Tax refund cheque, salary, payer name etc. then source of fund/ NRO Credit Declaration not required. E.g.
If customer has received a DD/Cheque on the redemption proceeds of his mutual fund investments from the
AMC and it is evident basis the instrument that the said is part of customers Mutual Fund redemption
proceeds.
➢ If the source of funds is mentioned in cheque/cash deposit slip (e.g. Rent) then no additional source of fund/
NRO Credit Declaration required. (Cheque deposit slip signed by bearer with source of funds is acceptable)
➢ In case of rent, the branch should not insist on the rent agreement from the customer. (One time email
confirmation mentioning the tenure of rent arrangement from registered email ID/ letter can also be
accepted and used for the entire Tenure provided the future transactions will be carried out in same branch)
➢ To facilitate customer convenience, customer also has one of option to declare source of funds as per the
NRO credit declaration. (Refer HDFC bank website> Forms centre> NRI> Service Related> Declaration Form
for credit in NRO account)
➢ In case the customer is depositing INR cash in NRO Account then there is no restriction on the amount of
INR cash deposit provided the INR cash being deposit is part of legitimate dues earned in India and customer
is depositing the cash in person (Self cash deposit). Additionally, as per new Rule 114BB every person who
does Cash deposit or deposits aggregating to twenty lakh rupees or more in a financial year is required to
quote his PAN / Aadhaar in documents pertaining to such transaction.
ELIGIBLE CREDITS:
• All legitimate dues earned in India
• Current income earned in India like rent, dividend, pension, interest, etc.
• Director Fees/Refund of capital investment/application money/Deposits from an Indian company
• Sale proceeds of own assets like car, furniture, gold etc.
• Repayment of loan given to any person (except companies) during the resident tenure or non resident
tenure
• Repayment of loan given to any company during the resident tenure.
• Maturity/Sale proceeds of any permissible investments made in India during resident/non resident tenure.
• Excess Foreign Currency cash loaded in forex card can be credited as part of cash out in NRO Account
provided card was issued during Erstwhile Resident tenure.
• NRE/NRO FD/RD proceeds
• Funds received from family trust where NRO account holder is a beneficiary of the trust
• Family settlement/Death Claim proceeds
• Refund of Income tax order
• Closure proceeds of Resident or NRO account from other Bank
• Refund of cancellation of insurance policy / property deal/ travel tickets/ cash backs in India
• Sale proceeds of assets including immovable property
• Rupee funds against exchange of foreign currency and same should be supported by Encashment Certificate
(issued by any Foreign exchange dealer)
• Loan received from Resident close relative upto USD 2,50,000/- under Liberalized Remittance Scheme and
received via crossed cheque / electronic transfer can be credited. (Dealpro reporting is Mandatory if debit
and credit accounts are held in our bank)
• Gift received from Resident close relative upto USD 2,50,000/- under Liberalized Remittance Scheme can
be credited. (Dealpro reporting is Mandatory if debit and credit accounts are held in our bank)
• Transfers from other NRO account.
• Sale proceeds of property/Inherited assets/ any other assets basis customer’s self declaration mentioning
the same.
• Proceeds of foreign currency/ bank notes tendered by account holder during his temporary visit to India,
provided
• The amount was declared on a Currency Declaration Form (CDF). (Amount more than USD 5000 then CDF is
mandatory for FCY cash deposit. CDF not mandatory on amount less than USD 5000 or equivalent)
• The notes are tendered to the bank in person by the account holder himself/herself and the bank is satisfied
that account holder is a person resident outside India.
• Rupee funds against exchange of foreign currency and same should be supported by Encashment
Certificate.
• INR cash in NRO Account without any restriction on the amount of INR cash deposit provided the INR cash
being deposit is part of legitimate dues earned in India
• Unutilized cash withdrawn from self NRO/NRE account
• Branch reserves the right to credit any legitimate dues basis self declaration with or without documentary
evidence.
INELIGIBLE CREDITS:
• Repayment of loan from a company is not a permissible credit in NRO account as an NRI cannot give loan
to any company (Private and Public Ltd ).
• Funds belonging to Resident Joint holder OR Resident Mandate holder added in NRO account cannot be
credited in NRO account.
BRANCHES/WBO UNITS ARE ADVISED TO TAKE NOTE OF THE ABOVE AND ENSURE THE SAME IS FOLLOWED. PLEASE
ENSURE NRI CUSTOMERS DO NOT FACE ANY HASSLES AT THE TIME OF DEPOSIT. DOCUMENTARY EVIDENCES ARE
MANDATORY AT THE TIME OF REPATRIATION OF FUNDS UNDER USD 1 MILLION SCHEME
Refer below links for RBI circular on NRO accounts and NRO credits which can be shared with customers:
Master Directions - https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10198
NRO Account Circular - https://rbidocs.rbi.org.in/rdocs/content/pdfs/N5R08092016_SC3.pdf
To facilitate customer convenience, customer also has one of option to declare source of funds as per the NRO credit
declaration. Click Here.
PROCESS FOR ADHERENCE

1) GUIDELINES FOR CASH DEPOSIT & CASH IP FOR NRO ACCOUNT
Branches to ensure that the following checks are done before accepting cash deposits:
o Foreign currency in the form of cash or travellers’ cheques (TC) needs to be collected only from
the customer in person while he is in India. The customer has to fill in cash deposit slip and submit
a declaration stating that the currency has been brought by him from abroad. Additionally, the
passport copy needs to be verified for date of arrival in India and evidence of the same to be kept
on record. If the cash deposited is above USD 5000/- or equivalent, branches should obtain the
Currency Declaration Form (CDF) from the customer. Any cash tendered in INR converted by the
customer should mandatorily be supported by an Encashment Certificate if they represent funds
brought from outside India.
o In case of INR cash deposits the branches needs to ensure that the credit is as per permissible
credits mentioned in para 1 above and appropriate documentary evidence for source of funds is
taken e.g., rent receipt, loan agreement, gift deed etc. The objective is to ascertain the bonafide
of the transaction. In case customer does not have documentary evidence to support the source
of funds branches can check whether tax has been paid by the NRI on the amount being deposited
and ask for proof of the same.
o Branch/sourcing channel can accept Max Rs.25000 as a cash IP while opening NRO account. Cash
IP declaration (Click Here) is mandatory for all such cases irrespective of the IP amount.
2) GUIDELINES FOR CHEQUE DEPOSIT

o In case the cheque is accepted across the counter the cheque deposit slip should be filled in
capturing the nature of amount deposited. Branches need to ensure that the credit is as per
permissible credits mentioned in para 1 above by verifying the cheque deposited and the deposit
slip filled in. If required additional documents to obtained from the customer to ascertain the
nature of the payment received by the customer.
o For cheques deposited in drop box, branches have to review such transactions by verifying the
Large Transaction Report (CH106) on daily basis. This report lists all transactions in NR accounts
irrespective of its value. The customer should be contacted to ascertain the nature of these
transactions and their additional documents to be called from them, if required.
3) GUIDELINES FOR OTHER MODES OF TRANSFERS (NEFT / RTGS / IMPS / NET BANKING)
For credits received into NRO Savings account through electronic channels like NEFT/RTGS/Net
Banking, branches have to review such transactions by verifying the Large Transaction Report (CH106)
on daily basis. This report lists all transactions in NR accounts irrespective of its value. The customer
should be contacted to ascertain the nature of these transactions and their additional documents to
be called from them, if required.
4) GUIDELINES FOR GIFT AMOUNT GIVEN BY RESIDENT INDIVIDUAL TO NRI/PIO.

Resident individual may make a rupee gift to a NRI/PIO who is a close relative of the resident individual
[close relative as defined in Section 6 of the Companies Act, 2013] by way of crossed cheque
/electronic transfer. The amount shall be credited to the Non-Resident (Ordinary) Rupee Account
(NRO) a/c of the NRI / PIO and credit of such gift amount may be treated as an eligible credit to NRO
a/c. The gift amount would be within the overall limit as permitted under the Liberalized Remittance
Scheme (LRS) for a resident individual.
5) GUIDELINES FOR LOANS GIVEN BY RESIDENT INDIVIDUAL TO NRIS/PIO’s

Resident individual to lend to a Non-resident Indian (NRI)/ Person of Indian Origin (PIO) close relative
[means relative as defined as defined in Section 6 of the Companies Act, 2013] by way of crossed
cheque /electronic transfer, subject to conditions within the overall limit under the Liberalized
Remittance Scheme as per RBI limits per year available for a resident individual. The loan amount
should be credited to the NRO a/c of the NRI /PIO. Credit of such loan amount may be treated as an
eligible credit to NRO a/c
12.PERMISSIBLE DEBITS FROM NON-RESIDENT ORDINARY (NRO) ACCOUNT
1. Permissible Debits
As per the existing FEMA guidelines, the permissible debits to NRO accounts include:
a. All local payments in rupees including payments for investments in India subject to compliance with
the relevant regulations made by the Reserve Bank.
b. Remittance outside India of current income like rent, dividend, pension, interest, etc. in India of the
account holder.
c. Remittance up to USD one million, per financial year (April-March), for all bonafide purposes, to the
satisfaction of the authorized dealer bank.
2. Process for outward remittance from NRO account
A- Repatriation of NRO funds under current income scheme: Bank allows repatriation of current
income like rent, dividend, pension, interest, etc. of NRIs who do not maintain an NRO account in
India based on an appropriate certification by a Chartered Accountant, certifying that the amount
proposed to be remitted is eligible for remittance and that applicable taxes have been
paid/provided for. Current income can also be credited to customer’s NRE account as well after
taking necessary proofs/documents. Current income is eligible to repatriate/credit to NRE account
provided there is no dilution of such credit in any local funds/investment.
B- Under USD 1 Million Scheme
As per RBI guidelines, NRIs are allowed to repatriate or transfer funds from NRO account to NRE
account within the limit of USD 1 million per financial year from self NRO account. A citizen of a foreign
state, not being a citizen of Nepal or Bhutan or a Person of Indian Origin (PIO), who -
(i) Has retired from an employment in India, or
(ii) Has inherited assets from a person referred to in sub-section (5) of Section 6 of the FEMA; or
(iii) is a widow resident outside India and has inherited assets of her deceased husband who was an
Indian citizen resident in India, may remit an amount, not exceeding USD one million per financial year
out of the balances in the account, on production of documentary evidence in support of acquisition,
inheritance or legacy of assets by the remitter, subject to payment of taxes as prescribed by Central
Board of Direct Taxes from time to time
Following conditions are to be adhered:
❖ Remittance to be made through only 1 Authorized Dealer.
❖ Remittance is made out of the remitter’s balances held in the NRO account from his/ her
legitimate dues.
❖ Funds should not be borrowed from any other person or transferred from any other third party’s
NRO account.
Documentation Required:
✓ Duly signed instruction & FEMA declaration. Click Here (Outward remittance from NRO account)
OR
✓ Application form for Funds Transfer from NRO Account to NRE Account Click Here (Funds transfer
funds from self NRO Account to NRE Account)
✓ Documentary evidence confirming source of funds.
✓ 15CA (Customer Undertaking) (Click Here for specimen)
✓ 15CB (CA certificate) (Click Here for specimen)
✓ Signed Cheque issued from NRO Account.
Kindly Note:
➢ Outward Remittance / NRO to NRE funds transfer should be accompanied by the Cheque and in
➢ Transactions above USD 1 million will require prior approval of RBI.
➢ Branches to carry out Deal pro reporting and need to exercise extreme caution and due diligence
at the time of carrying out remittance from NRO account
➢ Branches CANNOT transfer the funds without the documentary evidence confirming source of
funds.
➢ Branches need to inform all the customers that all 15CB forms issued by Chartered Accountants
when ‘PART C’ of 15 CA form is submitted need to necessarily have the 18-digit Unique Document
Identification Number (UDIN number).
➢ UDIN number verification needs to be carried out only in those cases where 15CB forms (CA
certificates) are issued since ‘Part C’ of 15 CA form (Customer Undertaking) is submitted.
What is UDIN- Unique Document Identification Number?
Institute of Chartered Accountants of India (ICAI) has rolled out guidelines for generation & affixation
of a Unique Document Identification Number (UDIN) for every certificate / statement issued by
practicing Chartered Accountant. UDIN helps to authenticate the genuineness of every certificate
signed by Chartered Accountant thus reducing the risk to fake certificates and reports signed by NON
CA's.
It is mandated that all CA certificates/ document issued shall have 18 digit UDIN number with effect
from February 1, 2019. The efforts made through UDIN prove to be helpful in controlling the cases of
forgery and false documentation.
(Refer the link for details - https://www.icai.org/new_post.html?post_id=15863)
How to verify UDIN on 15CB form?
Branches can verify the authenticity of UDIN on 15CB forms issued by Chartered Accountants by
visiting the UDIN Portal (UDIN portal-https://udin.icai.org/)
Steps to verify UDIN on document
➢ Visit UDIN Portal (UDIN portal- https://udin.icai.org/search-udin)
➢ Enter required your required details like Name, Mobile no, Email id, 18 digit UDIN mentioned on
15 CB document, Captacha Code. (Bank staffs need to enter their details in name and mobile
number fields). Click on Send OTP.Enter OTP triggered on mobile and click on ‘Verify UDIN’. Details
of the signing Chartered Accountant would be displayed upon successful authentication of UDIN.
➢ If the status of the 15 CB document is shown as ‘Active’ then the branch has to mention ‘UDIN
verified’ on the 15 CB document and do branch attestation (sign & stamp) on the document. Only
after successful verification of the UDIN number on the certificates, the request under USD 1
Million scheme needs to be accepted from the customer.
13.PERMISSIBLE CREDITS INTO NON-RESIDENT EXTERNAL (NRE) ACCOUNT
ELIGIBLE CREDITS:
✓ Proceeds of inward remittances to India in any permitted currency.
✓ Proceeds of foreign currency cheques/ demand drafts, travellers’, Rupee draft purchased outside
India from exchange houses/ banks.
✓ Proceeds of foreign currency/ bank notes tendered by account holder during his temporary visit to
India, provided
✓ The amount was declared on a Currency Declaration Form (CDF). (CDF is mandatory if the amount
of foreign currency credit in the account is more than USD 5000. CDF is not mandatory if the
amount credited to the account is less than USD 5000 or equivalent)
✓ The notes are to be tendered to the bank in person by the account holder himself/herself and the
bank must satisfy itself that the account holder is a person resident outside India. Passport with
latest arrival stamp (where in arrival date should be less than 6 months) to be obtained from
customer.
✓ The encashment certificate is issued by AD Category – I / Category – II. (Refer below link of AD
Category I & II)
✓ Rupee funds against exchange of foreign currency should be supported by Encashment Certificate
(issued by any Foreign exchange dealer from Authorised dealer 1 or 2) (Refer below link of AD
Category I & II)
✓ Transfers from other NRE/ FCNR (B) accounts.
✓ Closure proceeds of NRE Accounts from another bank.
✓ Cancellation proceeds of DD originally issued from NRE Account/ FCNR deposit.
✓ Current income in India like Rent, Dividend, Pension, interest, etc due to the account holder, subject
to payment of applicable taxes in India. [Supporting documents on proof of payment of applicable
taxes to be obtained. In case of rent income – rent agreement, 15 CA and 15CB/ CA Letter on
confirmation of payment of applicable taxes to obtained. In case of proceeds of annuity /Pension,
the confirmation of payment of taxes to be kept on records. In case the dividend warrant is issued
by a listed company against shares held under repatriable (Purchased via NRE funds) or non-
repatriable basis (Purchased via NRO funds) then proof of TDS deduction need not be obtained]
✓ Maturity or sale proceeds of any permissible investment made on Repatriable basis in India.
✓ Refund of shares application if the application amount was originally debited from NRE account.
✓ Refund of Income tax order provided only if the tax has been paid from NRE sources / NRE account.
✓ Maturity / Redemption proceeds of Insurance policy provided if all the premiums are paid from
NRE account (Certification is required from insurance company confirming that all the premiums
are paid from NRE account)
✓ Maturity / Redemption proceeds of Mutual Fund Investment provided if entire the investment was
made from NRE account (Certification is required from Mutual Fund AMC confirming that the initial
investments were made from NRE account)
✓ Refund of cancellation of Insurance policy can be credited to NRE account provided:
✓ Original amount has been debited from NRE account.
✓ Insurance company has given confirmation mentioning that refund represents cancellation of
policy issued to customer.
✓ Death claim proceeds of NRE account / FCNR account.
✓ On change of status from Resident to NRI, the closure proceeds of RFC account opened for
returning NRI’s can be credited to NRE / FCNR account.
✓ Refund of application /Earnest money made by the house building agencies (Builders) on account
of non-allotment of property. (In case any extra interest is earned at the time of refund, the same
can be credited to NRE account only after payment of applicable taxes and supporting documents)
✓ Sale proceeds of property after deduction of applicable taxes can be credited in case the property
is purchased debiting NRE account / Foreign Inward Remittance. In the event of sale of immovable
property (other than agricultural land or farmhouse or plantation property in India) an NRI/ PIO is
allowed to credit & fully repatriate the sale proceeds outside India, provided the following
conditions are satisfied:
✓ The amount for acquisition of the immovable property was paid in foreign exchange received
through banking channels or
✓ Out of funds held in Foreign Currency Non-Resident Account or out of funds held in Non-Resident
External Account
✓ c) In the case of immovable property, the credit of sale proceeds in NRE account is restricted to not
more than two such properties.
✓ NRO to NRE funds transfer (as per guidelines prescribed under USD 1 million scheme) can be
credited in NRE Account.
✓ Any other credit if covered under general or special permission granted by Reserve Bank.
Eligible Credits in NRE PIS accounts
Credits Permitted in NRE PIS Account held under product code 119 and 122 are as follows:
✓ Inward remittances from abroad in foreign exchange through banking channels.
✓ Transfer from the NRI’s/ OCI’s other NRE accounts or FCNR (B) accounts maintained in accordance
with the Foreign Exchange Management (Deposit) Regulations, 2016.
✓ Dividend or income earned on investment made on repatriation basis.
Ineligible Credits:
❖ Funds belonging to Resident Joint holder OR Resident Mandate holder added in NRE account
cannot be credited in NRE account.
❖ Loan received from a person resident in India to NRI/PIO cannot be credited in NRE Account.
❖ Any loan / repayment of loan related transaction in the form of ‘CASH’ cannot be credited into NRE
account.
Erroneous Ineligible Credits in NRE accounts: In case of ineligible credits posted in NRE account by
retail branches, branch staff need to inform the customer on the error and obtain customer consent to
debit the NRE account (Customer request letter / mail confirmation from registered Email ID) and
transfer the amount to original source account held with HDFC Bank. .
Refer below links for RBI circular on NRE accounts and NRE credits which can be shared with customers’:
Master Directions : https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10198
NRE Account Circular : https://rbidocs.rbi.org.in/rdocs/content/pdfs/SCH040416_1.pdf
RBI Circular on Crediting FCY Currency in NRE A/c : https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4205&Mode=0
AD Category I: https://rbidocs.rbi.org.in/rdocs/FEMAMASTER/PDFs/1061.PDF
AD Category II: https://www.rbi.org.in/Scripts/CategoryII.aspx
14. MOST COMMON TRANSACTION / PROCESSES:
14.1 ACCEPTANCE OF FOREIGN CURRENCY CASH FROM NRIS
NRIs can bring in Foreign Currency during their visit to India and deposit the same into their
NRE/NRO/FCNR Account subject to the following limits:
Kindly Note:
• All Foreign Currency Cash should be equivalent to USD currency.
• The above limit is prescribed by current FEMA guidelines for NRI customers who visit India for
temporary period.
• Thus branches are requested to exercise caution and ensure client is not splitting the deposit of
funds across banks to circumvent the limit.
14.2 CREDIT TO NRE ACCOUNT – ENCASHMENT OF FOREIGN CURRENCY BY NRI
NRIs who bring in Foreign Currency CASH during their visit to India and can exchange the same at
any of the following places.
CLICK HERE for AD Category I

CLICK HERE for AD Category II
CLICK HERE for RBI Circular
14.3 ACCEPTANCE OF EMAIL REQUESTS FOR AD-HOC PAYMENT TOWARDS NRI CREDIT CARDS
Non-resident Indian (NRI) account holders having NR Credit Cards can now make AD HOC payment
towards NRI Card if the auto pay for credit card payment has failed/declined.
Branch can accept email request from NRI customer's registered email ID as per Flexcube for making
adhoc payment towards NRI Credit Card from linked NRE/NRO account on exception basis.
Points to Note:
• This exception process is available only if the auto pay for payment towards NRI Credit Card from
designated NRE / NRO Account has failed / declined on due date.
• Such payments allowed only from the designated NRE / NRO Account linked against the card.
• Payment towards NRI International Credit Card can be made only by debiting NRE account.
• AD hoc payment process can be followed in case MAD (minimum amount due) payment has been
debited and customer wishes to make TAD (total amount due) payment and TAD (total amount
due) auto pay has been bounced.
• Adhoc Payment option via Net Banking is currently not available.
Process to be followed by Branches:
• Check if email request is received from customers registered email id mentioned on Flexcube.
• Verify the NRE/NRO Account number ,Credit Card details and amount for payment towards credit
card and check if the account has sufficient funds to be claimed for payment towards credit card.
▪ Note: If customer fails to specify the amount in the email then Total Amount Due (TAD) in
credit card will be claimed from customer’s NRE/NRO account.
• If the instructions are in order, branch staff (Maker) will affix stamp on copy of email.
• BM/PBA/BOM (Checker) to review and provide approval and sign on the copy of email.
• Post the above, branch will log CRM (Refer below screen shot for CRM category/sub category to
be used) with appropriate comments and will upload / attach the branch attested email copy on
CRM for verification and processing by PPU/CC Ops.
Note:
• Similar to resident customers, Hold Funds will be marked on the customer’s linked NRE/NRO
account for the amount due and if the account is funded within 5 days post the auto pay bounce,
the Credit Card Operations team will manually debit the account towards card payment without
customer request.
• Hold Fund will be released on 6th day post which customer will have to provide Email instruction
as mentioned above.
• CRM to be raised on the unit as per the above screen shot and should be raised only post the
branch has received an email from customers registered email id mentioned on Flexcube.
14.4 IMPORTANT INFORMATION ON PRECLOSURE OF NRE/ FCNR DEPOSITS
NIL interest is paid if NRE/FCNR Fixed Deposits are prematurely liquidated before completion of
minimum tenure of 1 year. It is very important to note that the customers are informed regarding this
premature withdrawal clause before they proceed with the redemption request.
The below changes are already live on Flexcube system and netbanking liquidation screens
LIQUIDATION INITIATED THROUGH BRANCH
➢ In case the deposits are being liquidated through branch then the below pop up will be
displayed on flexcube when any Fixed Deposit is being liquidated before completion of
minimum tenure. i.e. 1 year
POP UP MESSAGE ON FLEXCUBE

“Customer is informed that NIL interest will be paid post liquidation of the fixed deposit’’
LIQUIDATION INITIATED THROUGH NETBANKING

➢ In case the FCNR/ NRE Deposit is being liquidated via netbanking then customers will also be
notified regarding this premature withdrawal clause on the FD liquidation screen and the
same is updated in the terms and conditions link on the netbanking liquidation page.
MESSAGE ON NETBANKING SCREEN
14.5 PROCESS FOR CONVERSION OF NRO / NRE ACCOUNT TO RESIDENT
As per RBI guidelines, once a customer has come back to good for settling in India, his existing Non
Resident accounts (NRE / NRO) should be re-designated as Resident accounts.
Documentation to be obtained from the customer:
• Declaration Click Here
• KYC Documents (Identity and address proof) as applicable in resident account opening.
• Resident savings account opening form duly signed by all account holders of the account which is
being re-designated.
• PAN / Form 60.
• Photograph.
• Extended KYC – FATCA / CRS declaration
Important points to Note:
• All Non Resident Savings Accounts /Current accounts where the customer is the first holder will
have to be re-designated as Resident Account.
• Branch to obtain declaration from customer to mark stop payment for unused cheque leaves for
NRE account and accordingly stop payment needs to be maintained in system. Branches to inform
the customer not issue any postdated cheques from NRE/NRO account. After change of status in
system, branch to process request for chequebook issuance for re-designated account.
• In case NRI is Joint account holder in any account which is being re-designated then such account
can be continued as joint account (as second applicant) in any mode of operation on receipt of
undertaking Click Here
• NRE Recurring Deposit & PIS accounts if any will have to be closed by the branch.
• Customer can convert NR demat account to resident demat without changing the account no.
(Contact –DPAOD/Depository/Empire Plaza Vikhroli-Mumbai/HBL@HDFCBANK )
• Customer should not continue his NR credit card issued under NR category and apply for fresh
credit card as a Resident Indian.
• Existing debit card can be used by customer. If new card is required then branch to process after
obtaining necessary request.
• NRE FD will be re-designated as Resident FD immediately under new deposit number.
• If NRE FD/RD/FCNR FD is prematurely closed within 1year, no interest will be paid.
• NRO FD will be re-designated as Resident FD only on maturity. However, TDS will be deducted at
10 % (if PAN is updated) with immediate effect on conversion of customer ID to resident.
• FCNR FD will be renewed as RFC deposit on maturity.
• Post re-designation of account as Resident CASA , NRE / NRO ISA to be re-designated as RESIDENT
ISA (contact tpp-online Mutual Fund Query/Retail/Chandivali/HBL for details).
14.6 CONVERSION OF NRE FIXED DEPOSIT TO RESIDENT FIXED DEPOSIT OR RFC ACCOUNT
As per RBI guidelines, an NRI upon returning to India should re-designate all his NRI accounts to
resident accounts immediately. This applies to NRE/NRO CASA & FD’s.
Click Here for RBI master directions.
The customer has to following 2 options to re-designate NRE fixed deposits:-
Option 1: NRE FD WILL BE RE-DESIGNATED AS RESIDENT FD
1. NRE FD will be re-designated as Resident FD immediately under NEW DEPOSIT ACCOUNT
NUMBER. (The re-designation will be done post receipt of NRE/NRO to Resident account
conversion request by respective CPU)
2. The Resident FD will be rebooked effective from last completed quarter of existing NRE deposit.
3. The Resident FD will be rebooked for the balance tenure of the FD.
4. The Resident FD will be rebooked WITHOUT ANY LOSS to the customer.
5. The Resident FD will be rebooked with the same rate of Interest as applicable on the erstwhile
NRE FD.
6. TDS on Resident FD will be calculated from the last completed quarter as per resident tax rate.
(Branch need to inform the customer about the TDS impact since last completed quarter on interest
earned)
OPTION 2: RESIDENT FOREIGN CURRENCY (RFC) DEPOSIT CAN BE BOOKED.

1. Customer can also book rebook NRE deposit as RFC deposit
2. Branch has to liquidate the principle and interest in rupee dummy account and then transfer the
funds to respective FCY dummy account under which RFC FD is getting booked.
3. Branch to collect the applicable forms and documents for opening RFC FD (Click here for process
of RFC Accounts & FD account opening) along with the forms and documents required for
conversion of NRE/NRO to Resident account and send the same to CPU (Click here for process for
NRE/NRO to Resident account conversion)
4. Post conversion of accounts, branch to inform CPU to debit the FCY dummy for booking of RFC
FD.
5. Customer can submit separate declaration for TDS rebate under RNOR status.
6. NRE FD will be liquidated and the total amount of Principal & Interest earned on NRE FD will be
converted into respective FCY currency in which RFC deposit is being booked.
7. The RFC deposit will be booked under a new deposit number for the any tenure.
8. The rate of Interest applicable on RFC deposit will be as per prevailing rate (applicable on RFC
deposit) as on date of RFC deposit booking.
NOTE:
❖ If NRE FD is prematurely closed within 1 year no interest will be paid.
❖ Balances held in NRE CASA/NRE FD/ FCNR FD can only be used while booking RFC FD.
14.7 CONVERSION FROM RESIDENT TO NON – RESIDENT (NRO)

When customer informs the bank about the change of his status and submits all required KYC
Documents establishing his NRI status, then existing Resident Savings Account will be redesignated to
NRO savings account without changing the account number. However interest earned on Fixed
Deposits and Savings account will attract TDS as per applicable tax rates for NRI.
Documentation to be obtained from customer:

➢ Resident to NRO Conversion form. (Form to be signed by all holders) Click Here
➢ Self-attested PAN Card or Form 60. Click Here
➢ Self-attested copies of passport and Visa to prove his/her NRI status.
➢ Overseas address is mandatory to be obtained from the customer.
➢ Address proof should be as per the list of acceptable proofs. Click Here
In case customer (whose status has now changed to NRI) is a joint/second holder in Resident Account
and does not hold any other resident account under primary relationship then in such cases, customer
needs to additionally submit declaration (Click Here) along with the above mentioned forms and KYC
documents. (NRI customer can be a joint account holder with any mode of operation in a resident
account.)
In case the above form and documents have been received as scanned copies through Registered
Email ID as updated on Flexcube of one of the account holders, then branch to:
• Take a print out of scanned copies of
o Email received from customer’s registered email ID
o Resident to NRO Conversion Form (Form to be signed by all holders).
o Supporting Documents.
• Annotate “Non face to face – received from registered email ID”, on the Resident to NRO
conversion form.
• Affix Barcode and make an entry in FTS / CRM.
• Dispatch the complete form along with documents to CPU.
Non Face to Face Application:

❖ Self-attested documents along with one additional document can be accepted.
Face to Face Application:
❖ All documents must be self-attested by the customer.
❖ All documents must be signed by the customer in presence of the bank official.
❖ All documents must be verified against the originals by the bank official.
Steps & Important Points to Remember:
Branch has to follow the following steps to update the NRI status of the customer in his linked CASA/
ISA/ CREDIT CARD/ DEMAT/ TRADING accounts:-
STEP 1: UPDATING RESIDENTIAL STATUS TO NRI IN CASA: Branch/ RM need to obtain all relevant
forms & documents (as mentioned below) for conversion of Resident Account to NRO account.
1) Mode of operation to be changed to ‘Former or survivor’ if account being converted is jointly held
with a Resident Indian and for the ease of operation the resident holder can be added as mandate
holder to operate the account on behalf of the NRI (1st Holder) Click Here
2) DEBIT CARD: International Debit card linked to Resident Account to be Hotlisted compulsorily
whereas new Rupay NRO domestic debit card or ATM card can be issued for re-designated NRO
account only at the request of customers.
3) CURRENT REIMBURSEMENT ACCOUNT: Current Reimbursement Account can be closed by branch
by following the extant process or by taking closure request on scan or it can be converted to Current
Account - NRO (PC 201) provided the customer is willing to maintain required AMB into the said
account.
4) CUSTODY / PMS ACCOUNT: If any Custody or PMS account is held under the same customer id then
kindly contact custody department or capital market division for the process of conversion.
STEP 2: UPDATING RESIDENTIAL STATUS TO NRI IN LINKED ACCOUNTS (to be followed post NRI status
has been updated in CASA)
1) DEMAT: Open new NRO Savings Ebroking account (Contact: PIS-Help/Retail
Operations/Chandivali/HBL@HDFCBANK for forms and documents) and post which Resident Demat
Account needs to be converted to NRO Non repatriable Demat Account. (Contact:
DPAOD/Depository/Empire Plaza Vikhroli-Mumbai/HBL@HDFCBANK for forms and documents)
2) TRADING: Branch needs to take the help of branch HSL co ex or sales manager for forms and
documentation for closing existing resident HSL trading account and opening new NRO trading
account with HDFC securities since existing HSL trading account cannot be converted into NRO status.
(HSL trading account cannot be opened for US/CANADA based NRI as non- face to face)
3) ISA Account: Branch/ RM need to obtain requisite documents to convert resident ISA account to
NRO ISA account. (Contact: TPP-Online Mutual Fund Query/Retail/Chandivali/HBL@HDFCBANK for
forms and documents)
3) Credit Card: Customer need to submit credit card closure request or needs migrate his resident
credit card to NR Credit card. Click here for the process.
14.8 PROCESS FOR OUTWARD REMITTANCE FROM NRE ACCOUNT AND REPATRIATION OF FCNR
DEPOSIT THROUGH NET BANKING
NRI customer can remit funds from his NRE account by following steps through net banking also.
To add a beneficiary to transfer funds to Self account held with Overseas Bank please follow the
below steps:
• Access your Net Banking account using your Customer ID and IPIN
• Click on the option for "Fund Transfer " (top of the web page)
• Click on the option "Repatriation of Funds (Add Beneficiary)" under "Request option" which is on
the left menu.
• Select the appropriate option i.e Repatriation of Funds (from NRE Account or FCNR Deposit )
• Funds can be repatriated to SELF account only. Fill the Beneficiary Bank's details and other
information.
• After entering all the details, click on “ADD” button.
Note : The beneficiary will be added after 30 minutes, after which you can transfer funds to that
account.
Repatriation of funds from "NRE account" and "Repatriation of FCNR Deposit" is now possible
through Net Banking by the following the below mentioned procedure:-
➢ Access your Net Banking account with your Customer ID and IPIN (Net Banking Password).
➢ Select the 'Fund Transfer' Tab
➢ Select 'Repatriation of Funds' under 'Transact' tab. The beneficiary name will get auto-populated
in the 'Beneficiary Name' field as it has to be the same as the account holder and complete the
transaction.
Important Points :
• Kindly check if the customer is following correct path as one of the reason for not able to do
repatriation is that customer erroneously tries to transfer funds using Foreign Outward
remittance option which is applicable ONLY for Resident customers.
• Kindly note, repatriation to third party is not allowed under this facility through Net Banking.
• The repatriation request will be processed within 2 working days (excluding Sat/Sun/ Indian
Public Holidays/International Currency Holidays).
• The amount will be debited at the time of processing the request received at our end and not at
the time you raise the request. The exchange rates prevailing at the time of processing the
request will be applied to the transaction.
• The maximum limit for repatriation of funds is up to Rs 10 lakh equivalent per day per customer
id.
• Repatriation facility is available from NRE CASA and FCNR deposit only.
• Customer to maintain sufficient balances in the NRE CASA account for outward remittance
charges. https//www.hdfcbank.com/assets/popuppages/forex_services_fees.htmClick Here to
refer charges for outward remittance from NRE account.
14.9 REPATRIATION OF SALE PROCEEDS OF IMMOVABLE PROPERTY PURCHASED BY NON-RESIDENT

INDIANS
A) SALE OF IMMOVABLE PROPERTY PURCHASED WITH FUNDS HELD IN NRE ACCOUNT OR OUT OF
FOREIGN INWARD REMITTANCE:
An NRIs/ PIOs can credit the sale proceeds of immovable property (other than agricultural land/ farm
house/ plantation property) in India after payment of applicable taxes in his NRE account. The
following conditions needs to be satisfied for crediting the funds to NRE account:
a) The amount for acquisition of the immovable property was paid in foreign exchange received
through banking channels (foreign inward remittance) OR
b) Out of funds held in Foreign Currency Non-Resident Account or out of funds held in Non-Resident
External Account
c) In the case of immovable property, the credit of sale proceeds in NRE account is restricted to not
more than two such properties
Documentation required for crediting funds to NRE Account:
1. Copy of the registered purchase agreement
2. Copy of the registered sale agreement
3. Proof of payment made from NRE account/foreign inward remittance towards purchase of property
(i.e. foreign inward remittance certificate from the bank or copy of the cheques/ Bank statement of
NRE account)
4. Proof of payment of capital gain taxes
5. Customer Request Letter to credit the funds in NRE account and declaration stating the sale
proceeds of property not more than 2 properties
6. Customer declaration that the proceeds to be repatriated/credited to NRE account are not from the
sale of any agricultural or farm land.
B) CANCELLATION OF IMMOVABLE PROPERTY PURCHASED WITH FUNDS HELD IN NRE ACCOUNT OR

OUT OF FOREIGN INWARD REMITTANCE: (This would be the property which customer purchased with
funds from his NRE account or out of Foreign Inward Remittance however purchase got cancelled due
to some reasons)
Refund of application/ earnest money/ purchase consideration made by the house building agencies/
seller on account of non-allotment of flat/ plot/ cancellation of bookings / deals for purchase of
residential/ commercial property, together with interest, if any (net of income tax payable thereon),
provided the original payment was made out of NRE/ FCNR (B) account of the account holder or
remittance from outside India received through banking channels. The decision depends on Bank’s
satisfaction about the genuineness of the transaction.
Documentation required for crediting NRE Account:
1. Proof of payment made from NRE account towards purchase of property i.e. certificate from the
bank or copy of the cheques/ Bank statement of NRE account
2. Cancellation Letter/ Deed from Builder.
3. Customer Request Letter to credit the original principle investment in NRE account.
4. Interest paid on cancellation of property is eligible to credited in NRE account (under current income
scheme) provided applicable taxes are deducted thereon.
5. Confirmation that the consideration of cancellation of property purchase is not of any agricultural
or farm land.
C) SALE OF IMMOVABLE PROPERTY PURCHASED WITH FUNDS HELD IN NRO ACCOUNT: (This would
be the property which NRI customer purchased with funds from his NRO account/acquired under
inheritance or acquired during a resident tenor)
The sale proceeds of property acquired under inheritance / acquired during a resident tenor / acquired
with the funds held in NRO account can be credited to NRO account. The funds can also be repatriated
or credited to NRE account under USD 1 million scheme after payment of applicable taxes.
Documentation required for crediting NRE account/ Outward remittance from NRO account under
USD 1 Million Scheme:
1.Copy of the registered purchase agreement
2.Copy of the registered sale agreement
3.15CA & 15CB
4.FEMA Declaration
5.Customer Request Letter to credit NRE account OR Outward remittance instruction from NRO
account along with Form A2 (as per the nature of transfer of funds)
Note:
• Outward Remittance / NRO to NRE funds transfer should be accompanied by the Cheque and in
• Transactions above USD 1 million will require prior approval of RBI.
14.10 BOOKING FCNR DEPOSIT FROM FCY INWARD REMITTANCE
NRI customers can remit Foreign Currency through Inward Remittances for Booking FCNR deposit or
crediting HDFC Bank’s INR CASA account.
FCY INWARD REMITTANCE
CREDITING NRE/ NRO CASA BOOKING FCNR DEPOSIT
” REMITTER TO MENTION “CUSTOMER ID” AS

REMITTER TO MENTION “CASA ACCOUNT
“BENEFICIARY ACCOUNT NUMBER AND MENTION
NUMBER” AS “BENEFICIARY ACCOUNT
“BOOK FCNR FD FOR TENURE ____” IN FIELD NO 70
NUMBER”
IN SWIFT MESSAGE
PLEASE ASK CUSTOMER TO BE CAUTIOUS ON BELOW POINTS: (FCY INWARD REMITTANCE)
A) FCNR BOOKING
➢ Incase of Booking an FCNR DEPOSIT, remitter to mention “BENEFICIARY’S CUSTOMER ID”

held with HDFC Bank as “BENEFICIARY ACCOUNT NUMBER” while initiating FCY Transfer to
HDFC Bank. In Remittance information Field No: 70, remitter to mention Funds for Booking
FCNR deposit for tenure_____________ and accordingly branch to update details in
‘DealPro’ to avoid conversion of Funds.
➢ Branch to park the funds in applicable FCY transitory account and send the FCNR booking
instructions along with Screenshot of credit entry of FCY transitory account and Copy of MT
103 to mapped CPU. (Branch can refer the latest version of “dealpro” manual in order to
know the steps to carryout the deal pro entry)
B) CREDITING TO NRE/NRO CASA
➢ Incase of Crediting in NRE OR NRO CASA ACCOUNT, Remitter to mention “BENEFICIARY’S

CASA ACCOUNT NUMBER” as Beneficiary Account number to remitter Bank.
➢ Bank will convert these FCY funds to INR as per applicable conversion rates. (Branch can
refer the latest version of “dealpro” manual in order to know the steps to carryout the deal
pro entry)
14.11 GENERATION OF INTEREST CERTIFICATE FOR NRI / RESIDENT CUSTOMERS FOR ANY 12
MONTHS, CALENDAR AS WELL AS FINANCIAL YEAR
Interest Paid Certificate for NRE/NRO/RESIDENT CASA, Fixed Deposits /Recurring deposit
(NRE/NRO/FCNR/RESIDENT) is available in Flexcube .
User can now generate interest certificate for any "12 MONTHS", "Calendar Year" as well as
"Financial Year"
The user needs follow the below mentioned steps in Flexcube:
Step 1 - Go to "Fast Path 7775" and click Go
Step 2 - Mention TD480 (NRE/FCNR) & TD531 (NRO) in Report ID field
Step 3 - Input Customer ID and period for which the Interest Certificate needs to be generated
Step 4 - Click on "Generate" button at the end of the screen
After receiving the message "Report Request Submitted"
Step 5 - Go to "Fast Path 7778" and click Go
Step 6 - Select the check box of the file
Step 7 - Click on "View"
Step 8 - Interest Certificate will be generated and opened in web page, save the file in ".txt
format"
IMPORTANT: In case NRI Customers send email from their registered email id for the
requirement of Interest Certificate then branch can follow the above steps and provide the
same to the customer.
14.12 PROCESS FOR THIRD PARTY TRANSFER (FUNDS TRANSFER) REGISTRATION FOR NRI
CUSTOMERS
NRI Customers can register for TPT ( Third Party Transfer ) services via Netbanking by following the
below steps:
STEP 1: CLICK ON THE 'FUND TRANSFER' TAB AND 'REGISTER NOW'
STEP 2: AUTHENTICATION
a) NRI customers having Indian Mobile number as registered number on their account
i) Customers would be prompted to select their debit card from drop down and would need
to enter Debit Card PIN and Card expiry date
ii) OTP sent on Registered Mobile Number post which the system will proceed towards Secure
Access registration.
b) NRI customers having International Mobile number as registered number on their account
i) Customers would be prompted OTP on Registered International Mobile Number &
Registered Email ID.
ii) Post OTP authentication the system will proceed towards Secure Access registration.
STEP 3: SECURE ACCESS REGISTRATION

i) Selecting 5 Challenge Questions and providing relevant answers to these questions.
ii) Setting up an Image and a Message as secure access profile.
Secure Access profile can be modified by following the below steps:

Net Banking login> Accounts> Request> Modify Secure Access Profile.
This option is also available under Funds transfer TAB:
Net Banking Login> Funds Transfer> Request> Change Image & Message / Change Questions
NOTE:
➢ The above process of TPT registration is limited to NRI account ONLY and applicable on Flex@
version of netbanking
➢ Post raising the registration request via netbanking it will take 24 hours to get the TPT activated.
➢ NRI customers having ATM card linked to their NRE & NRO accounts and Indian Mobile Number
updated against the records cannot register for TPT via Netbanking. Please refer alternate mode
of TPT registration for such cases.
➢ In case a customer is a Senior Citizen then they would NOT be able to Register for funds transfer
i.e. TPT through Online for security reasons. Please refer alternate mode of TPT registration for
such cases.
ALTERNATIVE MODES FOR TPT REGISTRATION:-

1. Customer can fill up a TPT application form (Click here) and submit it to the nearest HDFC Bank
Branch along with an self-attested copy photo ID proof. (Branch to conduct OSV)
2. NRI Customers unable to visit the branch, can submit the TPT registration form along with self-
attested Photo ID Proof, through our PO BOX services. Click here for details on our Mailbox
services.
3. For any further queries on the above process OR If the customer is facing any error for TPT
registration via netbanking please ask the NRI customer to share step by step screen shot from
login page till the error page and share the same with Direct Banking Query team for further
investigation and resolution. Kindly capture all the details properly while sending mail. (Direct
Banking - Query/DirectBanking/Chandivali/HBL@HDFCBANK)
14.13 DEALPRO REPORTING OF INR TO INR TRANSACTIONS FOR LIMIT MONITORING
Branches need to check purpose of fund transfer and select relevant product from above given table
accordingly. Follow the below mentioned steps for INR to INR fund transfer transaction in DealPro
**Dealpro reporting to be done for only above INR transactions
1) Customer to provide funds transfer instructions with the purpose.
2) Teller needs to go to DealPro > Transaction > Retail Forex Menu > Add New Entry button
3) Select Transaction type as “SELL” or “BUY” as per the above table and nature of transfer.
4) In customer details section, mention customer name & customer ID.
5) Branch is not supposed to make any changes (edit/update) in the customer details in Show Info
screen.
6) The system fetches the customer's details as maintained in core system and displays to branch user.
7) Branch user need to simply view the details and close this window.
8) Purpose Code: Refer the above table for same.
9) After filling up transaction amount and relevant purpose code along with payment details, user can
submit the transaction.
10) Branch to authorize transaction in DealPro and note down Dealpro reference number on Fund
transfer instruction/voucher
11) Branch needs to transfer funds separately in FlexCube (FC) > Fast Path 1006 > select the respective
dropdown.
12) Branch to mention the same reference number as a case ID in FlexCube, while doing Fund transfer
and must get it authorized.
14.14 OVERVIEW OF NRI DEPOSITS
CRITERIA NRE FD FCNR FD NRO FD
Min: 1 Year Min: 1 Year Min: 7 days
Max: 10 Years Max: 5 Years Max: 10 Years

TENURE
(Nil interest is payable if
(Nil interest is payable if deposit is withdrawn before completion of 1 year) deposit is withdrawn before
7 days)
CURRENCIES
INR USD, EURO, GBP, JPY, AUD, CAD INR
AVAILABLE
Deposit can be jointly held

Deposit can be jointly held with NRI / PIO. with NRI / PIO. Any resident
JOINT HOLDER Resident Individual who is close relative Individual can be added as a
FACILITY (as per companies Act 2013) can be added as joint holder however the mode of joint holder however the
operation will be 'Former or Survivor' mode of operation will be
'Former or Survivor'
i) Principal amount can be

repatriated/ credited to NRE
SB account under USD 1
Million Scheme.
REPATRIATION Principal and Interest are fully and freely repatriable
ii) Interest amount can be
repatriated/ credited to NRE
SB account under Current
Income scheme.
Minimum Minimum
List of
Initial Add on
Currencies
Deposit Deposit
Initial Deposit: Initial Deposit:

USD $ 1,000.00 $ 1,000.00
Rs. 25000 Rs. 25000
GBP £ 2,500.00 £ 1,000.00

MINIMUM
DEPOSIT
EURO € 2,500.00 € 1,000.00
AMOUNT
¥ ¥
JPY
7,50,000.00 7,50,000.00
Add on Deposit: Add on Deposit:
Rs. 10000 AUD $ 1,000.00 $ 1,000.00 Rs. 10000
CAD $ 1,000.00 $ 1,000.00
Monthly Monthly
Half Yearly
(at discounted rate) (at discounted rate)
INTEREST
PAYMENT MODE Quarterly Quarterly
On Maturity
(Compounded Half Yearly)
On Maturity On Maturity
(Compounded Quarterly) (Compounded Quarterly)
SWEEP IN Available only

Can be linked on both NRE & NRO CASA N.A.
FACILITY on NRO CASA
SUPER SAVER Upto 90% of Fixed Upto 70% of Fixed Deposit. OD limit is set Upto 90% of Fixed Deposit.
FACILITY (OD) Deposit. OD limit is set on NRO CASA. on NRO CASA. OD limit is set on NRO CASA.
Interest earned on NRO Fixed

Deposit is subject to TAX
TAXATION Interest earned is tax exempt in India. Deduction at Source.
Current Tax Rate is 30% (plus
applicable surcharge)
NRI customers looking for

earning guaranteed returns
NRI customers looking for earning tax free
NRI customers looking for tax free on their income earned in
interest on their foreign earnings but wish to
interest on their foreign earnings but India also wish to opt for
USP avoid foreign currency exchange risk can open
also want repatriability of can invest in shorter tenures in deposits (7
FCNR deposit in USD, EURO, GBP, JPY, AUD
NRE Deposit. days minimum) can opt for
and CAD currencies.
NRO Fixed deposit.
14.15 RECURRING DEPOSIT
PRODUCT CODE
1275- NRO RECURRING DEPOSIT 794- NRE RECURRING DEPOSIT
& DESCRIPTION
ELIGIBILITY Deposit can be booked by an NRI or PIO
Min: 6 Months Min:12 Months (1 Year)

TENURE
Max: 120 Months (10 Years) Max: 120 Months (10 Years)
Nil interest is payable if Recurring deposit is (Nil interest is payable if deposit is withdrawn before
withdrawn before completion of 1 year)
completion of 1 Month
PREMATURE
The interest rate applicable for premature closure of deposits (all amounts)
WITHDRAWAL CLAUSE
will be lower of:
The original rate at which the deposit has been booked OR
The base rate applicable for the tenure for which the deposit has been
in force with the Bank.
PARTIAL WITHDRAWAL NOT ALLOWED
Minimum: Rs.1000 (in the multiples of Rs. 100 thereafter)

MINIMUM DEPOSIT
AMOUNT
Maximum: Rs 1,99,99,900
FREQUENCY – Monthly FREQUENCY – Monthly

DEBIT DATE – Same as date of RD booking DEBIT DATE – Same as date of RD booking each month
INSTALLMENT
each month DEBIT ACCOUNT- NRE CASA
DEBIT ACCOUNT- NRO CASA
o Maturity Proceeds can be converted to

NRO FD* o Maturity Proceeds can be converted to NRO FD*
o Maturity Proceeds can be transferred to o Maturity Proceeds can be transferred to linked NRO
MATURITY
linked NRO Account Account
INSTRUCTIONS
*NRO FD will be booked for 1 Year 1 day *NRE FD will be booked for 1 Year 1 day tenure under
tenure under product code 448- product code 748- REINVESTMENT NRE-QTR COMP
REINVESTMENT DEPOSITS - NRO
NON PAYMENT OF
If 6 consecutive instalments are not paid then bank will pre-close the RD
INSTALLMENT
RD INTEREST RATE Same rates which are applicable for existing Resident RD tenures are applicable for NRE/NRO RD
On Maturity
On Maturity
OR
OR
INTEREST PAYOUT In case of premature withdrawal interest is
In case of premature withdrawal interest is paid only in case
paid only in case NRO RD is maintained for 1
NRE RD is maintained for 1 Year.
month.
CURRENCY INR
Deposit can be jointly held with NRI / PIO. Deposit can be jointly held with NRI / PIO.
Any Resident Individual can be added as joint Resident Individual who is close relative (as per companies
JOINT HOLDER FACILITY
holder however the mode of operation will Act 2013) can be added as joint holder however the mode of
be 'Former or Survivor' operation will be 'Former or Survivor'
SWEEP IN FACILITY N.A.
SUPER SAVER FACILITY

N.A.
(OD)
Interest earned on NRO Recurring Deposit is

subject to TAX Deduction at Source.
TAXATION Interest earned is tax exempt in India
Current Tax Rate is 30% (plus applicable
surcharge)
• NRI customers looking for earning • NRI customers who would want to save regularly but do
guaranteed returns on their income not have the liquidity to invest relatively large amounts
earned in India also wish invest in of funds go can opt for NRE RD.
smaller amounts as low as Rs 1000 can
USP opt for NRO Recurring deposit.
• NRO RD will be a systematic &
disciplined form of saving and there is
no lump sum payment required at the
time of Initial investment
14.16 BORROWING & LENDING BY NRI / PIO
Borrowing and lending transactions in Indian Rupees (INR) between persons resident in India and Non-
Resident Indians/Persons of Indian Origin are governed by clause (e) of sub-section 3 of section 6 of
the Foreign Exchange Management Act, 1999. Kindly refer to the below table for the comprehensive
list of guidelines with regards to borrowing and lending by an NRI/PIO. Click Here for RBI guidelines
on borrowing & lending by NRI/ PIO.
LENDING- (LOAN GIVEN BY NRI DURING HIS RESIDENT OR NRI TENOR TO PERSON RESIDENT IN INDIA)
PARTICULARS REPATRIABLE LOAN NON- REPATRIABLE LOAN
Any "person " resident in India "except company".

(i) An Individual
(ii) A Hindu Undivided Family (HUF),
WHEN LENDER IS (iii) A firm,
CURRENTLY AN (iv) An Association of Persons or a Body of Individuals,
Close Relative as per companies act 2013
NRO/PIOS, THE whether incorporated or note,
BORROWER CAN BE? (v) Every artificial juridical person, not falling within any of
the preceding sub-clause, and
(vi) Any agency, office or branch owned or controlled by
such person.
Rate of interest on the loan shall not be more than two per
RATE OF INTEREST Loan should be Interest free cent above Bank Rate prevailing on the date of availing of
loan.
TENURE OF LOAN Minimum maturity period of the loan is 1 year Period of loan shall not exceed 3 years.
LOAN AMOUNT Not applicable No limit
The amount of loan should be given either by inward

WHICH A/C WILL BE
remittance from outside India or by debit to
DEBITED FOR GIVING Not applicable
NRE/NRO/FCNR(B) account of the NRI/PIOs, maintained with
THE LOAN?
an authorized dealer or an authorized bank in India.
WHICH A/C WILL BE Not applicable

CREDITED FOR
The repayment of loan can be credited to ONLY NRO account
REPAYMENT OF Not applicable
LOAN?
CAN NRI CONTINUE

LOAN GIVEN
Not applicable Yes
(AS LENDER) DURING
RESIDENT TENOR?
WHICH ACCOUNT THE

REPAYMENT OF
LOAN CAN BE
CREDITED IF THE Not applicable NRO account
LOAN WAS GIVEN
DURING RESIDENT
TENOR?
Non Relative.
Note - Indian company (Public & PVT ltd) can borrow subject
WHO CANNOT BE Note - Indian company (Public & PVT ltd) can to conditions given FEMA*
BORROWER? borrow subject to conditions given FEMA*
*Refer below points for provisions for Indian company (Public & PVT ltd) to borrow funds from NRI/PIO
Indian (Public & PVT ltd) company can borrow

rupee loan on repatriable and non repatriable
basis from NRI/PIO. If the borrowing is on
repatriation basis then the percentage of NCD’s Indian (Public & PVT ltd) company can borrow rupee loan on
issued to NRIs/PIOs to the total paid up value of repatriable and non repatriable basis from NRI/PIO. If the
CAN INDIAN
all NCDs issued shall not exceed the ceiling borrowing is on non-repatriation basis from NRIs/PIOs then
COMPANY* BORROW
prescribed for issue of equity the amount of loan should be received either by inward
RUPEE LOAN ON
shares/convertible debentures for foreign remittance from outside India or by debit to
REPATRIABLE AND
direct investment in India. Further, the funds NRE/NRO/FCNR(B) account of the investor maintained with
NON REPATRIABLE
towards borrowing should be received through an authorised dealer or an authorised bank in India.
BASIS FROM NRI/PIO
inward remittance from outside India or by Payment of interest and repayment of principal shall be
DURING THEIR NRI
debit to NRE/FCNR (B) account of the investor made only to the NRO account of the lender. The issue of
TENOR? IF YES, WHAT
maintained with an authorised dealer or an NCDs is made by public offer. The rate of interest is not more
ARE THE CONDITIONS
authorised bank in India. The issue of NCDs is than the prime lending rate of State Bank of India as on the
ON BORROWING BY
made by public offer. The rate of interest is not date on which the resolution approving the issue is passed in
COMPANIES?
more than the prime lending rate of State Bank the borrowing company’s General Body Meeting plus three
of India as on the date on which the resolution per cent.
approving the issue is passed in the borrowing
company’s General Body Meeting plus three
per cent.
CAN FUNDS RECEIVED

VIA REPAYMENT OF
Post crediting Proceeds of repayment of loan to NRO
LOAN BE
Not applicable account, funds can repatriated outside India or transferred
REPATRIATED UNDER
to NRE Account under USD 1 million scheme.
USD 1 MILLION
SCHEME?
The borrowed funds can be used only for own The borrowed funds can be used only for own business of
business of Borrower Borrower
RESTRICTION ON USE
OF BORROWED Borrowed funds cannot be used for Borrowed funds cannot be used for
agricultural/plantation/real estate business agricultural/plantation/real estate business This restriction
FUNDS
This restriction on real estate does not include on real estate does not include development of townships,
development of townships, construction of construction of residential/ commercial premises, roads or
residential/ commercial premises, roads or bridges. The proceeds shall not be used for investment or for
bridges.The proceeds shall not be used for on-lending in any manner whatsoever. The Reserve Bank
investment or for on-lending in any manner may, however, permit these borrowers to use the amount so
whatsoever. The Reserve Bank may, however, borrowed for on-lending to infrastructure sector or to keep
permit these borrowers to use the amount so them in fixed deposits with banks in India, pending
borrowed for on-lending to infrastructure utilisation for permissible end-uses.
sector or to keep them in fixed deposits with
banks in India, pending utilisation for
permissible end-uses.
BORROWING - NRI BORROWING FUNDS DURING NRI TENOR FROM RESIDENT INDIVIDUAL
Particulars Repatriable Loan Non- Repatriable Loan
A resident individual may grant INR loan to a NRI Close

relative (as per companies act 2013) subject to the following
terms and conditions. The loan is free of interest and the
CRITERIA FOR NRI TO
minimum maturity of the loan is one year, The loan amount
BORROW LOAN
Person resident in India cannot give loan to NRI should be within the overall limit under the Liberalized
FROM RESIDENT
to credit NRE account Remittance Scheme per financial year available for a
INDIVIDUAL DURING
resident individual, who shall ensure that the applicable limit
NRI TENOR.
is not breached, The loan amount shall not be remitted
outside India but shall be credited to the NRO account of the
NRI borrower.
CAN BORROWED
FUNDS BE
REPATRIATED UNDER Not applicable NO
USD 1 MILLION
SCHEME?
CRITERIA FOR NRI TO

BORROW LOAN
FROM RESIDENT NRI/PIO cannot borrow loan from a Resident Non-Individual Entity
NON-INDIVIDUAL
ENTITY
14.17 PROCESS FOR CHANGE OF ADDRESS FOR NRI CUSTOMERS
In case NRI Customer’s wishes to update their address then following forms and documents need to
be obtained.
✓ Address change application form / Signed Request letter. (Click Here)
✓ Self-attested copy of address proof. (Click Here)
✓ Revised FATCA in case there is change in country OR If FATCA is not updated while updating
address. (Click here)
The request can be submitted under face to face or non-face to face basis via any of the below
mentioned modes.
1. Netbanking
2. Through physical courier or via Overseas Mailbox Services (Click Here for list of Overseas Mailbox
location)
3. Visiting any nearest branch.
Branch staff/RM’s are requested to refer Below Important Points during accepting change of address
customer instructions from NRI Customers to avoid FTNR.
In case NRI Customer wishes to place request via NETBANKING then only mailing address can be
changed and proof for the new mailing address would be required.
In case the customer is submitting Physical Instruction via courier/overseas mailbox services/ by
visiting branch then for changing Mailing address and/or Permanent address (any one) proof i.e.
Mailing address or Permanent address proof is required.
Deemed OVD annexure X is applicable only when NRI customer has submitted address proof
which is a part of deemed OVD list.
Close relative declaration /Sale deed / Bank or credit card statement / passbook cannot be
accepted as proof for address change.
Overseas address should be mandatorily be recorded on the address change application either
in Mailing address or Permanent address section. However, any one address proof (Indian or
Overseas can be obtained in case of Mailing address or permanent address is submitted basis
physical instructions.
Customer self-attestation is required on the copy of the address proof obtained. In case the
request is submitted by customer on face to face basis by visiting branch then OSV stamping of
address proof to be done by branch staff.
FATCA should be MANDATORILY be obtained in case there is change in country / If FATCA is not
updated on records while submitting address change request. (FATCA (Extended KYC Annexure)
can be obtained from registered email id of NRI customer. Please check CIM11 fastpath in FC for
FATCA details)
In case of change of address in minor account, guardians address proof is required.
Non DBT Aadhaar consent is required if Aadhaar Card/ / printout of e-Aadhaar (not older than
30 days) / e-KYC (Biometric) is obtained as address proof along with masking/redacting of first 8
digits of Aadhaar number on copy / form etc.
In cases where customer is providing address proof in which address is generic / incomplete,
branch may ask customer add landmark / locality name / Post Office Box number. etc. to the
address in application (even if the same is not mentioned in the OVD) to ensure deliverables should
reach the customer appropriately. This has to be checked by the BDA. Branch to, however, ensure
that the basic address does not change by adding the additional details / landmark.
BDA / BM attestation required on the application form before sending the instruction for
processing.
In case of physical instruction being submitted kindly inform the customer to choose their
preferred address where correspondence can be sent.
On change of mailing address, a letter is sent across to the NRI customers intimating them on
change of address, If the said letter returned due to negative reason then the transactions on the
account get restricted. Hence please get the correct address recorded on the account while
accepting the address change request and inform the same to the customer.
14.18 FATCA/CRS (EXTENDED KYC)
In line with RBI guidelines (RBI/2015-16/165 DBR.AML.BC.No.36/14.01.001/2015-16), it is mandatory for all

customers to provide extended KYC to comply with prescriptions under FATCA-CRS. Banks need to report details
of the accounts to CBDT in standard format (i.e Form 61 B).
Foreign Account Tax Compliance Act (FATCA): India has signed the Inter-Governmental Agreement (IGA) with
the USA on July 9, 2015, for Improving International Tax Compliance and implementing the Foreign Account Tax
Compliance Act (FATCA).
Indicia: If the Mailing / Permanent Address, Country of Birth, Nationality updated in the system is USA, then we
need to obtain TIN as per USA TIN structure
Common Reporting Standard (CRS): India has signed a multilateral agreement on June 3, 2015, to automatically
exchange information based on Article 6 of the Convention on Mutual Administrative Assistance in Tax Matters
under the Common Reporting Standard (CRS), formally referred to as the Standard for Automatic Exchange of
Financial Account Information (AEoI).
Indicia: If the Mailing / Permanent Address, Country of Tax Residency updated in the system is other than India
or USA then we need to obtain TIN as per TIN structure of the respective county,
Here are 4 easy ways to submit FATCA / CRS Annexure:
o Online through NetBanking: Log in to NetBanking - Go to ‘Accounts’ > Click on ‘Request’ > Update Extended
KYC
o Email scanned copy of self-certified copy of the extended KYC (additional declaration) to
rekychdfcbank@hdfcbank.com from your registered email id
1. Submit self-certified copy of the extended KYC at an HDFC Bank branch near you.
2. Submit self-certified copy of the extended KYC through HDFC Bank’s Mailbox service at overseas
locations.
o Send Physical Form through Overseas Mailbox Services: Click here to locate your nearest Mailbox service
o Visit Nearest Branch
As per CBDT, Tax Identification Number (TIN) should be as per the defined TIN structure of the country of tax
residency.
Please refer below link for TIN structure pertaining to Country of Tax Residence as per OECD- Organization for
Economic Co-operation and Development
Link: www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers
Customers belonging to below mentioned categories may not having TIN and hence while updating Extended
KYC customer to update below details as Tax Identification Number and TIN as per TIN structure of country of
tax residency will not be required.
SR TIN TO BE
NO EXCLUSION CATEGORIES UPDATED
1 Mariner with CDC or without CDC ZZZZZZ
2 Person Going on Fresh Contract ZZZZZZ
3 Student ZZZZZZ
4 First Time Visiting ZZZZZZ
5 Housewife/ Senior Citizen ZZZZZZ
6 Minor ZZZZZZ
SR CUSTOMER TO UPDATE BELOW DETAILS AS TAX

GULF COUNTRIES
NO IDENTIFICATION NUMBER
1 Bahrain Central Population Registration (CPR) Card
Kuwait Civil ID Number

Oman Resident Card Number/Civil ID Number
Qatar Qatar ID
Saudi Iqama Number
UAE Emirates ID Number
14.19 NRE / NRO NON-WITHDRAWABLE DEPOSITS- IMPORTANT POINTS TO NOTE
❖ Minimum Fixed Deposit amount: 2 CRORE

❖ Minimum Fixed Deposit tenure
o NRO deposit: >=2 Cr to <5 Cr is 1 Year and 5 Cr & above: 90 days.
o NRE deposit is 1 Year for all amounts.
❖ Maximum Fixed Deposit tenure: 10 years
❖ Monthly pay-out (discounted rate) / Quarterly pay-out/ Reinvestment of interest options available
❖ Deposit Currency is INR.
❖ Deposit will be booked by default with maturity instruction “DO NOT RENEW”
❖ OD against FD of up to 90% is allowed on Non-Withdrawable Fixed deposits. (First Party OD only)
❖ Third party lien not allowed and these Fixed deposits cannot be pledged as collateral for LC/BG, for any
margins etc.
❖ Customers opting for Non-Withdrawable deposits cannot withdraw the Fixed deposit before maturity.
(partially / premature withdrawal/Sweep in not allowed). Hence fixed deposits cannot be closed by the
depositor before the expiry of the term of deposit.
❖ Customer need to opt for “Non-Withdrawable” option on AOF and branch need to mention correct product
code (in bank use only section) and attached the Non-withdrawal deposit declaration (CLICK HERE) while
sending request to CPU. Kindly refer the product codes mentioned at the end of global email.
❖ Non-withdrawal deposits >= 5Cr need to be booked by CPU/WBO and branch need to send completely filled
form and need to park the funds in Cheque Transitory (dummy) Account.
❖ Branch can book Non Withdrawable deposits “>=2Cr to < 5Cr” using fastpath 8100 in Flexcube. Branch to
select type of FD as “Non withdrawal” and Customer need to opt for “Non Withdrawable” option on FD
pay in slip (attached along with this email) while submitting to the branch.
❖ Re-booking or back valudation not allowed on Non Withdrawable deposits.
❖ Interest rates are subject to change from time to time without prior notice. Kindly refer bank website
www.HDFC BANK.com> Need Help> Interest Rates (Non- Withdrawal Fixed Deposit Rates Greater Than Or
Equal To 2 Cr) Rate of Interest & tenure buckets will be different as compared to normal deposits
❖ CLICK HERE TO KNOW LIST OF NON WITHDRAWABLE DEPOSIT PRODUCT CODES
14.20 NOMINEE UPDATION PROCESS
Customer may approach to Bank for updating Nominee in their NRE/NRO/FCNR accounts. Only 1
nominee per account can added per account.
MODES OF UPDATING NOMINEE

The below are the modes through which Nominee updation related transactions can be processed.
A. Net banking: Log in to your Netbanking (Click here)> Accounts> Request> Nominee updation> Fill
in the required details online and submit the request.
Note:- Nominee addition / modification via netbanking is applicable for single holding accounts only.
B. Through registered email id to your home branch manager
C. At any of our overseas offices. Click here.
D. At any of the Overseas Mail boxes available in your country. Click Here to locate your nearest
mailbox service.
E. At any of our Branches in India. Click Here
DIFFERENT TYPES FORMS FOR NOMINEE UPDATION
1) DA1 form to be provided by customer signed by all holders for updating new nominee in the
account. Click Here for form.
2) DA2 form to be provided by all holder for cancellation of existing nominee in the. Click Here for
form.
3) DA3 form to be provided signed by all holders to modify and change the existing nominee into the
account. Click Here for form.
Accepting scan requests for Nominee updation / modification / cancellation in NRE/NRO/FCNR

Accounts & Deposits from registered email should be as per below mentioned process:
➢ NR Existing customers booking new NRE/NRO FD and nomination on scan basis: FD Can be
booked through branch module and nomination updated basis scan request from customers
registered email id
➢ NR Existing Customers booking FCNR deposits + nomination on scan basis: Request to be sent to
CPU for processing
➢ NR New to Bank Customers booking NRE/NRO/FCNR Accounts and deposits + nomination on
scan basis: scanned copy of FD booking request along with the nomination form received from
customer registered email id can be sent across to the CPU for booking of new FD and updation
of the nomination.
*For updation of nomination in existing accounts and deposits for NR: scanned copy of nomination
form received from customer registered email id can be sent across to the CPU for updation of the
nomination
Process @ Branch
o Branch to take printout of customers email and nomination updation / modification / cancellation
form.
o Check whether instruction has been received from the registered email ID updated in bank
records.
o Branch/ RM to verify Name/Customer ID /Account number and other details mentioned in the
form/request with bank records.
o Check whether signature of all holders is available on request and is matching with signature
updated in the account and affix Signature Verification stamp with Emp Code & signature
o Branch to make notation of “NON-FACE TO FACE “on request.
o In case there is any variation in signature or any additional clarification to be sought on the request
received, Branch official / RM, to call the customer on the registered number to seek clarification.
The same to be annotated on the form followed by the signature and emp details of the Branch
official/RM. A reverse communication, documenting the details of the discussion, should be sent
to the customer’s registered email ID from where the request has been received.
o Retail Branch staff / NRI RM / NR PB to initiate fresh case in FTS under Document type -
"Nomination". Cust ID and Account number will be mandatory in FTS for the mentioned
Instruction type.
o Branch to send the print of, the email request + the scan form, for processing to CPU/WBOpost
making appropriate notation /signature verification on the request.
o Above checks are indicative checks, branch to follow the extant process while processing all
customer instructions
o The original nomination updation /modification / cancellation form need not to be sent by
customer to the Bank.
o The original FD Booking Form and nomination updation /modification / cancellation form need
not to be sent by customer to the Bank.
14.21 DORMANT ACCOUNT ACTIVATION PROCESS FOR NRI CUSTOMERS
This is to inform you that branches can activate dormant NRI account basis specific email instructions received
from the customer's registered email id or by sending request to branch/RM or in person by visiting branch
Customers will have submit self-attested scanned copy of ID proof and self-attested copy of address proof {OSV
on id & address proof to be done in case of face to face request} (where in address mentioned on proof should
match either mailing or permanent address as updated on bank records) along with request letter specifying the
reason for non-operation of his account. The customer should mention all the account numbers which are in
dormant status held under his UCIC customer id and signatures along with self-attested ID and address proof
should be obtained from all holders.
PROCESS TO BE FOLLOWED:-
a) On receipt of dormant account activation request signed by all holders from registered email
id/courier/Mailbox/in person submitted at branch
b) Branch/RM to verify the signature of the customer with bank records, which should be evidenced on the
customer request and self attested KYC documents. (Branch/RM to check whether email request is received
from registered email ID of the customer in case request is received via email)
c) Branch/RM to contact customer on his registered number (Mobile or Landline as updated in system records)
to confirm genuineness of activation request. - Applicable in case of request received under non face to face
basis.
d) Post receipt of the confirmation branch/ RM should document the telephonic conversation with the customer
on the dormant activation instructions. (The details which need to be documented are :- Name, Employee
code & signature of staff who contacted the customer, Contact number on which customer was contacted
along with date & time of call) and seek BM approval (NRI SUPERVISOR in case customer is managed by NRI
RM/NRI PB) - Applicable in case of request received under non face to face basis.
e) If the status code of the account is 404-Dormancy Induced No debit (Account status can be checked in CH021
fastpath) then branch to lift the no debit basis BM/NRI Supervisor approval if the below requirements are
fulfilled
➢ RE KYC is updated on records and above mentioned documents are in place then no debit can be
removed from branch end. (RE KYC status can be checked in CIM59 flexcube fastpath)
➢ If RE KYC is due and pending then in addition to all above documents, NRI RE KYC related documents to
be obtained and can be sent to CPU via FTS for RE KYC updation. No debit to be lifted parallelly from the
branch end. (RE KYC status can be checked in CIM59 flexcube fastpath)
f) Post No debit is removed branch/CPU will pass the following entry (provided the account balance is not
negative or no hold fund have been marked) to activate the account.
a) Debit - Branch dummy account.
Credit - Customer's dormant CASA account.
Amount - Re 1/-
b) Debit - Customer's dormant CASA account.
Credit – Branch dummy account.

Amount - Re 1/-
IMPORTANT POINTS TO NOTE:
1) In case the account activation has been carried out by non home branch then post activation, the transacting
branch should communicate the details of the transaction to home branch through email.
2) In case of NEGATIVE BALANCE in DORMANT ACCOUNT or Hold Funds marked for charges recovery then
branches CANNOT PASS RE 1/- ENTRY for activation. In such cases branches should ask the customer to
submit dormant account activation request and deposit funds into account through cheque, cash, Demand
Draft or via foreign Inward remittance.
3) In case the customer has sent FCY Inward remittance for dormancy removal then branch need to follow the
below steps (These steps can also be followed if there are hold funds or negative balance in account however
FCY inward remittance is received at bank)
4) Debit “Round off GL” by Re 0.01 on day 0 and credit the customer’s account.
5) Give disposal instruction on Day 1 via deal pro post dormant account is activated.
6) Post credit of funds branch to debit the customer account with Re 0.01 and credit the "Round off GL“.
7) In case the account status is “Account Blocked Dormant” then branch to check the reason for block status
on flexcube fastpath CH021 and fulfil the requirement to lift the block. Post which branch to proceed with
dormancy removal as per above process.
8) In case any customer has placed the request for conversion of his Resident account to NRO however their
erstwhile Resident accounts are in DORMANT status then branch/RM can follow the above-mentioned
process for dormancy removal before sending the Resident to NRO Conversion instruction to CPU.
14.22 VISA / E-VISA :
Visa is the most important document that determines the residential status of the customer. The visa
is normally stamped/affixed on the passport. In some cases the visa is granted by the country by
issuing a letter which is required to be carried at the time of travel. Then there is electronic visa also
given by some countries wherein the customer is required to carry print out and the same is validated
at the point of entry into the country issuing the e-visa. Whatever the type of document produced as
visa, it should clearly establish the permission given to the person to enter and remain in the country
for any of the below purposes:
1. Employment or Residence 2. Stay as dependent (for family members)
3. Immigration 4. Study (for students)
Thus tourist/visit/business visa would not be accepted for NR account opening even if the same is for
long duration or allows multiple entries. Branches may receive account opening requests from
customers who have spent more than 182 days outside India but on a tourist / visit / business visa
from one or several countries. Such customers do not qualify for NR account opening. If the category
of the visa is not clearly mentioned on the passport/visa document then the same should be clarified
from the customer and corroborated from information available with the branch. In case of doubt the
query may be referred to NR Product team. Every visa has an issue and expiry date. It is to be checked
that the visa is valid at the time of account opening. Further the visa should be a long term visa, at
least for 1 year. There could be occasions when the customer holds short term employment visa in
which case additional document like employment letter needs to be obtained to check whether the
duration of the employment is long term. Having a visa itself is not a conclusive proof of residential
status. The same can only be established by checking the passport entry/exit stamps to find whether
the customer has actually been residing abroad. Though it’s the onus of the customer to declare his
correct residential status to the bank it’s advisable to check the passport for entry/exit stamp in all
face-to-face account opening cases. Customers going abroad for the first time can open the account
before leaving India by producing the prescribed documents. Documents like green card/labour
card/residence permit/work permit that are issued by government of foreign country can be taken
in lieu of visa. Visa on arrival or Visa Free for Indian passport holders There are 55 countries which
allow an India passport holder either a visa free entry or visa on arrival. For such cases we would
require the long-term employment contract and the letter from the customer that he/she will send us
the long term stay visa for employment or as resident ship as and when they receive the same. Failing
to send the same post 90 days the account will be redesignated to resident savings account. Branch
and CPU/RDVUs can refer the list of the visa exclusion countries from the MEA website. As per the
information dated July’19 – pls find the list of the 55 countries -https://mea.gov.in/visa-facility-for-
india-nationals.htm & https://mea.gov.in/bvwa.htm
E-Visa: Many countries are issuing online visa for entry purpose. These visas are not stamped /pasted
on the passport but are in the form of a printout only. Such a visa is called E-Visa. For NRE/NRO account
opening with E-visa, along with the Contract letter, the below mentioned additional document has to
be collected:
*Immigration stamping page of passport showing client has entered foreign country OR *The copy of
customer's valid flight ticket
Where the customer does not have any one of the above, the existing process of E-visa needs to be
followed, wherein the account will be opened under exception till the above is provided. Note: The
process of opening NRE/NRO accounts with E-visa is not applicable for accounts opening with
Australia / New Zealand E-visa & Saudi Arabia exit & entry visa.
15. CONTACT POINTS FOR YOUR NRI RELATED QUERIES:
NRI DESK Please refer the Frequently Asked Questions (FAQ) utility which can assist you in addressing
your queries pertaining to NRI Product & Processes. To access NRI FAQ Go to: Information Portal>In
House Automation-Retail BTG>Direct Banking Ops>NRI Desk FAQ's (Kindly use your Domain ID &
Password to login) You may also contact Toll free NRI DESK NO: 1800 267 6065 (only for Internal Bank
Staff) or send an EMAIL to NRI-Desk/Retail Operations/Kanjurmarg-Mumbai/HBL@HDFCBANK (only
for Internal Bank Staff)
NOTE: Mails received till cut off time of 05.30 P.M (Mon - Fri) 05:00 P.M (Sat) : Will be taken up for
action on the same day. Mails received post cut off time: Will be taken up for action on subsequent
day [Only working Days]
NRI Section on HDFC Bank Website:- Click Here for details

NRI FORMS CENTRE:- Click Here for details
16.DEATH CLAIM
NRI Death claim process is similar to the resident death claim process. In case claimant is NRI then
he/she has to open NRO /NRE account with HDFC bank to claim the proceeds. While accepting death
certificate via non-face to face claim the document to be notarized by the Indian embassy /notary
abroad. For more details branch can ref to the circular no #156/2012 issued by internal audit.

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Classification - Internal

BACK TO INDEX Page | 2

8.5 E-mail Instructions:

10 Annexure 1 – Undertaking: NRO account opening of Bangladesh and Pakistan 46-56

10.7 NRO account for Foreign Nationals studying in India

BACK TO INDEX Page | 3

14.10 Booking FCNR deposit from FCY Inward remittance

The information contained in this manual SHOULD NOT be

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1.1 Non-Resident Indian (NRI)

Thus, to qualify as a non-resident Indian, a person should be EITHER:

A. Resident outside India; and a citizen of India OR

B. Resident outside India and a Person on Indian Origin (PIO)

Definition of NRI/PIO/OCI for opening Bank account

1.2 Person of Indian Origin (PIO)

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Merger of PIO and OCI Schemes

1.3 Overseas Citizen of India (OCI)

As defined by MEA - https://ociservices.gov.in/

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1.4 Residents of Nepal and Bhutan

1.5 Definition - Non-Resident under Income-tax Act, 1961

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2. PRODUCT CODES AND ELIGIBILITY OF NON-RESIDENT ACCOUTNS OFFERED TO NRI’s /

PRODUCT CODE &

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Corporate Salary accounts opened for NRI /PIO working in premium

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2.1 TYPE OF ACCOUNT TO BE OPENED BASED ON CUSTOMER STATUS

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NRE-NRO Account (Prod

Student Visa issued by

Foreign National – NRO account with

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2.2. NRI Deposit Product codes:

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3. TYPES OF INDIVIDUAL ACCOUNTS, ELIGIBILITY & FEATURES FOR NRI’S/PIO’S:

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Click Here for the list of NRI Deposit Product codes

THE LIST OF DOCUMENTS ACCEPTABLE AS ADDRESS PROOF: (Click Here)

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3.2 NRO FD (Tax savings), NRO RD & Current income:

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proofs/documents. Current income is eligible to repatriate/credit to NRE account provided there

14. DOUBLE TAXATION AVOIDANCE AGREEMENT (DTAA)

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NRO TAX SAVING FD

THE LIST OF DOCUMENTS ACCEPTABLE AS ADDRESS PROOF: (Click Here)

POA/MANDATE FACILITY: Authorised dealers/ authorised banks may allow operations on an

Click Here for the list of NRI Deposit Product codes

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3.3 COMPARISON BETWEEN NRE & NRO ACCOUNTS.

NON RESIDENT EXTERNAL (NRE) NON RESIDENT ORDINARY (NRO)

Any person resident outside India

Metro / Urban branches: AMB Rs.10,000/-, or Fixed Deposit of Rs 1 Lakh for

AQB (Applicable for

PRODUCT OFFERINGS CURRENT ACCOUNT (PC-218) CURRENT ACCOUNT (PC-201)

SALARY ACCOUNT - Premium (PC-109),

Resident Individual who is close relative

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i) Funds held in NRO account can be

ii) Dividend, Rent, Pension and Interest