What are HDFC NRI Account Benefits?

As an NRI, I think everyone who is of Indian Origin and is living abroad or has travelled there for education, work, or other purposes, should have an NRI account. I have HDFC NRI account. So, I can tell you HDFC NRI account benefits.

NRI Account Benefits HDFC

You may not be aware of all the advantages of the several accounts that are open to us as an NRI. These are five advantages of NRI accounts that you should be aware of.

• Tax Benefits:

  Savings in an NRO Savings Account and NRO Fixed Deposit are subject to TDS in accordance with Income Tax legislation. Interest received on NRE Savings Account and NRE Fixed Deposit is tax-free in India. After paying any necessary taxes, I can also choose to move money from my NRO account to my NRE account.

• Advantages of Repatriation:

  Another great benefit that I find in HDFC NRI account is that the savings accounts that are designated as NRO or NRE permit seamless transfer of funds since the principal and interest can be repatriated abroad. All money in NRE accounts can be freely and completely repatriated.

• Minimal Balance Requirement:

  I do not even have to worry about keeping my NRE and NRO Accounts fully funded with a high balance. These days, the majority of banks only need a minimum balance of Rs. 10,000.

• FCNR Deposit:

  I can make Foreign Currency Deposits in addition to NRE/NRO Savings Accounts and NRE/NRO Fixed Deposits. Therefore, I can book an FCNR deposit and receive interest in foreign currency if I want to save my profits in foreign currency.

• Convenience benefits:

  If you are thinking of opening an NRI account with HDFC, you can open an NRI account without having to go to a branch in India. To complete the process, simply fill out an online form, print it out, attach a self-attested copy of the necessary paperwork, and send it by courier to the Indian bank. You can convert your current Resident account at HDFC Bank to an NRO account by sending the necessary paperwork to the Branch using your registered email address.

These are some noteworthy benefits of NRI account HDFC which NRIs should definitely be aware of.