Is HDFC NRE account good?
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Is HDFC NRE account good?
Through this NRE savings account, customers can transfer money easily in India and abroad. HDFC Bank offers the best possible interest rates on deposits for this NRE savings account. Unlike the NRO savings account, NRIs do not have to pay tax on the deposits in this account or on the interest earned over the deposits.
Which bank is best for opening NRE account?
10 Best NRE Savings Accounts for NRIs in 2020
| Bank Name | Interest rate (\%) p.a. |
|---|---|
| ICICI Bank | 3.50\% to 4.00\% |
| HDFC Bank | 3\% to 3.50\% |
| SBI Bank | 2.70\% |
| Bank of Baroda | 2.75\% |
How long does it take to open NRE account in HDFC Bank?
Within 2 to 3 working days
HDFC NRI account opening on bank’s website Within 2 to 3 working days, you will get a phone call from an HDFC executive, who will help with your application for an NRI account opening. Once you are ready with the NRI application form and documents, you can forward these documents to the HDFC Bank in India.
What is the rate of interest on NRE account by HDFC Bank?
HDFC NRI Fixed Deposit Interest Rates 2021
| Tenure | HDFC Bank NRE FD Rates (p.a) | |
|---|---|---|
| 1 year | 4.90\% | 3.75\% |
| 1 year 1 day – 2 years | 4.90\% | 3.75\% |
| 2 years 1 day – 3 years | 5.15\% | 4.40\% |
| 3 years 1 day- 5 years | 5.30\% | 4.40\% |
What is the minimum balance for NRE account?
For both the NRE and NRO savings bank accounts, the individual will have to maintain a minimum average balance of ₹ 3,000 in metros; ₹ 2,000 in semi urban areas, and ₹ 1,000 in rural areas, according to the SBI website.
What is HDFC NRE account?
An NRE Account or Non-Resident External Account offers you this facility. Here, your money is converted into Indian Rupee or INR at the time of deposit. This means that you can deposit money in any foreign denomination, e.g. US Dollar and withdraw it in Indian Rupees.
How can I close my NRI account in HDFC Bank?
Steps to close the NRE/NRO account:
- Download the Account closure form from the bank website.
- Fill up the entire form and sign it.
- Send the form to the bank for processing. [ You may also require to send the unused cheque leaves along with the closure form]
What is the advantage of NRI account?
The interest earned in NRE and foreign currency accounts is tax-free. Useful for repatriation: NRI accounts allow for the smooth movement of funds within India as well as overseas, making it convenient for NRIs who want their funds accessible from abroad and from India.