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Opening an NRI bank account can be a grueling task only if you are not aware of the online banking options by HDFC. Online HDFC is a platform that you can access from anywhere even when you are in Saudi Arabia.
The NRI (Non-Resident Indian) HDFC bank account can be opened and operated online only by following a simple guide and being equipped with all the necessary information.
Types of NRIs account by HDFC Bank
There are a number of NRI (Non-Resident Indian) accounts being offered by HDFC Bank.
- NRE (Non-Resident External) Accounts
- NRO (Non-Resident Ordinary) Accounts
- FCNR (Foreign Currency Non-Resident) Accounts.
Difference in NRI accounts
Of course, these different accounts serve differently. NRE Accounts are best suited for those who want to have savings in their national currency i.e. Indian Rupee. On the other hand, the NRO Accounts are earning in the Indian rupee and wish to keep their savings in the Indian rupee. Lastly, the FCNR Accounts are ideal for those who wish to have saving in foreign currencies.
Thus, make up your mind before opening an NRI account and know the features of the above-mentioned one to avoid any complexities.
In order to open an NRE Savings Account with HDFC Bank from Saudi Arabia, here is the checklist of the documents required:
- A readable photocopy of passport pages. All details such as personal information and passport details shall be readable. that display the applicant’s passport details and personal information
- Copy of Permanent Account Number (PAN). In case PAN is not available, get a copy of Form 60.
- Passport-sized photographs
- Iqama or residence permit (photocopied)
- Documents that verify that the oversea or the Indian address (address shall match the address on the application form)
- Either an initial payment check or the draft from the applicant’s account. DD slip is mandatory if the draft is being used.
Open an HDFC Bank NRI Account
Now you can open an HDFC Bank NRE Account from Saudi Arabia through an online platform. For that, you need to fill out the online form available for the NRE/NRO account. Once the form is submitted, a representative from the HDFC bank will contact you and guide you through the process. If you are already a customer of HDFC bank, then you will have to attest the KYC documents yourself, otherwise, for new customers, KYC documents shall be attested by a designated authority.
Minimum balance Requirement
A minimum balance requirement has been set by HDFC Bank for the NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts. Also, this minimum balance amount differs from location to location and branch to branch. As per the regulations, the Average Minimum Balance (AMB) For metro and urban branches is set at Rs.10,000, or a fixed deposit of Rs 1 Lakh for a minimum 1 year and 1 day period. AMB for semi-urban branches, set at Rs.5,000, or a fixed deposit of Rs 50,000 for a minimum 1 year and 1 day period. However, the Average Quarterly Balance (AQB) for rural branches is Rs.2,500, or a fixed deposit of Rs. 25,000 for a minimum 1 year and 1 day period.
Minimum balance requirements are subject to change and thus it is advised to stay updated. Also, you may be charged with fines and penalties in case you are not able to meet the AMB in your account!