HDFC Bank NRI Banking Review: Everything You Need to Know| North Loop Official Blog
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25 Mar 2020

HDFC Bank NRI Banking Review: Everything You Need to Know

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Credit: North Loop

Overview of HDFC NRI

HDFC NRI banking offers a large number of products, but is let down by its low interest rates, complicated procedures and difficult-to-use HDFC NRI net banking.

Pros
Wide variety of products

Cons
HDFC NRI customer care isn’t great
Lots of fees
Low interest rates - you can find higher interest rates elsewhere.

The HDFC Bank NRI Account

HDFC offers a variety of NRI banking accounts for its customers:
  • HDFC Bank NRO Account
  • HDFC Bank NRE Account
  • HDFC Bank PIS Account
Profile image2: The HDFC Bank NRI Account
Credit: North Loop

Get a zero-balance, no-fee NRE/NRO account with North Loop in 5 minutes

HDFC Bank Remittances

HDFC doesn’t have a dedicated remittance facility outside of India. Thus, if you are looking to send money from any country to your HDFC NRI account, you will need to send a traditional wire transfer (which is expensive and slow).

HDFC Bank NRI Fees

HDFC has a wide variety of fees for nearly every form of transaction, making it nearly impossible to track for a customer. Here are some fees they charge.

Fee
Account MinimumINR 10,000
Non-HDFC ATM feesINR 125 + 3.5% of the amount
Annual Debit Card FeeINR 750
Non-maintenance chargesINR 600


For all of HDFC’s NRI fees, click here.

HDFC Bank Interest Rates

Here are the interest rates at HDFC:
  • HDFC NRE account interest rates: 6.15%
  • HDFC Savings Account Interest Rates: 3.50%

You can find higher rates for all these products at other places (such as at Click North Loop)

HDFC NRI Account Opening

If you are in India, you can visit an HDFC branch to start the process of opening an HDFC NRI Account. You will have to provide a variety of documentation, and be aware that it takes HDFC some time to verify these documents - so don’t go in your last week in India. They may come back to you a few days later asking for even more documentation.
Opening an NRI bank account with HDFC from overseas is quite difficult. They require you to contact them, speak to a banker, get documents emailed and the process goes on. From our experience, this took nearly 5-6 weeks to complete, as there was no form on their website and all communication had to be done via email. It was an incredibly frustrating process!

Overall Banking Experience

HDFC is India’s largest private bank, but in many ways feels like a government bank with its reliance on paper forms and non-stop OTP calls!
HDFC NRI customer service is limited. The customer support agents don’t have authority to make any changes you ask, and there is a lot of emailing you need to do with your bank representative to get anything done. We found that HDFC has little to no staff overseas, which causes quite a few issues. They have an extremely poor rating of 2.3 / 5 on < Mouthshut.

HDFC Online Banking Experience

HDFC NRI netbanking is a frustrating experience, as many features and transactions require you to speak to a banker or visit a branch (and since they have no branches overseas...good luck). We found the website to be difficult to use, and not designed for ease-of-use.

North Loop NRI Banking

Save thousands of rupees every year vs HDFC with North Loop NRI Banking. It’s banking made simple. Zero balances. No fees. Sign up online in 5 minutes. Get 3-in-1 Accounts and free remittances. Click here to learn more.

Save money with

No-fee banking, investments, remittances & insurance for the global Indian

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.