I chose HDFC because it has a robust online banking interface. Also, I was helped by the customer service representative every step of the way. Lastly, I don't see much difference between exchange rates between SBI and HDFC. For these reasons, I chose HDFC over SBI this time. Eventually, I will close the SBI account.
Online Application
The process for opening up the HDFC account is very simple and streamlined. There is an online application form that you will need to fill out. This process takes less than 30 minutes. Once this form is filled out, within 2-3 days, you will receive a call from HDFC's NRE/NRO account executive. This person will review your information line by line for any errors and omissions. If there are corrections, you can do these corrections while this executive is still on the line and reviewing the information. Once everything is complete, you will be asked to approve the final submission of the form. When this happens, it generates a PDF document. This executive will go over this PDF document and will tell you exactly where and how many signatures are needed. The account executive will also go over the documents needed to provide as proofs of your address and identity.
Mailing Application
This executive will also ask you how you would want to send the signed application and supporting documents. If you are in the US, you have three choices.
You can mail the application to HDFC's designated address in the US where they collect applications and mail them in batches. This takes about 2-3 weeks to reach your application in India. With this method, you will bear only domestic shipping expenses in the US.
If you want to open your account faster, then you can directly mail your application to HDFC's Mumbai address. But, you will have to bear the cost of international shipping.
There is another third unadvertised option that HDFC reserves for select customers. HDFC has partnered with a courior/logistics company that sends either a FedEX person or a pre-paid FedEX shipping label for collection of your application domestically in the US. Once it reaches this company in New York, they forward this to India in a matter of 2-3 days. With this method, it does not cost at all and application reaches in India in about a week's time from start to finish. I am utilizing this method.
Account Opening
Once your application reaches the Mumbai headquarters, they will review your application and will open the account as per their internal processes. You will receive emails confirming your account opening.
Thanks for sharing the info. It is really useful.
ReplyDeleteThanks for the feedback. Glad that you found this post useful.
ReplyDeleteGood tips. I have also shared some difference between NRE and NRO account, let me know how do you find it.
ReplyDeleteThanks for visiting my blog and your feedback. I'll review your article and post my feedback there.
ReplyDeleteWhere did you send your check to deposit it? I have similar situation, I have saving account in ICICI Indian branch and I want to tranfer money to HDFC NRO account. I don't know where to send check in US. Thanks
ReplyDeleteIn my case, I asked my dad to deposit the check on my behalf. I did not need to endorse the check, which was good because the check was in India. In your case, you could do the same. HDFC also offers third party transfers online. I'm assuming ICICI may also offer the same. So, using this method, you can simple push the money from ICICI to HDFC or pull it to HDFC from ICICI. I've not used this option and don't know its limitations, but it is there.
ReplyDeleteThanks for the quick reply. I have not used my ICICI account for a while, so they have disabled my internet banking. So only option I have is to use their checks.
ReplyDeleteOne interesting thing you have mentioned is to pull the money from ICICI to HDFC. I am still waiting for my NRO account to get active, but please can you confirm if this option is available in their account. I checked my parents CITI NRO account, they just have option to push money to other accounts.
Thanks again
I checked with HDFC NRO account. They only have push option. Also, they ask you to register for this service with some form and photo identification. So, I did not sign up for the service.
ReplyDeleteIf you have check writing facility with ICICI, then you can certainly write a check to yourself and ask your parents to deposit to your HDFC.
I also looked at Bill Pay option in HDFC. It is really stupid how it works. You can only pay bills with some of the top utility companies. In the US, you can actually have a check sent to a private person (or any company) without having to have any service.
Hope this helps.
One piece of correction. You can sign-up for Third-Party-Transfer online with HDFC. Initially, I thought they would ask to fill out a form and send in photo ID, based on their FAQs. But, after speaking with a rep, it didn't appear to be the case. So, I signed up and waiting for the beneficiary to be activated, which they say takes 12 hours. It is still better than sending a check though.
ReplyDeleteHDFC is horrible service provider to NRIs... they'll rep you off
ReplyDeletesee the charges at below link.. you will come to know. I have NRE/NRO account with them and they are real BS
http://www.hdfcbank.com/nri_banking/accounts/savings_accounts/nro_savings_account/nro_savings_account.htm
Thanks for your complaint. I don't believe HDFC will even be reading your complaints on this site or even consumer court site for that matter. It sounds like you have some credit card bill that is pending and you would like them to settle it. But, they are giving you a hard time and calling you from their personal phones. I can understand your frustration. You have only two choices. Ignore these callers, and don't even pick up the phone. Call the HDFC toll free number and speak with the customer service ask them how they can help you settle the bill. The other option is to play hard against them and ignore the bill. Once they understand that they won't be getting their money back and settling is their only option, they will probably be easier on you. These are just my suggestions. I don't live in India, so don't know how things work these days in India.
ReplyDeleteHi,
ReplyDeleteThe information shared are very good and its needful to many who live abroad. Thanks for the help you are rendering and continue the great work.
Hi Subbu,
ReplyDeleteThanks for your kind words. Glad that information was helpful to you.
Thanks.
Please be very careful when opening NRE/FCNR accounts etc with the indian banks. It is not worth it. The meager returns are not worth the hassles and you are penalized left and right with all kinds of fees. There is nothing you can do. Waste of time.
ReplyDeleteThanks for your feedback. I actually totally agree with you.I was thinking about NRE/FCNR fixed deposit schemes, but I've avoided those so far. Instead, I focused my energies and investments in the US stock market. I opened HDFC NRE and NRO account to deposit a check I had received in India when I cancelled a LIC Policy I had purchased during my trip in India. If you have spare time, you may want to read .
ReplyDeleteThanks for your information.I want to know how long it will take to give me a account number once they received documents in Mumbai
ReplyDeleteIt takes 3-5 business days once they receive the documents in Mumbai.
ReplyDelete