Bahrain Offshore Deposit Account

Features:

• Attractive interest rates

• Flexible tenors

• Multiple currencies

• Switching of currency

• Fixed rates

• Automatic renewal

• No taxation

Offshore deposit can be opened by:

Individuals:  

• Non Resident Indians 

• Individuals of other countries (Foreign nationals) #

Corporates / Partnership Firms

Joint account holders

Minors #(Client is required to verify the local applicable rules and regulations for investments in offshore products)

i. Individuals (Persons resident outside Bahrain)

• Account opening form

• Photocopy of passport

• Photocopy of valid visa / work permit / residence card

• Address proof

• Electricity bill

• Telephone bill

• Bank account statement

• Valid Identity card

• Government Issued for Self employed and Salaried

• Issued by company for salaried

• One Photograph

All documents are required to be self attested by you. Any identity card should be valid and in case of bank statements/bills, it should not be more than 3 months old.

ii. Corporates / partnership

• Board resolution authorising the opening of account with HDFC Bank-Bahrain Branch

• Certificate of Incorporation or registration (or similar document) (certified copy)

• Memorandum and Articles of Association or other constitutive document (certified copy)

• Licence or registration certificate from any other relevant regulatory authority (certified copy) 

• Certificate of Good Standing (or similar document)

• Audited annual accounts for the past two years

• Documents confirming signature authority for account opening and operating signatories (Resolutions by the Shareholders or the Board, Power of Attorney (certified copy)

• Passport copy of each authorised signatory (certified copy)

• National identity of each authorised signatory (certified copy) or in case of bank statements / bills, they should not be more than 3 months old.

• List of principal beneficial owner(s) (persons or entities holding more than 5%, directly or indirectly, or having effective control over the company’s assets) and passport copy for each beneficial owner (certified copy)

• Proof of address of the Company – latest electricity bill (certified copy)

• Photograph of authorized signatories

iii. Existing customers of HDFC Bank India An existing customer of HDFC Bank, India is considered as a new customer for HDFC Bank, Bahrain; hence is required to submit all documents as mentioned above.

iv. Existing customers of HDFC Bank Bahrain Duly filled Account opening form.

Interest Rates are subject to change on periodic basis, please refer interest rate schedule for the latest interest rates. Interest will be paid on maturity only. For deposits of tenure more than 12 months, interest would be compounded annually. For deposits of tenure 12 months or less, interest would be calculated on a simple interest basis.

• Foreign currency cheque /draft from your account held in other banks 

• Telegraphic / SWIFT transfers by debit to your account held in other banks

• In case you are an NRI, then funds transfer from your existing NRE and FCNR account in India

• Transfer to an investment product offered by HDFC Bank Bahrain

• SWIFT transfer to your NRE/FCNR account maintained with HDFC Bank, India

• SWIFT transfer to your account with any other Bank - provided that account was used to fund the offshore deposit

Partial withdrawal of deposits is not allowed. You have to break your deposit in full.

Yes. Switching of currencies is allowed on the deposit. Please refer to the terms and conditions for details on the same.

Premature withdrawal is at the sole discretion of the Bank.Please refer to the terms and conditions of HDFC Bank Bahrain for premature withdrawal charges.

Taxation laws applicable as per Bahrain law will be applied.