Why should I open a call deposit account?
The call account acts as a single account to route your money for investments made through HDFC Bank Bahrain. It allows you to manage your funds efficiently without losing interest while you wait for the right opportunity to invest.
Who is eligible to open the call account?
Call deposit accounts can be opened by
- Non Resident Indians
- Individuals in other countries (Foreign nationals) #
- Corporate / Minor / Jointly
#(Client is required to verify the local applicable rules and regulations for investments in offshore products)
What are the documents required?
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
- Client profiler
- Supporting income documents if investments exceed USD 100,000
All documents are required to be self attested by you. Any identity card should be valid and in case of bank statements/bills, they 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 accounting 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 Service request form
Am I entitled to a cheque book on the call account?
A cheque book is not issued on the call account.
What are the interest rates and how is the interest paid?
Call Accounts are non-interest-bearing accounts.
What is the minimum amount required to open the call account?
There is no minimum amount required to open the call account
Do I need to maintain any balance in the call account?
You don't need to maintain any balance in the call account. It’s a zero balance account.
In which currencies can I open the call account?
- United States Dollar (USD)
- Great Britain Pound (GBP)
- Euro (EUR)
- Australian Dollar (AUD)
- Canadian Dollar (CAD)
- Arab Emirates Dirham (AED)
- Japanese Yen (JPY)
- Singapore Dollar (SGD)
Am I entitled to an overdraft on the account?
No overdraft / negative balance is allowed in a call account.
How do I transfer funds to the call account?
- Foreign currency cheque /draft from your account held in other banks
- Telegraphic / SWIFT transfers by debit to your account held in other banks
- Redemption proceeds of your investments with other Financial institutions held in your name.
- In case you are an NRI, then funds transfer from your existing NRE and FCNR account in India
In what ways are the funds remitted to me through the call account?
- Transfer to an investment product offered by HDFC Bank Bahrain
- Transfer to Offshore Deposit offered by HDFC Bank Bahrain
- SWIFT transfer to NRE/FCNR account maintained with HDFC Bank, India
- SWIFT transfer to your account with any other Bank in the world
- Foreign currency draft in your name
How can I get the call account statements?
HDFC Bank Bahrain will send call account statement at a quarterly basis. You can also opt for receiving statements through email.
How do I modify details related to the account?
Please contact your relationship manager for modifying your account details.
What are the taxation laws?
Taxation laws applicable as per Bahrain law will be applied.
What is the value date for my credit / debit to the call account?
Date on which HDFC Bank Bahrain receives clean documents for processing. Clean documents mean documents that are error/discrepant free. Documents may include account opening forms, investment documents etc.
Depending upon the mode of remittance the value date will be as follows:
- SWIFT transfer: Date on which the funds are credited to HDFC Bank Bahrain Nostro account.
- Cheque / Demand draft: Date on which clear funds are realized by HDFC Bank Bahrain. Funds however will be credited in customers account only after a cooling period of 21 days from the date of deposit.