The Bank offers the Non-Resident External (NRE) term deposit account, which is fully repatriable. NRE deposits are maintained in Indian rupees, giving customers the benefit of no tax deduction at source on the interest earned. NRE deposits that are closed prematurely, i.e. prior to completion of one year, do not earn any interest as per RBI regulations.
Features / Facilities available
- Term deposits compound and accumulate quarterly interest, thus enabling a higher yield in terms of returns at the end of the tenure
- Customers can request for loans against these deposits
- Nomination facility is available for all deposits
- Minimum period for NRE Term Deposit is one year
The Non-Resident Ordinary (NRO) term deposits can be opened by Non Resident Indians. NRO deposits are maintained in Indian rupees only. Premature closure of deposits are permitted though may be subject to a penalty fee.
The Bank also offer customers open the Foreign Currency Non-Resident (FCNR) term deposit account in select currencies, which is a fully repatriable foreign currency term deposit account. This account comes with the attractive feature of no tax deduction at source on the interest earned. FCNR deposits closed prematurely, i.e. prior to completion of one year, do not earn any interest, as per RBI regulations.