National Toll Free No1800 425 00 000
 
National Toll Free No1800 425 00 000

NRE FD/ RIP/ RD ACCOUNTS

NRE FD/ RIP/ RD ACCOUNTS

Eligibility

  • Accounts can be opened by remittances from abroad,deposit of foreign exchange brought into India , transfer from existing self NRE/FCNR accounts.
  • Accounts can be opened jointly with any other Non-Resident Indian / Residents who are close relatives (as defined in Section 6 of the Companies Act 1956) of the NRI.
  • Joint account with resident close relatives is permitted only under Former (NRI) or Survivor (resident) basis.
  • Non-Resident Indians can appoint residents to operate their NRE accounts for local payments through a power of attorney.

Benefits

  • The maturity proceeds of deposits as well as interest earned are freely repatriable.
  • Loan is available against the deposit as per extant RBI guidelines from time to time. Currently loans are available to the extent of Balance available subject to margin requirements . The facility of premature withdrawal shall not be available where loan against such deposits are to be availed of.
  • Subsequent to de regulation measure announced by RBI, interest rates offered by our Bank on NRE term deposits have been upwardly revised and they are highly competitive in the industry.
  • Nomination facility is available. – Nominee can either be a resident in India or a resident outside India .

Salient Features

  • Deposit schemes for NRIs Maintained in Indian Rupees.

Min Period

  • 1 year

Max Period

  • 10 years