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Most Important Terms and Conditions (MITC)
NRE Rupee Fixed Deposits : Benefits
NRE Rupee Fixed Deposits : Features
- Keep the deposit receipt free of cost in Bank's safe custody.
- A matured term deposit of period 1 year and above will be auto-renewed on its due date itself, for further period of one year at the applicable rate of interest prevailing on the due date in the absence of any specific instruction from the customer.
- Option for reinvestment (cumulative interest) plan and quarterly interest plan.
NRE Rupee Fixed Deposits : Most Important Terms and Conditions (MITC)
- NRIs can open this account by Inward remittances in any convertible currency from abroad through normal banking channels by way of:
- Demand drafts
- Telegraphic transfers
- Foreign Currency/Traveller’s cheques (during their personal visit) as well as transfer from any non-resident (external) rupee savings and fixed deposit account or foreign currency non-resident deposit.
- Deposits can be placed maintained for periods ranging from 12 months to 120 months. No interest will be payable for deposits that have remained with the bank for less than 12 months.
- Waiver of the penalty on premature withdrawal to renew of NRE Term Deposits for better rate of interest provided if the customer is ready to renew the deposits for a period more than the residual maturity, and the same deposit has run at least for a period of one year at our bank. However, in case of NRE term deposit the renewal period should be more than residual period with a minimum of one year.
- Repatriation of these deposits and interest are freely allowed in any convertible foreign currency at a place of your choice.
- Interest is paid/credited (in case of cumulative deposit) every quarter (i.e. March, June, September and December).
- As per Reserve Bank of India directives dated 16th September 2003, banks cannot accept NRE deposits from Overseas Corporate Bodies (OCB). For current interest rates on deposits click here.
- The rate of interest applicable will be one percent (1%) less than the actual interest payable for the period for which the deposit has run prevailing on the date of issue of receipt or on the date when the depositor seeks premature withdrawal, whichever is lower, provided the deposit has run for a minimum period of one year.
- An application from the depositor should be obtained.
- Applicants must be properly identified.
- Duplicate receipt may be issued only in cases where the un-expired period of deposit exceeds 12 months.
- In all other cases only a letter of acknowledgement of deposit may be given to the depositor.
- An indemnity bond should be obtained in the prescribed format in all cases.
- One or two sureties, considered good for the amount involved, must execute the indemnity along with the depositor(s). Credit report on sureties be prepared in prescribed format and kept on record.
- Sureties may be waived where the deposit is renewed for a further period of at least 12 months or where the depositors maintain other accounts which are well conducted.