NRE FD/ MMD/ 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