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image  NRE FIXED DEPOSIT



Eligibility

Non Resident Individuals

Minimum Amount

Rs. 10,000/- for FDR in Metro and Urban Branches and Rs. 5,000/- in Rural and Semi urban Branches, and for senior citizens the minimum amount will be Rs. 5000/-
Minimum Amount criteria will not be applicable to Subsidy kept under GOVT Sponsored Schemes, margin Money, earnest money and court attached/ordered deposits.

Payment of Interest: (Subject to applicable TDS)

Interest will be paid on quarterly basis and in case the date of interest payment falls on holidays then on the next working days

Payment and Renewal of Deposits Before Maturity

Depositors may request repayment of their deposits before maturity. Repayment of term Deposits before maturity is permissible in terms of the directives of the Reserve Bank of India issued from time to time. In term of the directives, the provision regarding premature withdrawal of deposits is as follows:

In the event of the FDR being closed before completing the original term of deposit, interest will be paid at the rate applicable on the date of deposit, for the period of which the deposit has remained with the bank.

No interest will be paid if the deposit is cancelled before one year

Nomination

Available

Rate of Interest

Rate of Interest differs from depending upon tenure of the deposits and as and when the Bank Changes the Rate.

(*) for NRE & FCNR … no penalty for premature closure