Non Resident Deposit
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Yes, Premature withdrawal of Retail Term Deposit is permissible. However, the interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit remained with the bank or at the contracted rate, whichever is lower. Further, the Bank will levy a penal charge from time to time for such premature withdrawals as prescribed below for term deposits booked/ renewed on or after 1st November, 2012.
The FCNR (B) deposit can be kept for maximum of 5 years.
Yes, you can avail nomination facilities in your FCNR (B) deposit. A nominee can either be resident or non-resident as desired by the account holder.
Yes, you can open FCNR (B) fixed deposit jointly with Non Resident Indians / Person of Indian Origins.
If you provide specific instructions during the opening of fixed deposit, it will be executed in accordance to that. However, in absence of any specific instruction, deposits will be renewed for the same period at the rates prevailing at the time of maturity.