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Frequently Asked Questions

Is premature withdrawal facility available in my FCNR (B) deposit? If yes, what would be the fore closure charges applicable?

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.

Premat Penalty USD GBP EURO YEN AUD
0.50% 0.50% 0.10% 0.05% 0.50%

Interest on Term Deposit will be compounded at 180 days rests in case of reinvestment deposits subject to keeping the deposits with the Bank for a minimum tenor of 360 days and above.
No interest is payable on the Term Deposits held for less than 360 days.

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What is the maximum tenure of FCNR (B) deposits?

The FCNR (B) deposit can be kept for maximum of 5 years.

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Can I have nomination facility in my FCNR (B) deposit?

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.

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Can I have a joint holder in my FCNR (B) deposit?

Yes, you can open FCNR (B) fixed deposit jointly with Non Resident Indians / Person of Indian Origins.

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Can my FCNR (B) deposits with the bank will automatically get renewed on maturity?

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.

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