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Frequently Asked Questions

Is premature withdrawal facility available in my NRO retail Fixed Deposit? If yes, what would be the foreclosure charges applicable?

The Premature withdrawal of Retail Fixed 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 Fixed Deposits booked/ renewed on or after 1st November, 2012.

Tenure of Fixed Deposit Penalty
Less than 181 days Nil
181 days and above 0.50%

Interest on Fixed Deposit will be compounded at quarterly rests in case of reinvestment deposits subject to keeping the deposits with the Bank for a minimum tenor of 181 days and above.
For Fixed Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest.

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How can I access my NRO Fixed Deposit when I am overseas?

You can access your NRO Fixed Deposit through Net Banking and Phone Banking.

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Can I have nomination facility in my NRO Fixed Deposit?

Yes, you can avail nomination facilities in you NRO Fixed Deposit. A nominee can either be resident or non-resident as desired by the account holder.

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Are these deposits taxable in India?

As per current guidelines, the principal amount in NRO deposit is exempt from taxes in India. However, the interest earned will be subject to a tax of 30% (plus applicable surcharge and cess).

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In which currency is my NRO Fixed Deposit maintained?

Your NRO Fixed Deposit will be maintained in Indian Rupees.

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