Banner

Non Resident Ordinary Account

(Non Resident (External) rupee account)

This is our Non Resident (External) Rupee Term Deposit Scheme.

This account enables NRIs to have operative account in India & save in India at higher rate of interest with repatriation benefits.

  • Savings / Current or Term Deposits accounts in Indian Rupees can be opened.
  • Minimum period of NRE Term deposit is one year and maximum period is 10 years.
  • The balances in these accounts can be repatriated outside India at any time.
  • Transfer to / from other NRE / FCNR (B) Account is possible.
  • Joint accounts in the name of 2 or more NRI’s are permitted.
  • NRIs are now permitted to open joint accounts with their close relatives (as defined in section 2(77) of the Companies Act, 2013) on former or survivor basis.
  • Nomination facility is available.
  • Interest earned on deposit is exempted from Indian Income Tax.
  • Balances in the accounts are free from wealth Tax.
  • NRE Account can be operated by resident relative in terms of Power of Attorney for Local payments.
  • Local disbursements from accounts can be made freely.
  • Loans / Overdrafts can be availed against the security of Term Deposits for the purposes permitted by RBI. The facility for premature withdrawal of deposits will not be available where loans against such deposits are availed of.
  • Premature withdrawals are allowed. (Refer policy on premature withdrawals)
  • Standing instructions for local payments are accepted.
  • Term Deposits will be allowed to be continued till maturity at the contracted rate on return to India even though the account is re-designated as resident account.
  • The depositor runs the risk of depreciation in Rupee against foreign currencies.
  • Click Here Fixed Deposit (Simple Interest Deposit).
  • Click Here Muthukkuvial Deposit (Reinvestment Plan).
  • Click Here Pearl Deposit (Monthly Reinvestment Plan with Compound Interest Payment).
  • Click Here Recurring Deposit (Monthly Interest Deposit).
  • Click Here Features of OD against NRE & NRO A/c
  • The facility for premature withdrawal of deposits will not be available where loans against such deposits are availed of.