Features
- Invest as little as ₹ 1,000 and in multiples of ₹ 100 thereafter up to Rs 2,99,99,900
- Earn interest at par with an NRO Fixed Deposit
- Interest is compounded quarterly
- Get the interest pay out on maturity
- View the latest interest rates for a NRO Recurring Deposit
On my small RD, I enjoy an interest rate equal to an FD
- A minimum tenure of 6 months (and in multiples of 3 months thereafter) up to a maximum tenure of 10 years.
- The NRO RD has a lock-in period of 1 month (if you close your deposit within a month, you will receive only the principal amount and no interest)
- Nomination facility is available through NetBanking
- If you are booking NRO Recurring Deposit on NetBanking on a single name, then you can either select the nomination made in the base Savings account or add a new nominee
- If you are booking a Recurring Deposit on NetBanking in a Joint name, then you can only select the nomination made in the base Savings account. In a joint holding Recurring Deposit, if you wish to add a new nominee, then you will need to send nomination form to branch
- TDS is applicable on interest earned on NRO RD accounts TDS is deducted at 30% plus applicable surcharge and cess.
- The installment amount once fixed cannot be altered at any later date.
- In case of more than one installment being overdue at the time of payment , upto 6 installments can be recovered from the linked account if sufficient balance is available.
- If more than one installment is overdue at the time of payment, the paid installment, if sufficient to cover only that one installment will be appropriated towards the first or earliest installment overdue.
- Partial payment of installments will not be permitted.
- The maturity amount mentioned on the Recurring deposit confirmation advice is subject to the payment of all installments on time
- In case of any delay in the payment of scheduled installments, the maturity amount shall change
- If frequent defaults (non-payments) are observed in monthly installments, and six installments fall in arrears, the Bank reserves the right to close the RD account.
- The fixed deposit interest rates applicable on such closed accounts will be as per the premature withdrawal policy of the Bank.
