NRE Recurring Deposit

General feature of all NRE (Non-Resident Emigrant) Deposits :

  • For NRE (Non-Resident Emigrant) Deposits, normal service charges and TDS (Tax Deducted at Source) are not applicable.
  • Nomination is require_onced for all accounts.
  • NRE Recurring Deposit - NRE Cumulative Deposit Account (CDNRE)

  • It is a recurring deposit scheme designed for regular income groups.
  • It can be opened for period ranging from 1 year to 10 years in completed years.
  • However, if the depositor wishes to open the account for 39 months and 63 months it can be allowed.
  • Installments to be paid in monthly installments.
  • Loan on deposit can be granted with interest rate @2% above the deposit rate.
  • Account can be closed prematurely levying penalty @1% on the applicable rate for the corresponding period for which the deposit was with the branch.
  • Provision to give standing instructions for crediting the installments from other operative accounts of the customer is also allowed.

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