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.
- 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.