The Premature withdrawal of Retail Term 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.
Interest on Term Deposit will be compounded at 180 days rests in case of reinvestment deposits subject to keeping the deposits with the Bank for a minimum tenor of 365 days and above.
(< 0.5 mio)
(≥ 0.5 mio)
Your FCNR deposit will be maintained in the following currency as specified / choose at the time of booking deposit. These are: USD, GBP, EURO, AUD, SGD and JPY currencies.
As per current guidelines, the principal amount as well as interest earned on FCNR deposit is exempted form Income tax in India.
Yes, the funds held in your FCNR (B) deposit are fully and freely repatriable (both principal and Interest).
In order to earn interest on your FCNR (B) fixed deposit, it needs to be kept for minimum of 1 year.