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NROKCC/NROFD/NRORD/NROFRD

NROKCC/NROFD/NRORD/NROFRD

Type of Account
  • Fixed Deposit/Re-investment Fixed Deposit/Recurring Deposit/Flexible Recurring Deposit
Currency in which A/c is opened
  • INR
Joint Account
  • Permitted with RESIDENT as well as NRIs
Repatriability
  • YES - UPTO 10,00,000 $ PER FINANCIAL YEAR (Subject to terms & conditions)
Period of Fixed Deposit
  • 15 days- Upto 10 years (For retail Deposits)
Rate of Interest
TDS on Interest
  • YES (As per IT Act)
INR Loan against FD to the a/c holder
  • loans/overdrafts to NRO account-holders against the security of their NRO term deposits for personal purposes or for carrying on business activities except for the purpose of re-lending or carrying on agricultural / plantation activities or for investment in real estate business. There is no ceiling on the maximum amount of loan that can be granted. The period of loan should not exceed the unexpired maturity of the term deposits. As the proceeds of the loan cannot be repatriated abroad, the same should not be credited to the NRO Savings/Current account. Wherever, such loan proceeds are to be disbursed by credit to an account in the name of the account-holder, it should be credited only to her/his NRO account.
Foreign currency Loans to A/c Holder
  • NOT ALLOWED
Foreign currency Loans to third party
  • NOT ALLOWED
Nomination
  • Nomination facility may be extended to the NRO account-holder . Nomination can be made by the depositor/s or account holder/s in favour of only one individual.
Terms & condition
  • APPLICABLE

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