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NRE TERM DEPOSITS FOR 555 DAYS

 

  1. Name of the product :NRE 555 term deposit
  2. Product segment: Retail - NRE
  3. Nature of deposit: Term deposit
  4. Tenure of deposit :555 days
  5. Rate of interest : As applicable to domestic deposits for similar tenure- 9.25% at present. In case of revision in domestic deposit rates for the same period, this rate will be equivalent to the rate applicable to domestic deposit of 555 days maturity.
  6. Compounding of interest: As applicable to domestic deposits- Quarterly.
  7. Min. Deposit amount: As applicable to domestic deposits- Rs. 1,000.
  8. Max. Deposit amount: As applicable to domestic deposits- MAXIMUM AMOUNT RESTRICTED TO BELOW RS. 1 CRORE ONLY.
  9. Premature withdrawal: No interest payable if closed before completion of 1 year since it is NRE deposit. 1% penal interest to be applied (as applicable) if closed before maturity after completion of 1 year.
  10. No benefit of higher rate of interest for Senior Citizen and Staff/ Ex-staff is applicable as it is NRE deposit.
  11. Loans and advances against the deposit: Demand loan as per existing rules for NRE deposits.

 

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